A new king is braced to take over the King of Rock 'n' Roll's estate.

Elvis Presley Enterprises Inc. (search) has an agreement to sell 85 percent of its assets to businessman Robert F.X. Sillerman (search), founder of promoter SFX Entertainment, it was announced Thursday. The estate was inherited by Presley's only child, Lisa Marie Presley (search).

Sillerman is forming a new company, CKX Inc., to take over the business of the estate. Current estate managers referred to the sale as a "new partnership."

Under the agreement, Ms. Presley will hold title to her father's home, Graceland, and its more than 13 acres of land. She also will keep most of her father's "personal effects," an announcement on the agreement said.

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.

CKX will control Graceland's tourist business, Presley trademark rights, intellectual property owned by the estate — and its music publishing catalog.

Ms. 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," she said in a statement.