Who Owns Graceland

Graceland is owned by the Presley family through The Promenade Trust, with Riley Keough serving as sole trustee and majority stakeholder since January 2023. The 13.8-acre estate in Memphis, Tennessee, was purchased by Elvis Presley in 1957 for $102,500 and has operated as a public museum since 1982.

In recent years, the Graceland complex has expanded well beyond the original mansion tour. The Guest House at Graceland, a 450-room hotel opened in 2016, operates near the property, similar to how major hospitality brands like Hilton Hotels run destination-adjacent properties. Elvis Presley’s Memphis, a 200,000-square-foot entertainment complex, opened in 2017 and houses interactive exhibits, themed restaurants, and the Presley Motors Automobile Museum. Virtual tours and digital experiences launched in 2020 continue to attract global audiences who cannot visit in person.

Who Owns Graceland?

Graceland is owned by Riley Keough, Elvis Presley’s eldest granddaughter, who controls roughly 85% of the estate through The Promenade Trust. She assumed the trustee role after her mother, Lisa Marie Presley, passed away in January 2023.

Riley Keough and The Promenade Trust

The Promenade Trust was created in 1993 by Lisa Marie Presley to protect the Presley estate’s long-term ownership. After Lisa Marie’s death, courts confirmed Riley as the sole trustee, giving her full legal authority over the property, its business interests, and all decisions tied to Elvis Presley Enterprises (EPE). Her twin half-sisters, Finley and Harper Lockwood, hold the remaining 15% as minority beneficiaries, with their shares held in trust until adulthood.

Elvis Presley Enterprises and Authentic Brands Group

While the Presley family retains full ownership of the physical estate, the commercial side runs through two organizations. EPE, founded in 1981 by Priscilla Presley and Jack Soden, handles daily operations, museum tours, merchandising, and events. Authentic Brands Group (ABG), which acquired Elvis’s intellectual property in 2013, manages global licensing of his name, image, and likeness. This split structure is somewhat comparable to how The Beatles catalog divides between recording rights holders and publishing administrators. ABG does not own Graceland itself.

Largest Shareholders of Graceland

Graceland’s ownership is entirely private, held through The Promenade Trust with no public equity or outside corporate stakeholders controlling the property. Here is how the ownership breaks down among the Presley heirs.

Riley Keough as Majority Owner of Graceland

Riley Keough holds the largest stake in the Presley estate and is the sole decision-maker on matters concerning Graceland’s preservation, capital investments, and commercial partnerships. Under her direction, EPE has continued expanding digital offerings and global licensing agreements. A 2024 Tennessee court ruling also blocked an attempted auction of the property, reaffirming that Graceland cannot be sold outside the family.

Finley and Harper Lockwood as Minority Beneficiaries

The twin daughters of Lisa Marie Presley and Michael Lockwood each hold approximately 7.5% of the estate. Both are minors, and their shares are protected by trust provisions. Upon reaching adulthood, they will gain a say in family estate decisions, though Riley’s majority position ensures continuity of leadership.

Authentic Brands Group as Licensing Partner

ABG holds no ownership of the Graceland property. Its stake is limited to Elvis Presley’s commercial image and likeness rights, acquired in 2013 alongside operating partner Joel Weinshanker. ABG also manages the brands of Muhammad Ali and Marilyn Monroe through similar IP arrangements.

History of Graceland Ownership and Co-founders

The Moore Family and Elvis Presley’s Purchase

Graceland was built in 1939 by Ruth Brown Moore and Dr. Thomas D. Moore. The name came from Ruth’s aunt, Grace Toof, whose family once owned the farmland. The architectural firm Furbringer and Ehrman designed the Colonial Revival mansion, and it remained the Moore family’s private residence for nearly two decades.

In March 1957, a 22-year-old Elvis Presley bought the property for $102,500, fueled by profits from hits like “Heartbreak Hotel” on RCA Victor. He moved his parents, Vernon and Gladys Presley, into the home immediately.

From Private Home to Public Museum

After Elvis died in August 1977, his nine-year-old daughter Lisa Marie inherited the estate through The Elvis Presley Trust. By the late 1970s, upkeep costs threatened to bankrupt the estate. Priscilla Presley, alongside financial advisor Jack Soden, co-founded Elvis Presley Enterprises in 1981 and opened Graceland for public tours on June 7, 1982. That decision saved the property and turned it into one of the most visited private homes in the country, much like how entertainment companies such as Universal Studios transformed creative properties into major tourist destinations. In 2006, Graceland became a National Historic Landmark, the first rock and roll site to receive that designation.

Who Is on the Board of Directors for Graceland?

Graceland does not operate with a traditional corporate board of directors. Because the estate is privately held through The Promenade Trust, governance flows through the trustee and a small circle of executives and advisors rather than an elected board. This contrasts with publicly traded entertainment companies such as Disney or CBS, which answer to institutional shareholders.

Riley Keough as Graceland Trustee and Decision-Maker

As sole trustee of The Promenade Trust, Riley Keough has the final word on all strategic and operational matters. She approves major capital expenditures, partnership agreements, and branding decisions. Her role combines what a chairperson and majority shareholder would do in a public company, but without external reporting obligations.

Joel Weinshanker as CEO of Elvis Presley Enterprises

Joel Weinshanker has served as Managing Partner and CEO of EPE since 2013. He oversees Graceland’s tourism operations, the Guest House hotel, Elvis Presley’s Memphis complex, and all event programming including the annual Elvis Week. Weinshanker reports to Riley Keough on strategic direction and works alongside ABG on licensing matters.

Priscilla Presley as Honorary Advisor

Priscilla Presley no longer holds a formal executive or ownership position. She co-founded Elvis Presley Enterprises in 1981 and was instrumental in opening Graceland to the public. Today, she serves in an advisory capacity on heritage preservation and public affairs, drawing on four decades of involvement with the estate. Her early leadership laid the groundwork for Graceland’s transition from a private home to a revenue-generating cultural institution, a trajectory that echoes how the Warner Bros. studio lot eventually became both an active production facility and a public tour destination.

Authentic Brands Group and Brand Licensing Oversight

ABG, led by founder and CEO Jamie Salter, manages the global licensing arm of the Elvis brand. The company coordinates merchandise deals, fashion collaborations, and entertainment partnerships worldwide. ABG’s role is limited to commercial branding; it has no authority over the Graceland property itself or the trust’s internal governance.

FAQs

Who owns Graceland right now?

Riley Keough, Elvis Presley’s granddaughter, owns Graceland as the sole trustee of The Promenade Trust, holding approximately 85% of the estate since 2023.

Can Graceland ever be sold?

No. A 2024 Tennessee court ruling confirmed Graceland is legally protected by The Promenade Trust and must remain within the Presley family.

Does Priscilla Presley own Graceland?

No. Priscilla Presley co-founded Elvis Presley Enterprises in 1981 but holds no ownership stake. She serves as an honorary advisor to the estate.

How much is Graceland worth?

The Presley estate, including Graceland, brand licensing, and business operations, is estimated at $400–500 million as of October 2025.

Who runs Elvis Presley Enterprises?

Joel Weinshanker serves as Managing Partner and CEO of Elvis Presley Enterprises, overseeing all commercial operations, tourism, and hospitality at Graceland.