Elvis Presley’s Graceland saw its post-pandemic bonds DEFAULT

Graceland has been crippled by the pandemic with a lack of tourism, leaving the king’s estate with $20 million in debt – and struggling between its trust and the state.

Elvis’ home had spent $104 million expanding the Memphis property, but bonds issued by the Memphis and Shelby Counties Economic Development Agency (EDGE) defaulted.

The lack of funds that came through the property has been attributed to a lack of tourism during the Covid-19 pandemic, which the Tennessee Department of Tourist Development has called the “biggest crisis” to hit the leisure and hospitality industry in history has.

Joel Weinshanker, the managing partner of Elvis Presley Enterprises, claims it’s the state’s fault for the default — something EDGE denies.

Elvis’ home had spent $104 million expanding its Memphis property, but the bonds defaulted

Lisa Marie Presley was hospitalized hours after celebrating her father at the Golden Globes with Austin Butler bringing him back to life on the big screen

EPE, which manages the licensing and trademark rights to Elvis Presley’s image and other products and businesses, is now owned by Authentic Brands Group.

However, Graceland remained with Lisa Marie, who inherited the property on her 25th birthday, as stipulated in Elvis’ will, and it’s unclear who it will go to now.

Lisa Marie also retained a 15 percent stake in EPE after selling the majority stake in 2005 – but remained trustee of the estate with her mother Priscilla until her death.

The ongoing battle is expected to be further complicated following the death of Elvis’ only child, Lisa Marie Presley, on Thursday.

Lisa Marie, 54, died after suffering a heart attack at her home in Calabasas, California, just hours after seeing Austin Butler win a Golden Globe for his portrayal of her father on the big screen.

Winshanker, who has been part of EPE for more than a decade, said in July last year that the company had “not defaulted” – adding, “The state agency has defaulted”.

When Graceland reopened after the pandemic, Weinshanker said, “We’re going to lose money for the foreseeable future, but we have to show the way forward

EPE, which manages the licensing and trademark rights to Elvis Presley’s image and other products and businesses, is now owned by Authentic Brands Group

Graceland remained with Lisa Marie, who inherited the property on her 25th birthday, as stipulated in Elvis’ will, and it’s unclear who it will go to now

However, a spokeswoman for EDGE countered at the time that they serve as a “link,” adding, “The Graceland bonds must be repaid out of taxes,” which are all generated at Graceland.

“Neither EDGE, the city, county, state, nor any taxpayer will be liable… for the refund.

‘Noteholders will have to wait until sufficient tax revenue is generated from Graceland.’

In 2017, EDGE issued $104.3 million in bonds for the Graceland project, some of which were unrated or deemed high-risk.

Various sources of income from Graceland tied to a series of new taxes – sales, tourism and property – have each been pledged to different series of the bonds.

Of that, they defaulted about $20 million last year after the pandemic, and it’s not clear if the estate or the state got any of the money back.

When Graceland reopened after the pandemic, Weinshanker said, “We’re going to lose money for the foreseeable future, but we have to show the way forward.

Lisa Marie also retained a 15 percent stake in EPE after selling the majority stake in 2005 – but remained trustee of the estate with her mother Priscilla until her death

In 2017, EDGE issued $104.3 million in bonds for the Graceland project, some of which were unrated or deemed high-risk

“We’ve been working closely with the county and the Lee state governor at times has been really amazing at trying to see what we can do for safety and what’s possible.

DailyMail.com has not received any comment on the current situation from the City of Memphis, EPE or EDGE at the time of publication.

All proceeds from the bonds went towards a massive expansion announced in 2015 that would eventually add new buildings and a 450-room hotel.

An Elvis car museum and a collection of his sequined jumpsuits and other outfits have also been added to the collection – along with other memorabilia and the history of his music.

The cheapest post-reopening ticket is $77, and an ultimate VIP tour is $190 — giving fans access to new attractions, a private tour, lunch and access to his private plane.

It’s unclear if troubles continue as EPE is hosting an event to mark Elvis’ 88th birthday – weeks before Lisa Marie died of a heart attack.