Elvis Presley’s legacy was at risk of collapsing after his death in 1977, as he left behind serious financial troubles. But his ex-wife, Priscilla Presley, stepped in, partnering with key business associates to take control and preserve the King’s legacy, ultimately saving it from ruin over four decades ago.
Elvis Presley’s official Instagram page marked the anniversary of Graceland’s public opening on June 7, 1982, with a post offering fans a glimpse inside the iconic Memphis estate. At the time, Priscilla had no idea that her bold business decision would preserve the King’s legacy for more than 40 years.
The caption reads, “Rewind to this day 43 years ago when Graceland opened for tours.” The message is accompanied by a trio of photos showcasing the home’s exterior and two of its iconic downstairs rooms.
Fans praised Presley’s ex for opening Graceland to the public, giving generations the chance to experience the king’s private world. Her decision helped preserve his legacy and share his life story with millions around the world.
“Thank you Priscilla for opening Graceland to all of us and keeping it in the family, just as Elvis wanted,” one fan wrote. A second penned, “Thank you Priscila for your decision, thank you for sharing Graceland with all Elvis fans instead of selling it all. Thank you for everything you did, you were very brave.”
A third fan agreed, “Huge huge thank you to Priscilla Presley for sharing Graceland to the millions of fans! Without you this piece of history would not exist for all eyes to view! You made that promise of never allowing Graceland to be taken away and as a fan I share my total gratitude!”
After Elvis Presley’s August 1977 death, Graceland fell into turmoil. In his will, the entertainer left his fortune to his father Vernon Presley, his grandmother Minnie Mae Presley and his daughter, Lisa Marie Presley.
Vernon, the executor of Elvis’ will, tried to maintain the expansive property. However, after his death in 1979 and Minnie Mae one year later, Priscilla was left in charge of the estate as Lisa Marie was underage. After Elvis’s death, the estate experienced a cash flow problem, with Graceland costing over half a million dollars annually in maintenance and taxes.
Due to these high expenses, the King’s assets had dwindled to $1 million. Per Men’s Health, Priscilla’s years as the chairwoman of Elvis Presley Enterprises elevated his fortune from $1 million to $400 to $500M.
By opening up Graceland to the public, the home is now the second most visited private abode, second to the White House. Visitors to the home help generate a reported $10M a year.
Graceland, its grounds and meditation garden where Presley, his father Vernon, mother Gladys, grandmother Minnie Mae, daughter Lisa Marie Presley, and grandson Benjamin Keough are buried, is open daily for tours. There, fans can tour the estate and view priceless artifacts connected to the king of rock and roll.