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Lisa Marie Presley's Daughters Will Inherit Graceland

The famous Graceland estate owned by Lisa Marie Presley, which was once the home of Elvis Presley, will be passed on to her three daughters in the wake of her death. A spokesperson for the estate confirmed to Today that Presley's daughters Riley, 33, and Harper and Finley, 14, will now own the nearly 14-acre property and mansion.

Presley died at the age of 54 on Thursday, Jan. 12 after suffering a cardiac arrest at her home in California. She was the only child of Elvis Presley and Priscilla Presley. Elvis purchased Graceland in 1957 at the age of 22, and it was the home in which he lived with his family. Presley inherited the estate after her father's death in 1977 when she was only 9-years-old.

A memorial service for Lisa Marie Presley will be held on the front lawn of the estate on Sunday, Jan. 22. She will be buried at Graceland alongside her late son, Benjamin Keough, who died by suicide in 2020. Elvis Presley, his parents and his paternal grandmother are also buried at the estate. The grounds are also home to a memorial for Elvis' twin brother, who was stillborn.

Presley's mother and daughters released a statement upon the announcement of the memorial.

"Riley, Harper, Finley, and Priscilla are grateful for the support, well-wishes, and outpouring of love honoring their beloved Lisa Marie," the statement reads.

Throughout her life, Presley often talked about her desire to keep Graceland in the family. In a 2013 interview with Entertainment Tonight, she made clear her intention to pass Graceland down to her daughters.

"It is absolutely 100 percent mine and it has always been mine, Graceland," she shared. "It will always be. And when it is no longer mine, it will be my children's. And that is that."

Presley helped manage the famed estate and its museum throughout her adulthood.

READ MORE: 'Elvis' Star Austin Butler Says His Heart is 'Shattered' Following Lisa Marie Presley's Death