The death of Lisa Marie Presley came as a shock to the entire world. Elvis Presley’s only daughter who carried on her father’s legacy, throughout his life passed away in the blink of an eye.
Now her own legacy is left behind as well. And it seems not everyone in her family is seeing eye to eye when it comes to it…
After the initial shock of Lisa Marie Presley’s death subsided, a lot of questions came up. Reports came out about Lisa Marie Presley’s financial health and the amount of debt she was under at the time of her death.
It has been reported that at the time of her death, she owed $1 million in taxes. In November of last year, she was forced to make her financial situation public because of her custody battle for her twin daughters with her ex-husband Michael Lockwood.
She told the court she had $95,266 in cash and $714,775 worth of stocks, bonds, and other assets. In the same documents, she revealed she owed $1 million debt to the IRS, clearly putting her in the red.
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She also cited that she made $104,000 in monthly earnings from Elvis Presley Enterprises with her 15% stake in the country. She also revealed that she made $4,361 a month as a Graceland “employee”.
However, documents revealed her monthly spending far outweighed her income. She spent $92,000 in total monthly expenses, which included $23,500 for rent and monthly $1,708 payments on a luxury Maserati sports car.
But at the time of her death, her estate had been worth millions of dollars. TMZ has reported that Lisa Marie took out two life insurance policies, one for $25 million and one for $10 million before her death. She was attempting to pay off her debts.
According to reports, even when her debt is cleared, there will be approximately $30 million left to distribute. Lisa Marie had named her three daughters as her beneficiaries. She left her entire estate which included her father Elvis Presley’s Graceland to them. l
It has been reported that her mother Priscilla Presley had been taken off the beneficiary list in 2016.
Since Lisa Marie’s youngest children are her twin daughters Finley and Harper Lockwood, who are teenagers, their money will go into a trust. Her oldest surviving daughter 33-year-old Riley Keough will be in charge of the entire trust.
According to some reports, Priscilla is challenging the validity of the amendments made in 2016 which removed her as a beneficiary. A close friend of late Lisa has said to the media, “Lisa’s intent was very clear. Lisa really didn’t feel that Priscilla was doing anything in her best interest.”
TMZ has been extensively reporting on the Presley family following Lisa Marie’s death. The have released a documentary titled, ‘TMZ Investigates Lisa Marie Presley: Unending Tragedy‘ which also explored the financial aspects and implications of Presley’s death.
We hope the family is able to overcome this loss. Our thoughts and prayers are with the Presley family through this difficult time as they try to navigate through everything.
