Elvis Presley's Graceland

The History & Business Operation Of the House Known as Graceland

In between the history of American Music and what is now the old South, sits a diamond in the rough, A place where millions of people have come to pay homage to a King.

Elvis Aaron Presley died upstairs at Graceland Mansion on August 16, 1977. “The King” had a will and appointed his father as executor and trustee. Vernon Presley died in 1979. Elvis’s grand-mother Minnie Mae Presley died nearly three years after Elvis Presley‘s death. This left his daughter Lisa Marie Presley as the sole Heir to the estate.

Her fortune was held in a trust until her 25th birthday. Vernon Presley’s will left the appointment of three co trustees to succeed him. The National Bank of Commerce in Memphis, Joseph Hanks the personal accountant of Elvis and Vernon, and Pricilla Bueulieu Presley who divorced Elvis in 1973.

In 1998 Lisa moved in an advisory position for the Management team of the Elvis Presley Trust. The Business Entity was called Elvis Presley Trust (EPT) in earlier days of Graceland after Elvis’s funeral there was a cash flow problem in the days after Elvis Presley’s death.

The maintenance and taxes per year were over half a million dollars a year. It was decided by the Pricilla and the management team to open Graceland to the public. They hired Jack Sodan a Kansas City investment counselor to plan and run the total operation of Graceland. It opened for tours June 7 1982.

The History of Graceland

Graceland is located at 3764 Elvis Presley Boulevard (US51) in Memphis TN. It sits on a hill in the suburb of Whitehaven. And 10 mile south of downtown area. Graceland was originally a 500 acre farm during the Civil War owned by S.E. Toofs. The Colonial style house Graceland was built in 1939 by Dr Thomas Moore and his wife Ruth one of SE Toofs granddaughters.


Source: music-history.suite101.com