Lisa Marie Presley, the one baby of Elvis and Priscilla Presley whoat age 54, leaves behind a rock-and-roll legacy — together with a rocky monetary path marked with losses and lawsuits over cash.
Presley, a singer-songwriter like her father, wasn’t wealthy sufficient to make the Forbes listing of highest-paid entertainers, whereas some movie star web sites even estimated that she could have had a adverse internet value at her demise.
However Presley nonetheless owned Graceland, Elvis Presley’s property that’s now a vacationer attraction, by way of a belief, which is able to now be inherited by her youngsters, the Los Angeles Occasions reported, citing a Graceland spokesperson.
An in depth glimpse of her monetary scenario emerged in 2018 when she sued her former supervisor, Barry Siegel, claiming he had mismanaged her funds, leading to her $100 million belief dwindling to $14,000 in money by 2016. The lawsuit additionally claimed Presley had racked up $500,000 in bank card debt, in accordance to Reuters.
Beginning in 2005, Presley suffered an “11-year odyssey to monetary wreck,” the lawsuit claimed. “Lisa has been broken in an quantity that has not but been totally ascertained, however is believed to be in extra of $100 million.”
The go well with adopted her 2021 divorce from musician Michael Lockwood. In the course of the divorce proceedings, Presley claimed she was $16 million in debt, with most of that stemming from unpaid taxes, in line with TMZ.
Presley blamed the basis explanation for her monetary woes on a 2005 deal to promote an 85% stake within the Elvis Presley Property (EPE) to CKX, an leisure firm that additionally owned the “American Idol” tv present.
To make sure, Presley did not come away empty handed from the deal: She obtained $50 million plus inventory in CKX, together with conserving a 15% curiosity in EPE, in addition to the title to Graceland, the Related Press reported on the time. CKX was later offered to Apollo International Administration for $509 million.
However Presley’s go well with claimed that Siegel put his personal monetary pursuits forward of her personal, alleging he purchased a $9 million English house utilizing the belief’s cash but placing that stake in danger when he wasn’t capable of pay for a $6.7 million balloon fee, the Memphis Industrial Attraction reported.
In the meantime, Siegel countered in his personal lawsuit that Presley’s monetary issues have been as a result of her personal missteps. The litigation claimed she had “twice squandered” her inheritance and blamed her “spendthrift methods,” Reuters mentioned.
However Presley, who was 9 when her father died, remained the only real proprietor of Graceland, the Memphis Industrial Attraction mentioned. And her 15% stake in EPE possible continues to generate a gradual revenue, provided that Elvis Presley is ranked because the No. 4 top-earning lifeless movie star in 2022, in line with Forbes.
Presley final 12 months mentioned she earned practically $104,000 a month from “Elvis Enterprises,” in line with Yahoo, citing authorized paperwork uncovered by The Blast.