Lisa Marie sells Presley estate

Elvis Presley's estate generated $45m (£23m) in revenue in 2003

Elvis Presley's daughter Lisa Marie Presley has agreed to sell 85% of his estate to businessman Robert FX Sillerman in a deal worth $100m (£51m).

He will run Presley's Memphis home Graceland, will own Elvis' name and likeness, the rights to his photographs and revenue from his music and films.

Lisa Marie will retain possession of Graceland and many of her father's "personal effects".

Mr Sillerman founded music and sports promotion agency SFX Entertainment.

'Most significant icon'

Presley starred in 31 films and has sold over a billion records. More than 600,000 people visit Graceland each year, where the singer died in 1977.

Elvis Presley Enterprises generated $45m (£23m) in revenue in 2003 and $38m (£19m) from January to September this year.

My greatest responsibility to my father is to preserve and protect his legacy Lisa Marie Presley

Mr Sillerman called Presley the "most significant icon in American pop culture" and said more aggressive marketing could make him an even bigger earner.

As Presley's only child, Lisa Marie is the sole heir to the estate, most of which is now to become part of a publicly-traded company that will be called CKX Inc.

Lisa Marie Presley said: "My greatest responsibility to my father is to preserve and protect his legacy, and this is an exciting new structure that opens up an incredible array of opportunities."

Debts cleared

The agreement will pay her $53m (£27m) in cash and absolve her of $25m (£12m) in debts owed by the estate. She will also receive shares in the new company expected to be worth more than $20m (£10m).

Lisa Marie Presley, who was previously married to pop singer Michael Jackson and actor Nicolas Cage, launched her own recording career in 2003.

Actress Priscilla Presley, Lisa Marie's mother and Presley's former wife, will remain executive consultant to the business.

Sillerman said he expected the sale to be completed within two months, pending standard regulatory approval.