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People Top 5
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- September 06, 1999
- Vol. 52
- No. 9
A King's Ransom
Twenty-Two Years After Elvis Presley's Death, Daughter Lisa Marie Brings a Trove of Rarely Seen Belongings from the Singer's Graceland Home to the Auction Block
Presley's daughter Lisa Marie, 30, decided to sell the property fit for a King—most of which had been in storage for years—to raise money to build transitional housing for the homeless in Memphis, a cause of personal interest. "Lisa Marie never forgets that her father and his family [once] lived in federally subsidized transitional housing," says Jack Soden, CEO of Elvis Presley Enterprises. The sale is expected to net at least $2 million. (The '97 auction of Princess Diana's dresses brought $5.7 million.) "Elvis wasn't really sentimental about holding on to stuff," says Presley's childhood friend George Klein, 63, a Memphis radio personality who thinks his pal would approve of the sale. "He always said, 'If I give you something, and you have to sell it, then I've done two good things for you: I've given you a gift, and you've made some money by selling it.' "
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