Elvis Presley's Graceland Will Go to Lisa Marie Presley's Daughters

Elvis Presley's iconic Memphis, Tenn. mansion, Graceland, will stay in the Presley family.

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.

RELATED: Lisa Marie Presley, Daughter of Elvis and Priscilla, Dead at 54: 'The Most Strong and Loving Woman'

Christopher Polk/Getty for Wonderwall; Mick Hutson/Redferns

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.

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Axelle/Bauer-Griffin/FilmMagic From L to R: Steve Binder, Harper Vivienne Ann Lockwood, Lisa Marie Presley, Baz Luhrmann, Priscilla Presley, Riley Keough, Austin Butler and Finley Aaron Love Lockwood

On Thursday, Jan. 12, Lisa Marie was rushed to the hospital for a possible cardiac arrest and died later that day at 54 years old. Priscilla confirmed her daughter's death with PEOPLE.

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"It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us," Priscilla said in a statement to PEOPLE Thursday evening.

Michael Ochs Archives/Getty

"She was the most passionate strong and loving woman I have ever known. We ask for privacy as we try to deal with this profound loss. Thank you for the love and prayers. At this time there will be no further comment."

RELATED: Lisa Marie Presley to Be Laid to Rest at Graceland Next to 'Beloved' Son Benjamin

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On Friday, it was confirmed that she would be laid to rest at Graceland's Meditation Garden next to her son Benjamin.

"Lisa Marie's final resting place will be at Graceland, next to her beloved son Ben," a statement from her daughter Riley Keough's rep to PEOPLE read.

It is also the final resting place of Elvis, Elvis' mother Gladys Presley, Elvis' father Vernon Presley and Elvis' grandmother Minnie Mae Presley.