A majority stake in Elvis Presley [ tickets ] Enterprises, the business arm of the famed rocker's estate, has been sold to businessman Robert F.X. Sillerman in a deal valued at about $100 million.

Sillerman, who founded concert promoter SFX Entertainment and--through a massive acquisition spree--grew it into a national firm before selling it to Clear Channel Entertainment, has agreed to purchase 85 percent of Elvis Presley Enterprises' assets. Presley's only child, Lisa Marie Presley [ tickets ], inherited the estate.

"I feel confident that Bob Sillerman and his team are the right people to do this with," Lisa Marie Presley said in a statement. "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."

Under the agreement, Lisa Marie Presley will retain the title to her father's Memphis, TN, home, Graceland, which is now a museum that attracts more than 650,000 visitors per year. She'll also keep most of his "personal effects," according to a press release.

Sillerman is forming a new company, dubbed CKX Inc., which will take over the rest of the business, including control of trademark rights to Presley's name and likeness. CKX will also own Elvis' music publishing catalog and other intellectual property.