Lisa Marie Presley has sold 85% of Elvis’ estate to the founder of the SFX Entertainment agency.
In a deal worth an estimated $100 million, businessman Robert FX Sillerman will get ownership of Elvis’ name and likeness, the rights to his photographs, revenue from his music and films, and will run Graceland.
Lisa Marie will retain actual ownership of Graceland and many of her father's "personal effects", and will receive $53 million in cash and $20 million in share options in the company Sillerman will set up to manage his acquisition. The deal will also absolve her of some $25 million in debts the estate currently owes.
Commenting on the deal, Lisa Marie told reporters: "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 Presley's former wife, will remain executive consultant to the business.