Lisa Marie Presley internet price: Losses, lawsuits and Graceland
Lisa Marie Presley, the one baby of Elvis and Priscilla Presley who died on January 12 at age 54, leaves behind a rock-and-roll legacy — together with a rocky monetary path marked with losses and lawsuits over cash.
Presley, a singer-songwriter like her father, wasn’t wealthy sufficient to make the Forbes record of highest-paid entertainers, whereas some movie star web sites even estimated that she could have had a negative net worth at her loss of life.
But Presley nonetheless owned Graceland, Elvis Presley’s property that’s now a vacationer attraction, by way of a belief, which is able to now be inherited by her kids, the Los Angeles Times reported, citing a Graceland spokesperson.
An in depth glimpse of her monetary state of affairs emerged in 2018 when she sued her former supervisor, Barry Siegel, claiming he had mismanaged her funds, leading to her $100 million belief dwindling to $14,000 in money by 2016. The lawsuit additionally claimed Presley had racked up $500,000 in bank card debt, according to Reuters.
Starting in 2005, Presley suffered an “11-year odyssey to monetary break,” the lawsuit claimed. “Lisa has been broken in an quantity that has not but been absolutely ascertained, however is believed to be in extra of $100 million.”
The swimsuit adopted her 2021 divorce from musician Michael Lockwood. During the divorce proceedings, Presley claimed she was $16 million in debt, with most of that stemming from unpaid taxes, in response to TMZ.
Presley blamed the foundation reason for her monetary woes on a 2005 deal to promote an 85% stake within the Elvis Presley Estate (EPE) to CKX, an leisure firm that additionally owned the “American Idol” tv present.
To be certain, Presley did not come away empty handed from the deal: She obtained $50 million plus inventory in CKX, together with maintaining a 15% curiosity in EPE, in addition to the title to Graceland, the Associated Press reported on the time. CKX was later sold to Apollo Global Management for $509 million.
But Presley’s swimsuit claimed that Siegel put his personal monetary pursuits forward of her personal, alleging he purchased a $9 million English residence utilizing the belief’s cash but placing that stake in danger when he wasn’t capable of pay for a $6.7 million balloon cost, the Memphis Commercial Appeal reported.
Meanwhile, Siegel countered in his personal lawsuit that Presley’s monetary issues have been as a consequence of her personal missteps. The litigation claimed she had “twice squandered” her inheritance and blamed her “spendthrift methods,” Reuters stated.
But Presley, who was 9 when her father died, remained the only proprietor of Graceland, the Memphis Commercial Appeal said. And her 15% stake in EPE probably continues to generate a gradual earnings, provided that Elvis Presley is ranked because the No. 4 top-earning lifeless movie star in 2022, in response to Forbes.
Presley final 12 months stated she earned almost $104,000 a month from “Elvis Enterprises,” according to Yahoo, citing authorized paperwork uncovered by The Blast.