Prince died of an accidental overdose of the painkiller fentanyl in April. Fans embrace near a makeshift memorial outside Paisley Park, the home of the late rock superstar. [Photo/Agencies]

The tours will be run by Graceland Holdings, which has overseen Graceland in Memphis, Tennessee, since 1982, according to the museum's business plan.

Graceland, where Presley died in 1977, has welcomed more than 20 million visitors since opening to the public, averaging more than 600,000 annually in recent years. Graceland is providing the initial funds for capital improvements and operating costs.

Besides being the music star's home, Paisley Park was "the center of Prince's creative endeavors" since its opening in 1985, the family says.

Tours are planned to include studios where Prince recorded, produced and mixed most of his biggest hits, and the soundstage where he rehearsed for tours and hosted exclusive private concerts.