Elvis and Priscilla Presley’s only child, Lisa Marie Presley.At 54, he’s left a rock and roll legacy. This includes a difficult financial path fraught with losses and lawsuits over money.
A singer-songwriter like her father, Presley wasn’t wealthy enough to be on Forbes magazine’s list of highest-paid entertainers. negative net worth at her death.
Details about her financial situation came to light in 2018 when she sued former manager Barry Siegel. He claimed he mismanaged her finances, resulting in her $100 million trust dwindling to her $14,000 in cash by 2016. In the lawsuit, Presley claimed she had collected $500,000 in credit card debt, according to to Reuters.
Beginning in 2005, the lawsuit claimed that Presley had suffered an “11-year odyssey into financial ruin”. I have.”
The lawsuit followed her 2021 divorce from musician Michael Lockwood. $16 million debtaccording to TMZ, mostly due to unpaid taxes.
Presley attributed the root cause of her financial troubles to a deal in 2005 to sell an 85% stake in the Elvis Presley Estate (EPE) to CKX, the entertainment company that also owned the “American Idol” television show. accused of being.
Admittedly, Presley didn’t come home empty-handed from the deal. She received her $50 million plus her shares in CKX, retained her 15% interest in EPE and now retains ownership of Graceland, her estate of Elvis Presley. .tourist attraction, Associated Press report At the time. CKX was later sold Sold to Apollo Global Management for $509 million.
However, Presley’s lawsuit alleges that Siegel put his own interests ahead of his own, using the trust’s funds to purchase a $9 million UK house, but paying a $6.7 million balloon payment. claimed to have put its shares in jeopardy when it could not.Memphis commercial appeal report.
Meanwhile, Siegel countered in her lawsuit that Presley’s financial problems were due to her own fault. Reuters said.
But Presley, who was nine years old when his father died, remained the sole owner of Graceland, a Memphis commercial appeal. SaidAnd given that Elvis Presley ranks fourth among celebrities who died in 2022, according to Forbes, her 15% stake in EPE could continue to generate steady income. The magazine estimates that her father’s fortune could generate as much as $110 million in annual income. Presley said last year that she earns nearly $104,000 a month at Elvis Enterprises. According to Yahoociting legal documents discovered by Blast.
https://www.cbsnews.com/news/lisa-marie-presley-dies-wealth-net-worth-graceland-elvis-presley/ Lisa Marie Presley Net Worth: Losses, Lawsuits, Graceland