Priscilla Presley Files Petition Against Daughter Lisa Marie’s Estate

Priscilla Presley, the 77-year-old widow of rock icon Elvis Presley, filed a petition Thursday against the estate of her late daughter Lisa Marie Presley that will determine who retains control over Graceland, the famed Memphis mansion where Elvis, his grandson — and now his only daughter — are buried.

Lisa Marie died suddenly in Los Angeles on Jan. 12, just days after attending the Golden Globe awards where actor Austin Butler was recognized for his performance in the Elvis biopic. The cause of her death has not yet been determined.

As Elvis’s sole heir, Lisa Marie inherited $100 million in 1993 on her 25th birthday. The current value of those assets is unknown, as reports have surfaced over the years indicating that much of Lisa Marie’s assets were squandered and mismanaged. In 2005, she sold 85% of her inherited assets, including publishing rights to 650 Elvis songs, for approximately $100 million. At the time of her death, Lisa Marie retained a 15% interest in Graceland Holdings, the parent company of Elvis Presley Enterprises, which operates Graceland.

Read the source article at lawandcrime.com