»Lisa Marie Presley’s finances are disclosed: monthly expenses of $92,000 and a $1,000,000 IRS debt«
Lisa Marie Presley owed more than $1 million in back taxes at the time of her untimely demise, and she had squandered an estimated $100 million fortune via a series of poor business decisions.
The only daughter of Elvis Presley, who died on Thursday after suffering a cardiac collapse at her California home, was compelled to reveal her terrible financial situation last November during a contentious custody dispute with her ex-husband, Michael Lockwood.
The 54-year-old reported having only $95,266 in cash and $714,775 in stocks, bonds, and other assets, according to legal records obtained by The Blast.
However, she disclosed a $1 million IRS liability in the same documents, placing her in the negative.
At the time of her untimely death, Presley owed more than $1 million in back taxes and had squandered an estimated $100 million fortune via a series of poor business mistakes.
Lisa Marie reported monthly revenues of $104,000 from “Elvis Presley Enterprises,” a corporation in which she held a 15% share.
She also alleged that she earned $4,361 per month as a “employee” of Graceland, the Memphis house where she resided with her father, Elvis Presley, and mother, Priscilla Presley, during her formative years.
However, the court documents also revealed that Lisa Marie’s monthly expenditures were astronomical and that she was unable to save a significant portion of her salary.
The mother of four reported astronomical monthly expenses of $92,000, including $23,500 for rent and $1,708 for a Maserati sports car.
Lisa Marie inherited “Elvis Presley Enterprises” on her 25th birthday, February 1, 1993. The business had been kept in trust for her since her renowned father’s death in 1977. She is photographed with her parents, Elvis Presley and Priscilla Presley, in the early 1970s.
Three decades ago, the musician received an estimated $100 million inheritance, thus his current dire financial state is an indication of his decline.
Lisa Marie received “Elvis Presley Enterprises” on her 25th birthday, February 1, 1993. The business had been kept in trust for her since her famous father’s death in 1977.
According to Fortune, at the time of Elvis’ unexpected death, his estate was “in dire financial straits” and could not even count on royalties on nearly all of the rocker’s recordings, which Colonel Tom Parker had sold for a pittance.
However, Priscilla Presley stepped in and collaborated with a team of financial experts to establish “Elvis Presley Enterprises.”
They made Graceland a tourist destination, negotiated merchandise and likeness deals, and managed the creation of Elvis-related music, film, video, television, and stage productions. In 1993, it was estimated that the estate was worth $100 million.
2021 photo of Lisa Marie in the middle with daughter Riley Keough (left) and mother Priscilla Presley (right). In 1993, Lisa Marie inherited an estimated $100 million fortune that had been amassed with Priscilla’s assistance.
Lisa Marie preferred to engage outside moneymen to manage Elvis Presley Enterprises rather than pay out her inheritance at the time of its receipt. Later, she engaged Barry Siegel, a powerful business manager with a roster of celebrity clientele.
Lisa Marie allegedly sold an 85% share in Elvis Presley Enterprises at Siegel’s request in 2005. The decision meant that the daughter would cede nearly all control of the corporation that was the legacy of her father.
Later, Lisa Marie filed a lawsuit against Siegel, claiming he placed the payment she received “in risky ventures in an attempt to achieve his own fame in the entertainment industry.” In addition, she accused him of “reckless and careless mismanagement” and “selfish ambition.”
In response, Siegel told The Blast in 2019 that the sale of 85% of Elvis Presley Enterprises “cleared up over $20 million in debts incurred by Lisa Marie.”
In addition, he stated that it “brought her over $40 million in cash and a multimillion-dollar income stream, the majority of which she was able to waste.”
At the time of her death on Thursday, Lisa Marie was the only owner of the Graceland property, which is estimated to be worth tens of millions of dollars and would cover her debts.
Three of Lisa Marie’s four children survive her: Riley Keough, 33, and twins Harper and Finley Lockwood, 14. Ben Keough, her son, committed suicide in 2020.
At the time of her passing, she was still listed as the sole owner of the Graceland property, which is estimated to be worth tens of millions of dollars and would certainly cover her obligations.
»Lisa Marie Presley’s finances are disclosed: monthly expenses of $92,000 and a $1,000,000 IRS debt«