Lisa Marie Presley has actually inherited a fortune from her father. At the time of her death, she was deep in debt. What happened?
Her father, the King of Rock and Roll, is undoubtedly one of the greatest and most influential musicians who have lived to this day. No wonder then that Elvis († 42) his daughter Lisa Marie Presley (54) He left a lot of money—and with the Graceland property—also enormous real estate values. But Lisa Marie had enormous debts and sunk most of the money into a mountain of debt. But how did this happen?
Lisa Marie Presley has been badly advised financially
Not entirely lucky with finances, Lisa Marie inherited it from her legendary father in 1993 at the age of just 25. In addition to five million dollars, Elvis bequeathed his world-famous property “Graceland” in Memphis, the rights to the music and the company “Elvis Presley Enterprises” to his only daughter. According to the “Plast” portal Presley earned approximately $4,300 a month as an employee of Graceland and over $100,000 a month through Elvis Presley Enterprises. Thanks to the efforts of his wife, Priscilla, today Elvis Villa, with 600,000 annual visitors, is one of the most popular tourist attractions in the USA and It generates about $39 million a year. A life crisis or two intervened for his daughter and greatly reduced her assets. On the one hand, she entrusted her money to the wrong advisor. Barry Siegel became their manager in 2003 and sold 85 percent of the rights to Elvis’ music in 2004. Although he earned $100 million, he also earned an impressive annual salary of $701,000.
Lisa Marie Presley speculated about the American version of DSDS
In 2018, she went to court against Siegel, accusing him of cheating on her. However, in his defense, the director accused Lisa Marie of having “wasted” her money. So she visited different rehabilitation clinics about five times and had to pay up to $50,000 a month for it. Also, 60 of the $100 million from the sale of “Elvis Presley Enterprises” was used to pay off Lisa Marie’s debts after she speculated and invested money in, among other things, “Core Entertainment.” The company also produced American Idol, the American version of American Idol, but eventually went bankrupt in 2016.
Lisa Marie Presley leaves $1 million in back taxes
That same year, her fourth marriage, this time to guitarist and producer Michael Lockwood (61), ended in divorce, revealing more financial details, like this. “Build”Newspaper reports. In the course of the divorce process, she stated that she owed a total of $16 million. Of that, $47,844 was in debt, $250,000 in unpaid bills and $10 million in unpaid taxes. According to the New York Post, their tax debt still amounts to $1 million, which they now own Three daughters, Riley Keough (33), Finlay and Harper Lockwood (both 14) inherited. And then the sisters would also own Graceland, which proved to be a particularly lucrative source of income.