Editing Priscilla Presley (section)

=== Elvis's Death and the Estate ===

When [[Elvis Presley]] died on August 16, 1977, he left an estate that was in considerably worse financial condition than its apparent scale suggested. Years of lavish spending, combined with the relatively modest royalty arrangements typical of 1950s and 1960s recording contracts and the substantial fees paid to [[Colonel Tom Parker]], had significantly eroded the fortune generated by his commercial success. Estimates of the estate's net value at the time of his death ranged from approximately $5 million to $10 million — a fraction of what might have been expected.

Elvis's will left the estate in trust to [[Lisa Marie Presley]], to be held until she turned twenty-five. Vernon Presley served as executor until his own death in 1979, at which point the court appointed Priscilla Presley, along with the National Bank of Commerce and Elvis's accountant Joseph Hanks, as co-executors.

Priscilla's transformation of Elvis Presley Enterprises from a struggling estate into a thriving commercial enterprise is the central achievement of her post-marriage life. Working with business manager Jack Soden, whom she recruited in 1981, she made the decision that would prove most consequential: opening [[Graceland]] to the public. The house had been costing the estate approximately $500,000 per year to maintain. The 1982 opening generated revenue that exceeded projections within the first year, and Graceland rapidly became one of the most visited private homes in the United States.

Beyond Graceland, she oversaw the systematic development of a licensing operation covering Elvis's name, image, voice, and likeness across a vast range of products and media. She negotiated with record labels to improve the presentation and marketing of his catalog. She approved and supported the development of major exhibition projects. By the time [[Lisa Marie Presley]] assumed control of the estate in 1993 upon turning twenty-five, Priscilla had increased its estimated net worth to approximately $100 million.