Priscilla Presley Was ‘Devastated’ When ‘Broke’ Lisa Marie Sold 85% of Her Inheritance

Priscilla Presley is opening up about one of the most difficult chapters in her life.

In her new memoir Softly, as I Leave You: Life After Elvis, the 80-year-old reflects on the moment her daughter, Lisa Marie Presley, sold 85% of her inheritance — including control of Graceland — because she was “broke.”

Priscilla recalls that her family faced a “personal and financial crisis” in 2005.

Although Lisa Marie officially came into her inheritance in 1993, by then — according to Priscilla — she was already struggling financially. Priscilla admits she was unsure whether her daughter was getting “good financial advice” at the time, and approaching her about money matters felt “very, very delicate.”

In August 2005, Lisa Marie decided to sell the majority of her stake in Elvis Presley Enterprises. While she kept the house, grounds, and her father’s personal belongings, she gave up control of what Priscilla calls “Elvis’ legacy.”

Priscilla described herself as “devastated” by the move. She believed the sale was a “bad financial decision,” explaining that Graceland and Elvis Presley Enterprises had the potential to provide a steady income stream. But for her, the emotional impact was even greater. “I was gutted to lose what I considered my emotional home, not to mention losing control of Elvis’s legacy. I was heartbroken,” she wrote.

Priscilla had spent years cultivating Graceland’s legacy and ensuring it reflected something Elvis — who purchased the estate in 1957 and lived there until his death 20 years later — would have been proud of. She expanded the property with an annex and collaborated with Lisa Marie to showcase Elvis’ personal treasures, including his many gold records.

Elvis earned 117 gold, 67 platinum, and 27 multi-platinum album awards during his career, according to the Recording Industry Association of America. To Priscilla, each record was like a work of art, designed to leave visitors awestruck.

Her stewardship of Graceland began in the early 1980s. Just five years after Elvis’s passing, she made the decision to open the home to the public after financial advisers warned her the estate was “bleeding money.” Today, Graceland draws more than 600,000 visitors each year, according to the estate’s official website.

Following Lisa Marie’s death in January 2023, ownership of Graceland was placed in a living trust for her daughters — Riley Keough and twins Harper and Finley Lockwood.

Elvis himself is buried at Graceland, alongside his parents, Gladys and Vernon Presley, his grandmother Minnie Mae Presley, Lisa Marie, and her son Benjamin Keough.

Softly, as I Leave You: Life After Elvis is available now wherever books are sold.