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From his humble beginnings in Mississippi, to his Graceland estate in Memphis, the net worth of Elvis Presley at the time of his death was a fortune suitable for a king – especially when we talk about the king of rock and roll himself. However, his net worth at the end of his life pales in comparison to how much Presley’s mansion costs today.
Next, we dive into everything we need to know about Elvis Presley’s net worth, from how much he had in the bank after his death in 1977, to who inherited his vast wealth and turned Graceland into what he was. is today. But first, let’s look back to the first days of the king, before his Hound Dog thighs took over the world with a storm.
Born in Tupelo, Mississippi on January 8, 1935, Elvis Aaron Presley was raised by working-class parents as an only child after his twin brother Jesse died in their mother’s womb before birth. Elvis was dedicated to his parents, especially his mother, Gladys, who ran a close-knit household while his father, Vernon, worked casual jobs to make ends meet. They often move and relocate, but their faith as a family has always been constant. Elvis and his parents attended the Assembly of God together throughout his childhood, and it was in the church that Elvis was first exposed to the power of music. Gospel ballads, along with the popular jazz of the time, will continue to have a significant impact on him in the years to come.
Image: Courtesy of Everett Collection.
On his 11th birthday in 1946, Presley received his first guitar as a gift from his mother. It wasn’t until his family moved to Memphis, Tennessee, that Elvis began to feel his first musical success after winning a high school talent contest. After graduating from Humes High in 1953, Elvis worked in several jobs while pursuing his dreams of becoming a professional singer. Although Elvis could not read or write music (and even gave up music lessons as a child), he had the ability to play and sing by ear.
Later that year, Elvis recorded his first demo in what would later be known as Sun Studio. A young Elvis made a lasting impression on the boss of the label Sam Phillips, who asked Elvis to return to the studio to record what would become his first big hit, “That’s All Right”, which came out in 1954. The rest, as it is said to be history. Until the end of the decade, Elvis was one of the most famous artists in the world, having released a series of singles that topped the charts and appeared in a number of TV shows, movies and radio shows across the country.
What was the net worth of Elvis Presley at the time of his death?
After nearly 30 years in business, the net worth of Elvis Presley at the time of his death was quite significant. According to Celebrity Net Worth, the King of Rock and Roll was worth approximately $ 5 million at the time of his death in August 1977. Adjusting for inflation, the net worth of Elvis Presley when he died would be rounded to about $ 20 million by today’s standards. .
Image: Everett collection.
Although $ 5 million is by no means insignificant, it is significantly less than what he did in the two decades before his death. Elvis burned millions in real estate, his divorce from Priscilla Presley, his addiction to prescription drugs, and his entourage of many family members and close friends. His biggest expense so far has been the purchase and maintenance of his Graceland mansion in Memphis, which continues to raise millions as a historic tourist site from the public each year. It is also worth noting that Presley’s mansion continues to earn hundreds of millions of dollars thanks to royalties after the king’s death. But who does all this money go to? Keep reading ahead about what we know.
Who inherited Elvis Presley’s money?
After Elvis died in August 1977 at the age of 42, the Jailhouse Rock singer left his fortune to his father, grandmother and daughter Lisa Marie, whom he met with his ex-wife Priscilla Presley in 1968. Elvis’ mother , Gladys, died years earlier in 1958 – hence her exclusion from his will.
After the deaths of her grandparents in 1979 and 1980, respectively, Lisa Marie was left as the sole heir to her father’s fortune – which has so far fallen to about $ 1 million due to taxes on Graceland, among other rising costs. Given that Lisa Marie is still a child, her mother Priscilla became the main executor of her ex-husband’s property, as provided in the will of her ex-father-in-law.
Image: Courtesy of Everett Collection.
Despite their confused separation, Priscilla set herself the task of honoring the king’s legacy by founding Elvis Presley Enterprises and turning Graceland into a museum. While Lisa Marie is old enough to take control of her father’s trust, Priscilla has increased her daughter’s inheritance to approximately $ 100 million. And it wasn’t until 2017 that Lisa Marie received an expected monthly payment of $ 100,000 a month from her father’s estate, according to E! News.
What does Elvis cost today?
According to Forbes, Elvis Presley’s mansion makes him one of the richest dead celebrities today. The publication estimates that Presley’s mansion earned $ 23 million in 2020 alone. Most of that money comes through Graceland, which earns about $ 10 million a year in a typical year. Overall, Presley’s mansion will cost somewhere between $ 400 million and $ 500 million by 2020, according to a CEO of Presley’s mansion, quoted in a Rolling Stone report.
Image: Courtesy of Berkley.
For more information on Elvis, read Priscilla Presley’s 1986 memoir, Elvis and Me: The True Love Story between Priscilla Presley and the King of Rock and Roll. In the book, Priscilla guides readers through the relationship between her and Elvis, from the moment they met until their marriage, their affair and possible divorce. The New York Times bestseller also reveals untold details about Priscilla and Elvis’ relationship and why she still considers their relationship “indestructible” decades after his death. Described as a “tribute to both the man and the legend” by Elvis, “Elvis and I” is a must-read for any Elvis fan and is written by the woman who loved him, in her own words.
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