Lisa Marie Presley net worth was zero? She was in Debt? How? Elvis Presly Daughter was in DEBT

Lisa Marie Presley was a talented musician and singer in her own right. Throughout her career, she released two albums “To Whom It May Concern” in 2003 and “Now What” in 2005, both albums received positive reviews and were commercial successes.

In addition to her successful music career, Lisa Marie was also known for her philanthropy and activism, particularly in the areas of children’s welfare and animal rights.

It’s important to note that Lisa Marie had a public legal battle over her father’s estate, which includes his image and music rights, where she allegedly claimed that the trustees mismanaged the estate.

Her death is a significant loss to the music industry and to her many fans around the world. Fans and loved ones have taken to social media to express their condolences and share memories of the late musician.

According to a Celebrity Net Worth, Lisa Marie Presley had an estimated net worth of $300 million at the time of her passing. This fortune was inherited from her father’s estate, and Lisa Marie also made significant investments and business ventures over the years. However, According to a recent report from HITC, at the time of her passing, Lisa Marie Presley’s net worth was less than zero, despite her inheritance from her father’s estate. The report cites ongoing legal battles and financial mismanagement as factors that led to her financial struggles.

  • According to People, Lisa’s financial situation has taken a severe hit due to her massive debt. In fact, the outlet reports that she owes nearly $16 million! When Lisa reached 25 years of age in 1993 and inherited Elvis’ estate worth over five million dollars, it was unfortunately coupled with an incredible amount of debt. It is reported that by 2004 the inheritance resulted in owing $25 million – Today confirms this data.
  • In the subsequent year, Lisa chose to sell off 85% of her estate while maintaining ownership of 15%, resulting in $53 million from sales. Sadly, this abundance didn’t last long as 2018 court documents during Lisa’s divorce trial revealed a staggering debt of $16.7 million.
  • According to her personal records, the singer was receiving a monthly wage of $4,361 from Elvis Presley’s Trust and a whopping dividend and interest income of over $100,000. However, it appears this sum wasn’t enough to cover all debts due by the starlet.
Net Worth:-$16 Million
Date of Birth:Feb 1, 1968 – Jan 12, 2023 (54 years old)
Place of Birth:Memphis
Gender:Female
Height:5 ft 2 in (1.6 m)
Profession:Singer-songwriter
Nationality:United States of America

Financial Struggles

At 9 years of age, Lisa lost her father to the world and became aware of his financial negligence. Elvis Presley was widely renowned for being lavish with money yet he had also been taken advantage of – Colonel Tom Parker was pocketing half his earnings. This Rock ‘N Roll legend’s careless spending habits combined with nefarious exploitation meant Elvis left behind a legacy marked by debt rather than wealth.

When Elvis died, his estate was worth $5 million in 1976 money – that would be about $14 million today. His wife Priscilla took the reins as sole executor of his will, which stated everything should go to their nine-year-old daughter Lisa Marie. However, after all costs and taxes were paid off from the inheritance, there wasn’t much left for Lisa Marie; only one million dollars remained. In order to resurrect her husband’s legacy and give her daughter a better future financially speaking, Priscilla worked tirelessly on rebuilding what had been lost due to expenses incurred during Elvis’ death.

In a groundbreaking move, Lisa Marie Presley bravely converted her father’s Graceland mansion into a museum. As early as four days after its completion, she was able to pay off any debts and expenses related to the estate. And when at 25 years old she inherited his property, it had grown so much in value that it amounted up to an impressive $100 million dollars – equivalent of nearly three hundred million today!

Despite the option of receiving her inheritance directly, Lisa Marie instead decided to build a revocable living trust and gave Barry Seigel full authority over its funds. In February 2005, Seigel sold 85% of EPE – an organization that managed Elvis’s image rights and royalties worth $100 million- for only $40 million after taxes were deducted. While this may seem like a loss in some respects, it did include stock equivalent to $25 million in the holding company behind American Idol which slightly lessened the impact.

Between 2005 and 2015, Lisa Marie’s wealth suddenly vanished. While her extravagant lifestyle was a factor, it’s likely that mismanagement from Seigel and other financial managers (who were each earning $700,000 annually) also played a role in the depleated funds. Consequently, Lisa Marie only had $14,000 remaining in her trust—alongside an alarming amount of debt of more than half-a-million dollars!

In 2015, Lisa Marie Presley took action against Barry Siegel and two years later filed a lawsuit for losing an astounding $100 million of her wealth without informing her about the true state of the Presley estate. In this suit, she argued that he pushed forward with a bad deal on EPE which ultimately left her in financial hardship.

In an effort to exonerate himself, Barry Siegel explained that Lisa Marie’s exorbitant spending was really responsible for the estate’s huge losses. He insisted that he had regular business meetings with her in which he made it clear how serious the situation was and urged her multiple times to restrain from unnecessary expenses. According to Seigel, by 2003, Lisa’s unlimited expenditure had pushed her estate $20 million into debt – a deficit which he successfully managed to right again afterwards.

Lisa Marie noted her lack of knowledge about the state of her affairs and asserted that if Seigel had been forthright with information, she would have reduced his salary from $700,000 to a more reasonable amount. She further contended that if only given access to their income alone, it would be enough for them both to live comfortably on between $1.5 million and $2.5 million per year.

The legal debacle between Lisa Marie and Michael Lockwood came to a halt in 2020 due to Covid-19. Documents from their divorce disclosed that Lisa was grappling with a staggering $16 million in debt, including taxes of around $10 million spanning 2012 through 2015 and unpaid credit card bills as well as lawyer fees. To make matters worse, her ex had demanded an additional payment of $450K for his personal attorney expenditures.

 

 

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