Elvis Presley’s net worth at the time of his death was a fortune fit for a king, especially when we’re talking about the King of Rock ‘n’ Roll himself, who came from modest origins in Mississippi and ended up living in a Memphis house worth over $40 million.
In contrast to the current value of the Presley estate, however, his personal wealth upon death was rather modest.
From how much money Elvis Presley had saved up at the time of his death in 1977 to who inherited his riches and transformed Graceland into what it is now, we’ll cover every aspect of Elvis’s financial life in the sections to come.
But before we get to the King’s “Hound Dog” hips, let’s take a look back at his humble beginnings. Elvis Aron Presley was born on January 8, 1935, to working-class parents in Tupelo, Mississippi.
His twin brother, Jesse, died in the womb. Elvis loved his family, especially his mother Gladys, who kept the family together while his father, Vernon, performed various jobs to make ends meet.
Though they were constantly uprooting and relocating, the family’s shared faith remained strong throughout their lives.
Throughout his boyhood, Elvis and his family were regulars at the Assembly of God Church, and it was there that Elvis experienced the transformative power of music for the first time. His later musical style was heavily influenced by gospel ballads and contemporary jazz.
In Total, how Much Money Did Elvis Presley Earn?
Elvis Presley made and spent a fortune during his lifetime. The Wall Street Journal reported his astonishing sales in December 1956: $22 million (or $236.42 million in 2016 dollars).
The $5.4 million that Elvis Presley received in 1973 for the sale of his song catalog royalties is equivalent to $35.5 million in today’s value. The Los Angeles Times also said that his album royalties averaged $250,000.
But Presley was also very generous with the contents of his wallet. “The Los Angeles Times stated in 1989 that Priscilla, Elvis’s wife of six years, “had never been involved with budgeting during their six-year marriage, but she understood that the only thing Elvis ever did with the money was waste it.”
Giving Cadillacs and other luxury items to friends and acquaintances he knew were out of their price range was another hobby of his.”
In addition to lavishing money on vehicles and other luxuries for himself, Presley also had an expensive drug habit and was required by his contract to pay a significant portion of his music revenues to his manager, Col. Tom Parker.
What were Elvis Presley’s average concert earnings?
By performing live, Elvis Presley was able to make a comfortable living. In the mid-1970s, he reportedly earned $130,000 per show, which would be almost $700,00 in today’s money, according to a 1989 article in the Los Angeles Times.
What was Elvis Presley’s average salary for a movie?
Elvis Presley was a multi-talented celebrity who effortlessly shifted gears from musician to actor. According to the Los Angeles Times, he earned $1 million for each of his 31 film roles between 1956 and 1969.
These films include the classics Love Me Tender, Jailhouse Rock, and Blue Hawaii. In other words, his success on the big screen netted him tens of millions of dollars.
How much did Graceland cost the King?
Elvis Presley found solace and peace at Graceland. He spent $102,500 (about $1.061 million now) for Graceland in March of 1957. It wasn’t just him who moved into the 23-room Memphis estate; his parents and paternal grandmother joined them there.
Keeping Graceland in good condition was apparently costly, costing $480,000 per year in the late 1970s (more than $2.11 million now) due to taxes, insurance, and 24-hour security over Presley’s burial.
Over time, though, the property (and Presley’s things) evolved into a major tourist attraction. In 1982, the first floor of the home and Presley’s extensive gun and car collection were revealed to the public.
Graceland allegedly drew 3,000 visitors on its first day of operation, and Rolling Stone predicted it would draw 700,000 people annually.
In terms of money, how much was Elvis Presley really worth when he passed away?
According to Celebrity Net Worth, Elvis Presley had a fortune of roughly $5 million at the time of his death in 1977. (Today, that’s close to $24 million.)
Graceland costs plus the fact that Elvis Presley’s record label, not his family, earned money from his music made it difficult to arrive at this sum. Col.
Tom Parker, Elvis Presley’s manager, had a less-than-ideal arrangement with the singer: he took a whopping 50% of the star’s concert and music earnings, which was a lot more than anyone else in the business took.