It’s no shock that Lisa Marie Presley amassed a substantial fortune over her life. She was identified as the only owner of Graceland at the time of her death. Elvis Presley Enterprises, which had been kept in trust for her until that moment, was gifted to her on her 25th birthday.
According to sources, Elvis Presley Enterprises was in terrible financial circumstances when she got it. This was primarily owing to Presley’s controversial manager Colonel Tom Parker selling off the majority of the crooner’s recordings for pennies on the dollar.
Priscilla Presley, on the other hand, stepped in and sued Parker. She also engaged a team of financial experts to help her turn things around.
They transformed Graceland into a huge tourist destination, completed arrangements for merchandise and likeness, and managed the growth of Elvis-related music, film, video, television as well as stage shows. By 1993, things had greatly improved, and the estate was worth $100 million.
Instead of pay out, Lisa Marie Presley hired outside moneymen to manage the business for her. She later engaged Barry Siegel, a high-powered business manager with a Rolodex full of other famous clients.
Lisa Marie allegedly sold 85% of her ownership in Elvis Presley Enterprises in 2005 at Siegel’s urging. This would imply that she would lose practically complete control of the company accountable for her father’s legacy.
Lisa Marie later sued Siegel, alleging that he invested the money she earned from selling her part in the company in dangerous endeavors in the goal of obtaining his own notoriety in the entertainment world. She also accused the company of reckless and incompetent mismanagement, as well as self-serving ambition.
Siegel also spoke to the media, claiming that the share she sold enabled her to pay off bills. He stated that the payment paid off nearly $20 million in obligations Lisa Marie had incurred.
He went on to criticize her for her own financial difficulties. He claimed to have netted her over $40 million in cash and a multimillion-dollar income stream, the vast majority of which she managed to waste.
According to reports, she owed $1 million in taxes at the time of her death. She was compelled to make her financial position public in November of last year as a result of her custody dispute with her ex-husband Michael Lockwood for her twin girls.
She stated in court that she had $95,266 in cash and $714,775 in equities, bonds, and other assets. In the same records, she stated she owed the IRS $1 million, obviously placing her in the red.
She also stated that with her 15% ownership in Elvis Presley Enterprises, she earned $104,000 every month. She also disclosed that her monthly salary as a Graceland “employee” was $4,361.
Documents, though, proved that her monthly expenditures greatly surpassed her income. Her total monthly costs were $92,000, which included $23,500 in rent and $1,708 in monthly payments on a fancy Maserati sports vehicle.
It is presently unknown how much money she owes. But, she was identified as the sole owner of the Graceland property at the time of her death, which will certainly pay any outstanding bills she may have had.
Lisa Marie Presley is survived by her 3 kids, Riley Keough, 33, and twin daughters Harper and Finley Lockwood, 14 years old. Ben Keough, her son, committed suicide in 2020 at the age of 27.
Lisa Marie Presley’s family and friends are in our thoughts and prayers. Please join us in sending our thoughts and prayers to the family.
