Ms Presley, who has multi-million pound homes in Los Angeles and Florida, and hasn't exactly been slumming it since her father died in 1977, will take on the ownership of Elvis Presley Enterprises.
Until her mother, Priscilla Presley, took charge of the Presley estate, Elvis's wealth had dwindled to pounds 5m - thanks to years of plundering by his manager, Colonel Tom Parker, and excess by the singer himself.
By taking control of the Presley name and, in particular the Graceland mansion that has become a shrine for millions of Elvis worshippers, Priscilla Presley has created a lucrative and diverse entertainment empire.
It now employs 500 people, and 650,000 visitors a year visit the Memphis mansion. Elvis's daughter will now have power over all decisions made by the company, as well as its ownership.
Lisa-Marie had been due to take control of her father's inheritance when she was 25, but had left the estate in the hands of her mother for another five years because of the success Priscilla had made of the operation.
The only friction now between mother and daughter stems from the stated desire of Lisa-Marie's ex-husband, Michael Jackson, to buy Elvis Presley Enterprises. The couple, who share between them two of history's weirdest childhoods, remain close. Jackson already owns the rights to much of the Beatles' back catalogue and Priscilla Presley is said to be worried that he may try to exert influence on the company.Reuse content