How Priscilla Presley turned a crumbling estate into a hundred-million-dollar global enterprise
When Elvis Presley died in 1977, his estate was nearly bankrupt, with annual maintenance costs for Graceland threatening to swallow the remaining inheritance. Priscilla Presley stepped in, transforming the home into a world-class tourist attraction and building a business empire that eventually grew the trust to over $100 million.
Following the death of Vernon Presley, who had served as executor, Priscilla assumed control of the estate in 1979. The financial situation was dire: Graceland required $500,000 annually for upkeep, and taxes and other expenses had already depleted Lisa Marie’s inheritance to just $1 million. Facing the prospect of selling the property, Priscilla researched public museums and hired CEO Jack Soden to pivot the estate toward tourism.
The strategy proved remarkably effective. Graceland opened to the public on June 7, 1982, and the estate recouped its entire initial investment within four weeks. As chairperson and president of Elvis Presley Enterprises, Priscilla oversaw the expansion of the brand, which grew the trust to more than $100 million. Her business acumen extended beyond the estate; she launched a successful fragrance line in 1988, developed a bed-linen collection, and served on the board of directors at Metro-Goldwyn-Mayer.
Priscilla’s path to entrepreneurship was a sharp departure from her earlier life. During her marriage, she largely complied with the era's social expectations, treating her own interests in modeling and acting as mere hobbies because her husband preferred she stay home. After their 1973 divorce, she began to forge her own professional identity, first by opening a boutique called Bis & Beau in Los Angeles, and later by building a career as an actress and producer. Her work eventually earned her significant recognition, including an honorary degree from Rhodes College and Tennessee's highest civilian award in 2025 for her role in preserving Graceland as a historic landmark.
Source: Priscilla Presley
