Authentic Brands and Joel Weinshanker, founder and chief executive of National Entertainment Collectibles Association, now manage the estate through an entity called Elvis Presley Enterprises.
Reached by phone on Friday, Mr. Weinshanker noted how important Graceland mansion was to Ms. Presley.
“Elvis lived in many places, but Graceland was always his home, and Lisa felt the same way,” he said. “At times of difficulty, she slept in his bedroom. Twenty-five million people have visited Graceland, but it was always only home to one person, and that was Lisa.”
In holding onto the home and grounds, Ms. Presley also held onto the final resting place of her closest family members. Elvis Presley, who died in a bathroom in Graceland, is buried on the estate, as is her son, Benjamin Keough, who died by suicide in 2020.
She is survived by her mother, Priscilla Presley, and three daughters: the actress Riley Keough, 33, whose father was Ms. Presley’s first husband, Danny Keough; and twin 14-year-old daughters, Harper Lockwood and Finley Lockwood, whom she shared with her fourth husband, the guitarist Michael Lockwood.
The daughters will now inherit the mansion and its grounds, Elvis Presley Enterprises confirmed.
“The home itself, the mansion, was owned by Lisa. Even though we have a deal where we manage it and take care of it, that will stay with the trust,” Mr. Weinshanker said. “That trust will pass to Riley, Finley and Harper. And Harper and Finley are minors, so at the end of the day, the trust will be run by Riley.”
In 2003, in an interview with Playboy, Ms. Presley joked that when she died, she would inevitably be buried at Graceland herself. And on Friday, a representative for Ms. Keough confirmed that she would, indeed, be laid to rest on the mansion’s grounds, alongside her son, Ben.