Following the death of Lisa Marie Presley on Thursday, the property, which is in a trust, will benefit Lisa Marie’s three daughters, Riley, Harper and Finley, a representative for Graceland confirms to PEOPLE.
The King of Rock and Roll’s former home was passed down to his only daughter, Lisa Marie, after he died in 1977. It is now open for a variety of tours and overnight stays.
Lisa Marie had two children from her marriage to Danny Keough: Riley, 33, and Benjamin, who died by suicide at age 27 in July 2020. She married Michael Lockwood in 2006 with whom she had her now 14-year-old twin daughters, Harper and Finley. Presley and Lockwood split in 2016 and their divorce was finalized in 2021.
According to the official website of Graceland, the estate was left to Lisa Marie in trust when she was only nine years old, and the trust officially dissolved upon her 25th birthday in 1993 giving her full ownership of the home. She then formed The Elvis Presley Trust to manage the property alongside her mother, Priscilla Presley, and the National Bank of Commerce.