03/28/2006 AT 02:00 PM EST
Graceland, the Memphis mansion that Elvis Presley called home for 20 years, was designated a National Historic Landmark on Monday, prompting the late King's wife, Priscilla Presley, to squelch rumors that their daughter Lisa Marie would ever dispose of the 14-acre estate.
"Nobody is selling Graceland!" Priscilla Presley tells PEOPLE. "Lisa is the sole heir to Graceland – she owns the house and the grounds. It will be a place for her and the children to visit forever."
Shortly after Interior Secretary Gale Norton and Priscilla appeared at Graceland for a ceremony naming it a National Historic Landmark – along with the White House, Pearl Harbor, the Alamo, Mount Vernon and nearly 2,500 other sites – Presley told PEOPLE: "Never in my wildest dreams did I think it would become a landmark. I'm sure Elvis would be humbled by it. … Graceland was his pride and joy."
Elvis bought the home in 1957 "with $103,000 in proceeds from 'Heartbreak Hotel' and moved his parents in with him to share it," Priscilla said.
As for her first encounter with the legendary home, "He told me about Graceland when I was a young girl in Germany. I was 14, and that was the one place he always talked about. …He talked about me going there, and it didn't disappoint."
Elvis, who died in 1977, still remains on the grounds. "The Meditation Garden is one of my favorite places to visit," said Priscilla, who says that the family no longer stays in the house. "Elvis is buried there and his parents and grandmother. It's a nice way to pay respects."