Lisa Marie Presley died of cardiac arrest last Thursday.
Lisa Marie Presley († 54) died last week of cardiac arrest. Elvis Presley’s (1935-1977) only child is survived by daughter Riley Keough (33) and twins Finley Aaron Love and Harper Vivienne Ann Lockwood (both 14). The three daughters are now to receive the entire fortune of the Presley legacy. But as several British media reports, Lisa Marie Presley also had high debts.
The daughter of the “King of Rock’n’Roll” became the sole heir to her father’s fortune at the age of nine. Extremely lavish in his lifetime, Elvis Presley left an estimated net worth of just $5 million after his death. However, she was only allowed to access the assets from the age of 25.
Priscilla Presley increased net worth tremendously
Until then, her mother Priscilla Presley (77) managed the estate, which also includes the legendary Graceland estate in the US state of Tennessee. Priscilla had the lucrative idea of opening Graceland to fans and tourists. She also secured the rights to her former husband’s name and image. So, in a decade and a half, she managed to increase the Presley fortune to over 100 million.
But then everything went down the drain. In 1993, Lisa Marie Presley inherited and hired consultant and managing director Barry Siegel (73) to take care of it. In 2005 he sold 85 percent of his shares in “Elvis Presley Enterprises”. This included their rights to Elvis Presley’s name and likeness. Her fortune at the time was $40 million.
$16 million in debt
But it didn’t stop there. By 2015, Presley had spent nearly her entire fortune. Only $ 14,000 should have remained her. That same year, she fired her advisor and later sued him for mismanaging her finances. When she divorced her last husband Michael Lockwood (61) in 2016, she said she owed $16 million. It is said to have been $10 million in taxes from 2012 to 2017 and a $6 million charge on her home in the UK.
However, her then-husband claimed she had more money than she was letting on. He was demanding $40,000 a month in child support for the twins who lived with him and $263,000 a month for his own support.
Lisa Marie Presley knew nothing about debt
It’s still unclear how Presley got into so much debt. Barry Siegel claimed in court that bad investments, credit card debt, stays in rehab and outrageous spending are the origins. Lisa Marie Presley, on the other hand, stated that she did not know about her debts and that Siegel covered them up. The court said, “Had Siegel disclosed to Presley the true financial position of the trust and limited expenses to the trust’s ‘income’ rather than its principal assets, Presley could have lived comfortably on an after-tax annual budget of between $1.5 million and $2 million .» According to Radar Online, Presley was still $3 million in debt at the time of her death.
After all, Presley leaves her three daughters, along with the mountain of guilt, the most valuable family heirloom. You get Graceland from Grandpa Elvis. This was confirmed by a spokesman for the magazine “People”. The value is estimated at $500 million. Lisa Marie had already revealed in the “New York Post” in 2013 that Graceland should remain in the family forever. «I will leave it to my children. Graceland will never be sold!” (bsn/cth)