Singer Lisa Marie Presley has sold of the bulk of her father ELVIS' estate in a deal worth $100 million (GBP52.6 million).
Impresario ROBERT FX SILLERMAN has agreed to buy 85 per cent of ELVIS PRESLEY ENTERPRISES, including rights to the singer's name and the management of his Graceland mansion in Tennessee.
As well as running Graceland, Elvis' home in Memphis, Sillerman will own his name and likeness, the rights to his photographs and revenue from his music, TV shows and films.
The title to Graceland and its surrounding property, including most of Elvis' personal effects, will remain with Lisa Marie. Graceland's visitor complex and Heartbreak Hotel across the street will be sold.
Elvis, who died at Graceland in 1977, starred in 31 films and has sold over a billion records. His estate generated $45 million (GBP23.6 million) in revenue in 2003 and $38 million (GBP20 million) in the first three quarters of this year (04).
Lisa Marie says, "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."
Priscilla Presley, Lisa Marie's mother and Elvis' former wife, will remain executive consultant to the business.17/12/2004 03:47