Who Owns Graceland? Elvis Presley's Estate and Ownership Explained

Riley Keough Elvis Presley's granddaughter is the current owner of Graceland. She holds the role as sole trustee of her late mother Lisa Marie Presley's estate. But who owns Graceland in full is more layered than most coverage suggests.

Graceland Ownership History: From Elvis to Riley Keough

Elvis purchased Graceland in 1957 for $102,500. He was 22. He lived there until his death on August 16, 1977. After Elvis died, his will named his father Vernon Presley as executor.The beneficiaries were Vernon, Elvis's grandmother Minnie Mae Presley, and his only child, Lisa Marie. 

Vernon died in 1979. Minnie Mae followed in 1980. That left Lisa Marie as the sole heir.

Elvis's will specified that Lisa Marie's inheritance be held in trust until her 25th birthday February 1, 1993. Three co-trustees managed the estate in the interim: the National Bank of Commerce in Memphis, accountant Joseph Hanks, and Priscilla Presley, Lisa Marie's mother and legal guardian at the time.

When Lisa Marie turned 25, the original trust dissolved. She formed a new entity The Elvis Presley Trust and continued with Priscilla and the bank as co-trustees. By 1998, Priscilla had stepped back into an advisory role, and Lisa Marie took a more direct role in running Elvis Presley Enterprises, Inc. (EPE), the business arm of the estate.

In February 2005, Lisa Marie sold a major interest in EPE. The exact terms were not made fully public, but control of the business majority shifted to outside investors at that point. Lisa Marie Presley died on January 12, 2023, at 54.Following her death, Riley Keough, her eldest daughter became sole trustee of the estate. 

What's worth noting here: the Graceland ownership history reads cleanly on the surface, but the 2005 sale introduced a split between property ownership and business ownership that most casual coverage glosses over. For those tracking media around high-profile estate transfers, this kind of structural complexity is increasingly common.

Who Owns Graceland Today? The Two-Layer Structure

This is where most articles get imprecise. Saying Riley Keough "owns Graceland" is accurate but incomplete. There are effectively two distinct ownership interests.

Who Owns the Physical Mansion and Grounds?

Riley Keough, acting as sole trustee of the Elvis Presley Trust, holds 100% ownership of the Graceland mansion itself and its original 13-acre grounds. This includes Elvis's personal effects costumes, furniture, awards, vehicles, and other items from his estate.

The mansion and those grounds have been made permanently available for public tours and for use in EPE's operations. So while Riley holds that title, the property functions as a public-facing heritage site.

Who Owns the Business — Elvis Presley Enterprises?

This is where it gets less straightforward. Graceland Holdings LLC, led by managing partner Joel Weinshanker, holds the majority ownership of Elvis Presley Enterprises, Inc. (EPE). This is the corporate entity that actually operates Graceland as a business managing tours, licensing, live events, the on-site hotel, and the entertainment complex.

The Presley family Riley Keough and her teenage half-sisters, twins Harper and Finley Lockwood collectively hold a 15% stake in EPE and its related entities. Riley serves as sole trustee for that interest on behalf of herself and her sisters.

In practice, this means Riley is both the physical property owner and a minority stakeholder in the business that operates it. The majority business control sits with Graceland Holdings.Day-to-day operational leadership falls to Jack Soden, who has served as CEO of EPE since before Graceland opened to the public in 1982.

What Is Elvis Presley Enterprises?

EPE is the corporate entity created by the Elvis Presley Trust to manage and commercialize the estate's assets. It handles Graceland operations, worldwide licensing of Elvis-related content and merchandise, live events, and the broader entertainment complex on Elvis Presley Boulevard in Memphis. It is not a public company and detailed financials are not publicly disclosed.

The 2023 Legal Settlement: What Was Actually Resolved

After Lisa Marie's death in January 2023, a legal dispute arose over her estate specifically, over the terms of her trust, known as The Promenade Trust. The settlement, approved in June 2023 by a Los Angeles Superior Court, involved three parties: Riley Keough, her grandmother Priscilla Presley, and Michael Lockwood the twins' father and their court-appointed guardian.

The precise terms were not disclosed publicly, but the outcome confirmed Riley as sole trustee of the estate. Interestingly, what the dispute was not about is as telling as what it was: it was not a challenge to Graceland's physical ownership, and it did not affect EPE's majority structure.

The settlement essentially resolved questions about trust administration and confirmed the family's going-forward roles. One clarification that gets consistently missed in reporting: Riley's role is trustee, not absolute personal owner. A trustee manages assets on behalf of beneficiaries in this case, herself and her sisters.

The 2024 Foreclosure Attempt: What Happened

In May 2024, a company calling itself Naussany Investments attempted to schedule a foreclosure auction on Graceland, claiming Lisa Marie had used the property as collateral on a loan. Presley family members stated the documents supporting the claim were fraudulent.

As reported by Fortune, a Memphis court moved to block the sale after Shelby County Chancellor JoeDae Jenkins issued a temporary injunction, with the judge noting the Presley estate would likely succeed in proving fraud. Shortly after, Naussany Investments dropped the case. 

The Tennessee Attorney General's office was reported to be looking into the matter. No verified information about Naussany Investments as a legitimate lending entity was confirmed through public records at the time.

Investigators reportedly ran checks including tracing the IP address 111.09.150.182 associated with filings, though no conclusive findings were made public. The episode raised broader questions about estate security, but it had no lasting legal effect on Graceland's ownership. Riley Keough's position as trustee and the estate's ownership structure remained unchanged.

Graceland Ownership Structure: At a Glance

Party	Role	Ownership Interest
Riley Keough (as Trustee)	Sole trustee, Elvis Presley Trust	100% of mansion & grounds; part of 15% family EPE stake
Graceland Holdings LLC (Joel Weinshanker)	Managing partner, majority business owner	Majority of EPE
Harper & Finley Lockwood	Beneficiaries (minors, as of 2023)	Included in 15% family EPE stake
Jack Soden	CEO, Elvis Presley Enterprises	Operational leadership; no ownership publicly stated

How Much Is Graceland Worth?

Elvis paid $102,500 for Graceland in 1957. At the time of his death in 1977, it was reportedly valued at around $5 million. Opening the property to the public in 1982 transformed its financial trajectory significantly.

A Presley executive told Rolling Stone in 2020 that the estate's total value had reached upwards of $500 million. The property reportedly generates over $10 million annually, though these figures are not independently verified through public filings they originate from estate representatives.

Graceland draws over 500,000 visitors per year, according to Wikipedia. Tourism to Graceland contributes an estimated $150 million to the Memphis economy each year a figure that reflects the full visitor ecosystem of hotels, restaurants, and surrounding attractions, not just ticket revenue.

What's often overlooked is that the estate's value is not simply real estate. The latest in tech feedbuzzard and similar valuation platforms have begun tracking entertainment IP assets alongside traditional property, underscoring how licensing income from Elvis's name, image, and music catalogue contributes meaningfully to the overall valuation. Separating the property value from the IP value would produce a very different figure.

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Conclusion

Riley Keough owns the Graceland mansion and grounds as sole trustee. Graceland Holdings LLC holds the business majority through EPE.

The Presley family retains a 15% stake. That's the complete picture ownership here is split between physical property and operating business.

Frequently Asked Questions

Is Riley Keough the sole owner of Graceland? 

She is the sole trustee of the Elvis Presley Trust, which owns 100% of the mansion and grounds. However, Graceland Holdings LLC holds the majority of Elvis Presley Enterprises, the business that operates the estate. Riley also holds a 15% family stake in EPE.

Did Priscilla Presley ever own Graceland? 

No. Priscilla served as co-trustee of the Elvis Presley Trust but was never the owner. Ownership passed from Elvis to Lisa Marie, and later to Riley Keough as trustee.

Does anyone live in Graceland?

No Presley family member currently lives there full-time. The second floor, where Elvis died, has always been closed to visitors. Riley Keough has recalled occasional overnight stays as a child during public tour hours.

Will Harper and Finley Lockwood inherit Graceland? 

They are currently beneficiaries of the estate's 15% stake in EPE entities. Their future role as trustees or owners as they reach adulthood has not been publicly detailed.

Is Graceland a protected historic site? 

Yes. As reported by Wikipedia, Graceland was added to the National Register of Historic Places in 1991 and designated a National Historic Landmark in 2006 — the first rock music-related site to receive either distinction.