Lisa Marie Presley, the only child of the legendary Elvis Presley, died on January 12, 2023, at the age of 54. She was a singer, songwriter, and celebrity who inherited a massive fortune from her father’s estate. However, she also faced financial troubles, lawsuits, and bad business deals that drained her wealth. At the time of her death, Lisa Marie Presley’s net worth was estimated to be negative $10 million.
Lisa Marie Presley’s Net Worth Before Her Death
Lisa Marie Presley was born on February 1, 1968, in Memphis, Tennessee. She was the daughter of Elvis Presley and Priscilla Presley, who divorced when she was four years old. She grew up in Graceland, the iconic mansion of her father, who died when she was nine years old.
Elvis Presley left his entire estate to his daughter, who became the sole beneficiary of his trust after the deaths of her grandfather Vernon Presley and her great-grandmother Minnie Mae Presley. She inherited the estate when she turned 25 years old in 1993. At that time, the value of Elvis’ estate was estimated to be around $120 million, thanks to the efforts of Priscilla Presley, who turned Graceland into a profitable tourist attraction and managed the licensing rights of Elvis’ name and image.
Lisa Marie Presley’s Financial Struggles
Despite inheriting a huge fortune, Lisa Marie Presley struggled with money management and overspending. She admitted that she had a “self-destructive” lifestyle and a “God-awful” habit of buying things she did not need. She also had four marriages and divorces, which cost her millions in settlements and legal fees.
In 2005, Lisa Marie Presley sold an 85% stake in Elvis Presley Enterprises to CKX, a media company that owned American Idol, for $100 million. She retained a 15% stake and the ownership of Graceland. However, the deal turned out to be a disaster, as CKX was sold to a private equity firm in 2011, and the licensing rights of Elvis’ likeness and estate were sold to Authentic Brands Group for $145 million.
Lisa Marie Presley sued her former business manager, Barry Siegel, for negligence and mismanagement, accusing him of squandering her $100 million fortune and leaving her with $500,000 in cash and $16 million in debt. Siegel countersued her for $800,000 in unpaid fees and claimed that it was her lavish lifestyle that caused her financial ruin.
Priscilla Presley’s Legal Dispute
After Lisa Marie Presley’s death, her mother Priscilla Presley filed a lawsuit against her daughter’s trust, challenging the validity of a document that replaced her as a trustee with her granddaughter Riley Keough, Lisa Marie’s eldest daughter. Priscilla Presley alleged that Lisa Marie was coerced and manipulated by her ex-husband Michael Lockwood and his lawyer to sign the document in 2016, when she was under the influence of drugs and alcohol.
Priscilla Presley also claimed that Lisa Marie’s trust was mismanaged and depleted by Lockwood and his lawyer, who used the trust funds for their own personal expenses and legal fees. She sought to restore her position as a trustee and to protect the inheritance of Lisa Marie’s four children: Riley, Benjamin, Harper, and Finley.
The legal dispute raised uncertainty over the distribution of Lisa Marie’s estate, which included her 15% stake in Elvis Presley Enterprises, the ownership of Graceland, and various properties, assets, and memorabilia. It also raised questions about the future of Graceland, which attracts millions of visitors every year and generates millions of dollars in revenue.
Conclusion
Lisa Marie Presley was a talented and troubled star who inherited a legacy from her father, but also faced challenges and difficulties in her life. She died with a negative net worth and a legal battle over her trust. Her estate is now in the hands of her children and her mother, who will have to decide how to honor her memory and preserve her father’s legacy.
