Elvis Presley Enterprises

Elvis Presley Enterprises, Inc. (EPE) is a corporate entity created by "The Elvis Presley Trust" to conduct business and manage its assets, including Graceland. EPE's business extends far beyond the Graceland operation, however, and includes worldwide licensing of Elvis-related products and ventures, the development of Elvis-related music, film, video, television and stage productions, the ongoing development of EPE's Internet presence, the management of significant music publishing assets and more.

After Elvis' death on August 16, 1977 at Graceland, his will appointed his father, Vernon Presley, as executor and trustee. The beneficiaries of the trust were Vernon, Elvis' grandmother Minnie Mae Presley, and his nine-year-old daughter Lisa Marie Presley. After Vernon's death in 1979, Elvis' ex-wife Priscilla Presley, as Lisa Marie's legal guardian, began comanaging the trust along with the National Bank of Commerce in Memphis, which was the bank Elvis and Vernon had done business with, and Joseph Hanks, who had been Elvis and Vernon's accountant for a number of years, and formed EPE in 1979. With Minnie Mae's passing in 1980, Lisa Marie became the only surviving beneficiary named in Elvis's will.

Following Elvis' death, his manager "Colonel Tom" Parker had set up a licensing operation with Factors Etc. Inc, to control Presley merchandise and keep a steady income supporting his estate. Due to an ill-advised agreement between Parker and Elvis which gave RCA sole ownership of all his recording royalties prior to 1973, the estate was relying heavily on the income from Factors Etc. Inc. However, because Parker was still entitled to 50% of all Elvis' income, and after taxes were taken off, the overall amount going towards the upkeep of the estate was less than $1 million a year.

By 1980 the cost of running the estate was estimated to be as much as $500,000 a year. Priscilla and the Trust weren't prepared to let Parker continue to handle Elvis's business affairs, and petitioned the court to that end. However, Judge Joseph Evans, aware that Lisa Marie Presley was still a minor, appointed attorney Blanchard E. Tual to investigate Parker's management. His preliminary finding was that Parker's management deal of 50% was extortionate compared to the industry average of 15-20%. He also noted that Parker's handling of Elvis's business affairs during his lifetime, including the decision to sell off past royalties to RCA for $5.4 million in 1973, were "unethical" and poorly handled. During a second, more detailed investigation, all earnings were paid directly to the Trust instead of Parker. By this time, with the IRS demanding almost $15 million in taxes, the estate was facing bankruptcy.

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