She was the star eye of Elvis’ dad and his only daughter. Lisa Marie Presley grew up in glitz and glamour. She never learned how to handle money and lost an inheritance of $100 million.
Lisa Marie Presley inherited $5 million when she was nine years old, even though her father, Elvis, earned a lot more while he was alive. Her mother, Priscilla Presley, managed the inheritance until Lisa Marie was 25 years old. Meanwhile, her mother managed to increase the inheritance to $100 million through savvy business acumen. But Lisa Marie seems to have had it all during her lifetime.
Her father, Elvis, was a role model for her and squandered his money. The singer, who is estimated to have earned up to $1 billion in his lifetime, managed to pass most of the profits directly to people during his lifetime, along with his manager Tom Parker, who had accumulated huge gambling debts.
Dealing with money was laid down in the infancy of Lisa Marie Presley
Elvis gave Cadillacs to an overwhelming number of friends and employees, and bought himself emotionally and out of affect. He is said to have owned more than 200 Cadillacs in his life. The King of Rock’n’Roll could never refuse the wish of his little daughter, Lisa Marie. She had her own pony, a golf cart that she rode around the Memphis property, and countless household staff who were always at her disposal. On occasion, Elvis rented out the local amusement park, Libertyland, for the exclusive use of Lisa Marie and her friends. When his daughter once complained that she had never seen snow, he flew her straight into the mountains of Idaho on his private plane so she could play with it for 20 minutes before flying off on her back.
Whenever Elvis ran out of money, he would simply arrange another tour or movie deal. But Elvis Presley also relied a lot on his financial advisor, as did his daughter later. In 1973, Presley and Parker reportedly spent so much money together that a solution had to be found. They sold licenses for 1,000 songs to music giant RCA for $5.4 million. But Presley himself only had $1.35 million of that left after tax was paid and 50 percent went to Parker. The 38-year-old Elvis was supposed to do many more tours and the income from the license sold now and therefore also in the future would not have been lost. But Presley died of heart failure at the age of 42. This is how the inherited five million dollars arose, which remained from about a billion dollars.
But thanks to Priscilla Presley, Lisa Marie Presley earned $100 million by the age of 25. A very similar life story unfolded over the next few decades. Although Priscilla Presley made money by opening Elvis’s Graceland estate to visitors and tourists, which still brings cash to coffers to this day, Lisa Marie collected the rest of the inheritance. Her mother’s “Elvis Presley Enterprises” company, which managed the rights to Elvis’ image, marketing and remaining licenses for songs recorded after her husband sold the licenses, was to be significantly reduced under Lisa Marie.
From the age of 25, she managed Elvis’ legacy with the help of trustees. In 2003, the year she also launched her ultimately unsuccessful music career, she hired Barry Siegel as her financial advisor and CEO.
Her mother built Elvis Presley Enterprises.
Lisa Marie Presley, like her father, over-trusted a financial advisor and failed to adequately review his actions. It is said that when he brought copies of the papers to her house, she told him to take them, not wanting them in the house. Just two years later, in 2005, Siegel made Presley sell 85 percent of her company’s shares to “Elvis Presley Enterprises.” American entertainment company CKX bought the shares for about $100 million. But after taxes, he was left with only $40 million and $25 million in company stock. Siegel also talked about the fact that the 20 million debts of the Elvis subsidiary must also be paid off.
“You either have to grow or you have to go down,” said Lisa Marie Presley at the time. So did CKX, which went bankrupt in 2011 and sold shares of “Elvis Presley Enterprises” to brand management company Authentic Brands Group for more than $145 million. Authentic Brands still controls the marketing and licensing of the name, likeness, and likeness of Elvis Presley.
Back in 2005, Lisa Marie Presley made a reported $40 million sale. That money didn’t last long either, as just ten years later, in 2015, Lisa Marie Presley was heavily in debt again. But how did you do that?
The heiress has bought homes in Hawaii, in Hidden Hills, California, and a 150,000-square-foot mansion and pool in Rutherfield, East Sussex. It appears they have invested millions of dollars in renovating the homes. She was also a follower of the Church of Scientology for many years. The community reportedly helped her overcome her drug addiction, but there were stays in luxury rehab, along with three other costs. In 2014 she reportedly left Scientology. Then she also took out home mortgages to fund her lifestyle. And it went so far that by 2010, mortgages exceeded the actual value of land in Hawaii and California.
Ex Lisa Marie Presley: Demands despite the marriage contract
In 2016, she divorced her ex-husband, Michael Lockwood, with whom Lisa Marie Presley had twin girls. Then he sued to support himself and the children. Presley’s daughter’s fourth marriage lasted 10 years, but Lockwood now wants $263,000 a year in marriage maintenance to support his lifestyle and $40,000 a month for the kids. She responded by saying that she owed a debt of $16 million. However, he kept claiming that her financial condition was better than she was letting on.
In 2018, Lisa Marie Presley sued her financial advisor Barry Siegel, believing he had not managed her wealth to the best of his knowledge. This was supported by the fact that tax debts also accumulated between 2012 and 2017. Presley owes the state more than $10 million in back taxes and now has a mortgage on her UK home of more than $6 million. By the way, Siegel charges about $700,000 a year for his services as a financial advisor.
Siegel also testified at trial that his pleas to Elvis’ daughter to limit her lifestyle fell on deaf ears. After all, she had already racked up $20 million in debt in 2003 and apparently learned nothing from it. The case is protracted. In 2019, her mother, Priscilla Presley, had to sell her Los Angeles mansion to help Lisa Marie with her mounting debts. During the Corona pandemic, the state became quieter until at one point it was said that it was “settled in secrecy”.
In 2018, Lockwood, the ex-husband of Lisa Marie Presley, went to court again. Although the first case was decided in her favor, he again claimed appalling amounts of child support and, despite the marriage contract at the time, a share in a book deal she had recently signed and in the Elvis biopic in Hollywood. The case was still open when Lisa Marie died of heart problems on January 12th. The three daughters she left behind will reportedly inherit the Graceland estate and hopefully work with better financial advisors than their grandfather and mother.