Priscilla Presley (Elvis Presley’s ex-wife and estimated net worth of $10 million) gained new visibility in 2023 when Sofia Coppola’s ‘Priscilla‘ came out. But on the other side of the lens, Priscilla is struggling to make sense of the complex financial legacy of Elvis’s estate, which has been plagued by litigation and revelations over the past few years.
One of the major battles Priscilla fought over the Elvis Presley Estate was with her granddaughter Riley Keough. Apparently, the hatchet was buried in 2023 when they reached an agreement, but according to a May 2024 report from CNN, a new chapter of this saga developed after court documents were made public, revealing that Riley Keough alleges fraud concerning the company that turned Graceland into one of the top tourist attractions in the United States.
But let’s start by tracking Priscilla’s money when it began to move back in 1973.
Priscilla and Elvis’ Divorce Settlement: One-Time Payment of $725,000
After having an affair with her karate instructor, Mike Stone, Priscilla informed Elvis in February 1972 that she wanted to end the marriage. This decision was followed by allegations of Elvis cheating on her, as she told the Australian news program Sunday Night, “He wasn’t faithful. Not that he had someone special, but when you’re in the entertainment business, there is always that. And I tried to turn my back to that, but I just didn’t want to share him. Simple as that.”
According to some sources, when Elvis Presley and Priscilla Presley — then the most famous couple on the planet — got divorced in 1973, she received a one-time settlement of $725,000. Priscilla was afforded child support, spousal support, 5% of Elvis’ royalties, and 50% of the earnings from selling their home.
How Priscilla Presley Became a Successful Actress and Businesswoman
Priscilla’s career in the business world began around this time. After the divorce, Priscilla opened a boutique in Los Angeles called Bis & Beau and created a line of perfumes. Maybe most known was her film career, which also helped to strengthen her wealth. For those less familiar, Priscilla joined the famous series ‘Dallas’ and the comedy trilogy ‘The Naked Gun,’ which starred Leslie Nielsen as the main actor. Another source of income came from the release of her best-selling book ‘Elvis and Me.’
Among these successful examples, perhaps the most notable was turning Elvis Presley Enterprises into a profitable business and opening Graceland to the public. To get an idea of this success, when Elvis Presley died in August 1977, his struggling estate was worth just $4.9 million.
Two years later, when Priscilla became executor, the estate made a mere $1 million/ year. Back then, Priscilla was the only trustee of Elvis’ estate between Elvis’s death and Lisa Marie’s 25th birthday in 1990. By 1993, when Lisa inherited the fortune, the family’s business had grown to a reported $100 million.
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Where is the Money from Elvis Presley’s Estate?
Priscilla’s net worth was already tangled up when her daughter, Lisa Marie Presley, died in 2023 from a heart attack. Lisa Marie Presley, the final heir to Elvis’ estate, reportedly earned $10M a year at the time of her death.
Graceland passed from Lisa to Priscilla’s three granddaughters, Riley, Harper, and Finley. But now Riley holds sole custody of the estate and also oversees her siblings’ sub-trusts – which give them each a third of their mother’s estate, including Graceland and the Elvis estate.
Priscilla and Keough reached an agreement, and in October, a judge approved the final word on the economic terms of the contract.
To speak of Priscilla’s estate, in 2019 she reportedly sold her parents’ house for $3.6 million and, the following year, her Beverly Hills mansion for $13 million. In addition, she has a Century City penthouse worth $4.8 million.
