Lisa Marie Presley was an American singer and songwriter who was born on February 1, 1968, and died on January 12, 2023. She was born to Elvis Presley and Priscilla Presley, and after the deaths of her grandfather and great-grandmother, she was the sole heir to her father’s fortune.
To Whom It May Concern (2003), Now What (2005), and Storm & Grace (2012) made up her whole discography, with the former earning a gold certification from the RIAA. Presley also issued singles outside of albums, some of which featured duets with her father utilizing recordings made by him before his death.
Lisa Marie Presley Net Worth
At the time of her death, American actress and singer Lisa Marie Presley had a net worth of -$10 million. Lisa Marie Presley tragically passed away from a heart arrest on January 12th, 2023. Her age was given as 54. Lisa Marie Presley was Elvis Presley’s only child. She followed in her father’s footsteps as a talented musician and singer-songwriter.
She was also well-known for her marriages to Michael Jackson and Nicolas Cage, as well as her time spent as a Scientologist. You may be perplexed by the possibility that Lisa Marie had a negative net worth when she passed away. Lisa claims that she has accumulated $17 million in debt over the past few years.
Ex-husband said Lisa had considerably more money than she was letting on and was using debt as an excuse to avoid paying substantial child and spousal maintenance. From the time she was 9 years old until her death, Lisa’s financial history is briefly summarized below. Later in this essay, we’ll get into a lot more depth.
Elvi was only 42 when he passed away in 1977. He gave Lisa Marie all of his money and property. At the time, she was only nine years old. Elvis wasn’t as wealthy as the public believed him to be after years of wasteful spending and being swindled by longtime manager Colonel Tom Parker. Elvis was worth $5 million when he passed away.
Lisa has only left one million dollars after paying numerous debts, taxes, and other expenses. In today’s terms, that’s equivalent to about $5 million. Lisa’s mother Priscilla served as the sole executor of the estate for the next 16 years, beginning when Lisa was just 9 years old. Lisa received the entire estate on her 25th birthday in 1990.
Lisa inherited $100 million from her mother, the equivalent of almost $220 million in today’s dollars, thanks to her mother’s astute financial maneuvering. As we’ll see below, Lisa finally filed suit against her former business manager, accusing him of frittering away the bulk of her income.
In her case, she alleged that by 2015, the trust money had been reduced to only $14,000. The estate’s business manager claimed that Lisa Marie’s wasteful spending was to blame for the $20 million in debt that the estate had accumulated by 2003. As a result of COVID, her case against the former manager of the company was placed on hold.
If you’re curious about how much famous people are worth, click the links below:
- Kirk Cousins Net Worth: How Rich is The NFL Star in 2023?
- Anthony Michael Hall Net Worth: Exploring The Fortune of The American Actor
In 2018, Lisa claimed to the divorce court that she owed $16 million in debt, $1 million of which was to the Internal Revenue Service (IRS). Court documents showed that Lisa had stock and bond holdings valued at $714,775 and cash on hand totaling $85,266. She also claimed to pay about $92,000 a month in bills and living expenditures, including a rent of $23,500 and a Maserati car payment of $1,700.
Meanwhile, Lisa’s ex-husband of ten years, Michael Lockwood, claimed that she was paid anywhere from $100,000 to $2 million monthly by Elvis Presley Enterprises. Lockwood added that Lisa was embellishing her financial situation and that she still held 15% of Elvis Presley Enterprises and managed a very significant trust that might be valued as much as $65 million.
Graceland itself was also Lisa’s property. As we’ll discuss further on, there are pros and cons of owning Graceland from a monetary standpoint. After finalizing their divorce in March 2021, Lisa and Michael Lockwood had a contentious year together in which Lockwood claimed Lisa had obtained an ill-gotten $3-4 million advance to write a book on her father and relationship with Michael Jackson and requested she give tax records to the court.
Lisa Marie Presley Final Will & Estate
Lisa cut her mother Priscilla out of her will in 2016, so she wouldn’t inherit anything. She then designated Benjamin and Riley, her children, as trustees. In the year 2020, Benjamin took his own life. Graceland and a fifteen percent stake in Elvis Presley Enterprises’ profits were left to Riley, making him the sole trustee of Elvis’s estate.
Upon reaching the age of majority, her younger half-siblings will be able to inherit from the estate, for which she serves as sole trustee. Priscilla fought the 2016 will changes in the weeks and months after Lisa Marie’s death.
Riley, her granddaughter, apparently became very angry as a result of this. Priscilla had doubts about the authenticity of the 2016 will because, among other things, a) Lisa Marie’s signature looked different than it has in the past, and b) the name “Priscilla” was misspelled at least once.
A confidential deal between Riley and Priscilla was struck in May 2023, with the two parties reportedly focusing on Riley’s $35 million in life insurance benefits.
If you’re curious about how much famous people are worth, click the links below:
- Manny Khoshbin Net Worth: How Much Property Does The Businessman Own?
- Daniel Ricciardo’s Net Worth: How Many Cars Does He Own?
Lisa Marie Presley Lost Fortune
Instead of receiving the inheritance outright, Lisa set up a revocable living trust and nominated Barry Seigel as the trust’s business manager. Seigel brokered a $100 million sale of 85% of Elvis Presley Enterprises (EPE), the company that controlled his image rights and royalties, in February 2005.
Lisa made almost $40 million after deducting taxes and other expenses. However, the deal’s $25 million in equity in American Idol’s future holding company was a bright spot. Between 2005 and 2015, funding unfortunately stopped altogether. Lisa’s extravagant spending contributed to this situation.
Lisa would subsequently blame Seigel and the other finance managers (who were paid $701,000 annually) for the company’s financial woes. After paying off her debts and setting up her trust, Lisa Marie was left with only $14,000. She apparently had a credit card debt of almost $500,000.
Follow us on Twitter (@CaliforniaExam1) for more inside information on Hollywood’s top celebs if you enjoyed this.