By . Daily Mail Reporter . PUBLISHED: . 11:08 EST, 20 November 2013 . | . UPDATED: . 11:08 EST, 20 November 2013 . The rights to Elvis Presley's image, name and likeness - worth about $30million a year - have been sold . The Elvis Presley brand has been sold to the same company that owns image rights to icons such as Marilyn Monroe and Muhammad Ali. Authentic Brands Group announced yesterday that it had bought the King of Rock 'n' Roll's intellectual property from Core Media Group. It is also working with the founder of another company to operate Elvis's former home, Graceland, which is now a major tourist attraction in Memphis, Tennessee. The company did not disclose how much it paid for the rights but the Elvis brand is still hugely valuable. The purchase gives Authentic Brands control of Elvis Presley Enterprises, which manages the licensing and merchandising rights to Presley's image, name and likeness, which is worth about $32million a year. It . also gives them control over a massive collection of music, photos, . movies, television appearances and performance specials featuring the . Elvis. As part of the . deal, National Entertainment Collectibles Association founder Joel . Weinshanker acquires Graceland's operating rights. Weinshanker, Authentic Brands and the Presley family will partner in operating Graceland, it added. Priscilla Presley, Elvis's ex-wife, said: 'This is an exciting day for Elvis and his fans. 'We look forward to working with the ABG team to further promote the legacy of Elvis. 'This is the opportunity the family . has been envisioning to expand the Graceland experience and enhance . Elvis' image all over the world.' Presley's daughter, Lisa Marie Presley, says she will continue to own the Graceland home and the original items inside it. Elvis's ex-wfe Priscilla Presley, left, and daughter Lisa Marie said the deal will help them expand Graceland . The family have retained control over Graceland, which is the second most visited private home in the U.S. after the White House . 'The . licensing and merchandising aspect of this business is not to be . confused with the fact that the property will always remain with me and . my family,' Lisa Marie Presley said. Authentic Brands Group has also bought the brand rights to Muhammad Ali. The . deal, which includes a vast library of photos and videos of the boxer, . also includes trademarked phrases, 'Float Like A Butterfly, Sting Like A . Bee', 'Thrilla in Manila', and 'Greatest Of All Time'. In 2005, entertainment company CKX, which later became Core Media, bought an 85 per cent stake in Elvis Presley Enterprises from the trust of Lisa Marie Presley for a reported $114million. Elvis earned an estimated $100million during his lifetime but had just a fraction of that when he died . Some Elvis fans reacted angrily to the 2005 sale and accused the family of trying to sell for maximum profit while his core fanbase is still alive. ElvisPresleyNews said the timing of the deal was in light of that 'visitations to Graceland may continue to slow down with the aging of the "50s generation of rock 'n' roll fans."' Elvis Presley died at age 42 in Memphis on August 16, 1977 and five years later the Graceland home was opened for tours. At the time of his death he had approximately $5million in the bank. However, he earned an estimated $100million during his lifetime. Colonel . Tom Parker earned 50 per cent of the King's income as his manager. His . involvement in the Presley estate ended in 1980, after a judge ruled . that all income should be paid directly into Lisa-Marie Presley's trust. The company, which already handles the image of Marilyn Monroe, also bought the Muhammad Ali brand, including the trademark to 'Float Like A Butterfly, Sting Like A Bee' He was particularly critized for selling the rights to Elvis's back catalogue to RCA in 1973 for $5.4million. It is estimated that Elvis has sold one billion records but his estate has barely benefited from his continued popularity. More than 500,000 people visit Graceland each year, bringing in millions in tourist revenue for its owner and the city. It is the second most visited private home in the U.S., after the White House. Plans to refurbish and modernize the tourist attraction had been put on hold, but both Priscilla and Lisa Marie Presley said a possible expansion of Graceland could be renewed.
Authentic Brands Group bought rights to Elvis's image, name and likeness .
Merchandising and licensing thought to be worth about $30million a year .
Lisa Marie Presley retained control over family home Graceland .
ABG also bought brand rights to Muhammad Ali including the trademarked catchphrase 'Float Like a Butterfly, Sting Like A Bee'
By . Daily Mail Reporter . PUBLISHED: . 11:08 EST, 20 November 2013 . | . UPDATED: . 11:08 EST, 20 November 2013 . The rights to Elvis Presley's image, name and likeness - worth about $30million a year - have been sold . The Elvis Presley brand has been sold to the same company that owns image rights to icons such as Marilyn Monroe and Muhammad Ali. Authentic Brands Group announced yesterday that it had bought the King of Rock 'n' Roll's intellectual property from Core Media Group. It is also working with the founder of another company to operate Elvis's former home, Graceland, which is now a major tourist attraction in Memphis, Tennessee. The company did not disclose how much it paid for the rights but the Elvis brand is still hugely valuable. The purchase gives Authentic Brands control of Elvis Presley Enterprises, which manages the licensing and merchandising rights to Presley's image, name and likeness, which is worth about $32million a year. It . also gives them control over a massive collection of music, photos, . movies, television appearances and performance specials featuring the . Elvis. As part of the . deal, National Entertainment Collectibles Association founder Joel . Weinshanker acquires Graceland's operating rights. Weinshanker, Authentic Brands and the Presley family will partner in operating Graceland, it added. Priscilla Presley, Elvis's ex-wife, said: 'This is an exciting day for Elvis and his fans. 'We look forward to working with the ABG team to further promote the legacy of Elvis. 'This is the opportunity the family . has been envisioning to expand the Graceland experience and enhance . Elvis' image all over the world.' Presley's daughter, Lisa Marie Presley, says she will continue to own the Graceland home and the original items inside it. Elvis's ex-wfe Priscilla Presley, left, and daughter Lisa Marie said the deal will help them expand Graceland . The family have retained control over Graceland, which is the second most visited private home in the U.S. after the White House . 'The . licensing and merchandising aspect of this business is not to be . confused with the fact that the property will always remain with me and . my family,' Lisa Marie Presley said. Authentic Brands Group has also bought the brand rights to Muhammad Ali. The . deal, which includes a vast library of photos and videos of the boxer, . also includes trademarked phrases, 'Float Like A Butterfly, Sting Like A . Bee', 'Thrilla in Manila', and 'Greatest Of All Time'. In 2005, entertainment company CKX, which later became Core Media, bought an 85 per cent stake in Elvis Presley Enterprises from the trust of Lisa Marie Presley for a reported $114million. Elvis earned an estimated $100million during his lifetime but had just a fraction of that when he died . Some Elvis fans reacted angrily to the 2005 sale and accused the family of trying to sell for maximum profit while his core fanbase is still alive. ElvisPresleyNews said the timing of the deal was in light of that 'visitations to Graceland may continue to slow down with the aging of the "50s generation of rock 'n' roll fans."' Elvis Presley died at age 42 in Memphis on August 16, 1977 and five years later the Graceland home was opened for tours. At the time of his death he had approximately $5million in the bank. However, he earned an estimated $100million during his lifetime. Colonel . Tom Parker earned 50 per cent of the King's income as his manager. His . involvement in the Presley estate ended in 1980, after a judge ruled . that all income should be paid directly into Lisa-Marie Presley's trust. The company, which already handles the image of Marilyn Monroe, also bought the Muhammad Ali brand, including the trademark to 'Float Like A Butterfly, Sting Like A Bee' He was particularly critized for selling the rights to Elvis's back catalogue to RCA in 1973 for $5.4million. It is estimated that Elvis has sold one billion records but his estate has barely benefited from his continued popularity. More than 500,000 people visit Graceland each year, bringing in millions in tourist revenue for its owner and the city. It is the second most visited private home in the U.S., after the White House. Plans to refurbish and modernize the tourist attraction had been put on hold, but both Priscilla and Lisa Marie Presley said a possible expansion of Graceland could be renewed.
image, name and likeness - worth about $30million year. It . also gives them control over a massive and . my family,' Lisa Marie Presley said. Authentic Brands Group has also bought the brand rights to Muhammad Ali. The . deal, which 'Float Like A Butterfly, Sting Like A . Bee', bought the Muhammad Ali brand, including the