Elvis Presley's daughter is selling off the bulk of her later father's estate. Lisa Marie Presley plans to keep Graceland, but in a deal worth about a hundred million dollars, the singer says she's letting go of the rights to her father's name and image.
This report from Peter Bowes:
Lisa Marie is Elvis's only child and the sole heir to his estate. She is selling off about eighty-five per cent of the assets of Elvis Presley Enterprises. The new owner will be the businessman Robert FX Sillerman who is best known as a music and sports promoter.
According to Mr Sillerman, Elvis occupies a unique place in American pop culture and he doesn't expect the singer's influence to wane in his lifetime. The Presley estate brought in almost forty-five million dollars last year. The new owner said through more aggressive marketing, supported by capital raised through a new publicly-traded company, he would make Elvis an even bigger earner.
Lisa Marie will get fifty-three million dollars out of the deal and shares in the new company. She will also retain possession of her father's home, and many of his personal effects.
Graceland gets about six hundred and fifty thousand visitors a year and the annual pilgrimage by fans to mark the king of rock-and-roll's death will be allowed to continue. Elvis ranks number one on the Forbe's magazine list of top-earning dead celebrities. Mr Sillerman said he would explore new markets and business opportunities.
Peter Bowes, BBC, Los Angeles
the sole heir
La única heredera
a unique place
un lugar único
influence to wane
disminuya su influencia, importancia
retain possession of
seguirá siendo la dueña de
his personal effects
ocupa el lugar