The king's daughter sells off the majority of her estate to a private investor...
LISA MARIE PRESLEY has agreed to sell the majority of her father Elvis Presley’ estate to a private investor.
She will sell 85% of the estate to business man Robert FX Silverman, who founded music sports and promotion agency SFX Entertainment, in a deal worth $100million (£51 million).
According to the BBC, he will run Graceland, own Elvis Presley’ name and likeness and the rights to his photographs and earn revenue from his music and films.
Lisa Marie will retain ownership of Graceland and many of her father’s ‘personal effects’ and will receive shares worth over $20million in the new company CKX Inc, which will now own most of the estate.
She will also be paid $53million (£27million) in cash and absolved of the $25million debts owed by the estate.
Presley said: “My greatest responsibility to my father is to preserve and protect his legacy, and this is an exciting new structure that opens up an incredible array of opportunities.”
Silverman said: “(Elvis Presley was) the most significant icon in American popular culture.”
Elvis Presley Enterprises generated $45million in revenue in 2003.
Elvis Presley’ ex-wife and Lisa Marie’s mother Priscilla Presley will remain executive consultant to the business.