Elvis' Graceland, to be passed to Lisa Marie Presley's kids, draws 500K visitors each year, boosts economy
Graceland will be passed to the late-Lisa Marie Presley's daughters
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Graceland – the former home of rock and roll king Elvis Presley turned memorial museum – has become one of the most famous tourist attractions in the nation.
The mansion – which sits on an estate spanning over 13 acres in Memphis, Tennessee, is one of the five most visited home tours in the nation, drawing over 500,000 visitors each year, according to Graceland's website.
It's the most famous home in America after The White House, according to the website.
A general view of Graceland as fans gather outside Graceland to pay their respects to Lisa Marie Presley on January 13, 2023 in Memphis, Tennessee. (Justin Ford/Getty Images / Getty Images)
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Elvis Presley Enterprises manages operations of the famed home as well as its related properties, including AAA Four-Diamond The Guest House at Graceland and the Graceland Archives. It also produces and licenses Elvis-themed live events, tours and attractions worldwide, according to Graceland.
The majority owner of EPE is Graceland Holdings LLC. Elvis' only child Lisa Marie Presley retained 15% ownership of Graceland Holdings until her passing earlier this month.
She also retained 100% ownership of Graceland Mansion itself, its 13-acre grounds and her father's possessions – such as his costumes, wardrobe and awards – even though they became permanently available for tours, according to Graceland.
Singer Lisa Marie Presley attends the ribbon-cutting ceremony during the grand opening of "Graceland Presents ELVIS: The Exhibition - The Show - The Experience" at the Westgate Las Vegas Resort & Casino on April 23, 2015, in Las Vegas, Nevada. (Bryan Steffy/WireImage / Getty Images)
Her three daughters – Riley, Harper and Finley – will receive Graceland, a representative for Graceland confirmed with FOX Business.
REMEMBERING LISA MARIE PRESLEY: ELVIS AND PRISCILLA’S ONLY CHILD, SURVIVED BY MOTHER, 3 DAUGHTERS
Graceland officially opened for tours in June 1982, just five years after the cultural icon died on the property. Ever since, it has welcomed more than 20 million visitors from every state, and nearly every country, according to its website.
Visitors queue to enter the Graceland mansion of Elvis Presley on August 12, 2017 in Memphis, Tennessee. (ead MANDEL NGAN/AFP via Getty Images / Getty Images)
At the height of travel season, the property sees over 4,000 daily visitors, effectively boosting the local economy.
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Graceland projects that its total economic impact on Memphis is estimated to be at least $150 million annually "or possibly much more" as a result of the traffic it drives to the area.
Elvis Presley Enterprises employees 350 people part-time and full-time year staff, although that figure notches closer to 450 in the busy summer travel season.