Lisa Marie sells off Elvis

Lisa Marie Presley last night sold a huge chunk of her father's estate for more than £53million.

American businessman Robert Sillerman bought the rights to Elvis's music and the lucrative worldwide merchandising of his name.

Lisa Marie will keep the Graceland mansion in Memphis, the shrine visited by 650,000 fans a year and the place where, as a nine-year-old in 1977, she found him slumped in the bathroom on the day of his death.

Lisa Marie inherited the entire estate and with her mother Priscilla built it into a massive money-making machine. Last year Elvis Presley Enterprises made £23million.

The mother-of-two and ex-wife of Michael Jackson said the deal would bring the new investment needed to protect her father's legacy