Sometimes-singer, sometimes-socialite Lisa Marie Presley has sold much of her father Elvis Presley’s estate.
Lisa Marie, the sole heir to Elvis’ throne, sold his name and likeness to Robert F. X. Sillerman, the founder of SFX Entertainment, for a whopping $100 million.
She also sold much of his estate.
The Elvis Presley Enterprises entity will become publicly traded. It brought in $45 million last year.
Keeping a fraction of his integrity in place, Lisa Marie keeps the title to the 13 acres of Graceland, Elvis’ old home and most famous asset. 650,000 visit the home annually. The business aspect of Graceland now belongs to Sillerman.
Lisa Marie was $25 million in debt, and will net $53 million from the deal, E Reports. She will also receive shares worth $20 million.
“For the past few years, I’ve been looking for someone to join forces with to expand the many facets of EPE, to take it to new levels internationally and to make it an even greater force in the entertainment industry,” she said in a statement.
“I feel confident that Bob Sillerman and his team are the right people to do this with. 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 with a major infusion of new investment capital to do just that.”
Elvis would have turned 70 years old in January.
Sillerman acquires 85 percent of Presley’s estate. He also controls the rights to photographs and revenue from his music and movies.
Sillerman is content to receive the rights to the highest grossing deceased celebrity, and thinks he can make even more money off the Elvis Presley legacy. He will push the Presley name in Far East, Germany and again in Las Vegas, he told the New York Daily News.
Purchasing the rights to Presley for $100 million won’t make Sillerman’s pockets much lighter. He sold SFX, a radio giant and one of the world’s biggest concert promoters, to Clear Channel for $4.5 billion.
The Presley estate has been all shook up (Sorry, had to).