MEMPHIS, Dec. 17 (UPI) -- Elvis Presley's daughter has sold an 85 percent interest in her father's estate for about $100 million, the Memphis Commercial Appeal reports.
Robert F.X. Sillerman, founder of SFX Entertainment, will form CKX Inc. to take "The King" public as a stock offering next year.
Lisa Marie Presley will receive roughly $50 million in cash, $22 million in stock and $25 million to cover routine operating debts of Elvis Presley Enterprises. She also will receive a 15 percent ownership interest in CKX.
The deal was reached late Wednesday.
Presley will keep Graceland and its 13.6-acre grounds, including her father's grave site and the vast archives from jumpsuits and jewelry to contracts and furnishings that help make the estate second only to the White House as the most visited celebrity home in the country.
About 600,000 visitors come to Graceland annually.
Unaudited figures show Elvis businesses produced $44.9 million in revenue in 2003, with about $12 million in net operating income, and $37.9 million in revenue for the first nine months of 2004, with $9.4 million in net operating income.
