After Elvis Presley's death in 1977, Vernon Presley served as executor of his estate. Upon his death in 1979, he chose Priscilla to serve as the estate executor for Elvis' only child, Lisa Marie who was only 11. Graceland itself cost $500,000 a year in upkeep, and expenses had dwindled Elvis' and Priscilla's daughter Lisa Marie's inheritance to only $1 million. Taxes were due on the property, those and other expenses due came to over $500,000. Faced with having to sell Graceland, Priscilla examined other famous houses/museums, and hired a CEO, Jack Soden to turn Graceland into a moneymaker. Graceland was opened to the public on June 7, 1982. Priscilla's gamble paid off, after only a month of opening Graceland's doors the estate made back all the money it had invested. Priscilla Presley became the chairwoman and president of Elvis Presley Enterprises, or EPE, stating at that time she would do so until Lisa Marie reached 21 years of age. The enterprise's fortunes soared and eventually the trust grew to be worth over $100 million.
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