Lisa Marie Presley’s three surviving children are set to inherit Graceland.
The 17,500-square-foot mansion that lies on some six hectares of land was bought by the King of Rock’n’roll back in 1957 and is currently valued at up to $500 million.
Lisa Marie Presley inherited the estate along with $100 million at the age of nine following her father’s passing as she was his only child.
Though the $100 million was held in trust for her until she reached the age of 25, Lisa Marie spent the entire inheritance in the decades after receiving the funds.
By the year 2016, the $100 million was not only spent but the singer-songwriter was reportedly left in a debt of $16 million.
While her three surviving children, including her 14-year-old twins and 31-year-old Hollywood star Riley Keough, will not see a cent of the $100 million fortune their mother had inherited, they are set to become the new owners of Graceland.
Though the future of Graceland remains unclear, the property is currently raking in around $10 million in earnings from visitors.
The news comes after Lisa Marie’s passing was confirmed by her mother, Priscilla, shortly after the musician was rushed to hospital following a cardiac arrest.
“It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us,” Priscilla announced.
“She was the most passionate strong and loving woman I have ever known. We ask for privacy as we try to deal with this profound loss. Thank you for the love and prayers. At this time there will be no further comment.”
Our thoughts are with Lisa Marie’s family and friends during this challenging time.