Elvis "sold" for $100 million

The bulk of the Elvis Presley estate has been sold to a US promoter for a cool $100 million US (75m Euros).

Robert Sillerman, founder of promoter SFX Entertainment, will take over Presley trademark rights, intellectual property owned by the estate and its music publishing catalogue.

They had been left by Elvis to his only child, Lisa Marie.

Under the agreement, Lisa Marie will retain the title to her father's home, Graceland, and more than 13 acres of surrounding land.

She also will keep most of her father's personal effects. However Sillerman will control the lucrative tourist business connected with the property.

Graceland attracts more than 650,000 visitors a year. Thousands of Presley's fans flock to Graceland each August to remember the anniversary of his death there in 1977.

Lisa Presley said she expects the new managers to increase the marketing of her father's name and image. "I feel confident that Bob Sillerman and his team are the right people to do this with. My greatest responsibility to my father is to preserve and protect his legacy, and this is an exciting new structure that opens up an incredible array of opportunities with a major infusion of new investment capital to do just that."