Lisa Marie Presley’s death came as a shock to everyone. The 54-year-old was rushed to a hospital due to a cardiac arrest but unfortunately did not make it.
In the wake of her death, some things she kept under wraps are now coming to light…
It comes as no surprise that over the course of her life, Lisa Marie Presley had quite a lot of money. At the time of her death, she was listed as the sole owner of Graceland. On her 25th birthday, she was bequeathed Elvis Presley Enterprises which had been held in a trust for her until that point.
When she received Elvis Presley Enterprises, it was “in dire financial straits,” according to reports. This was largely due to Presley’s infamous manager Colonel Tom Parker selling off most of the crooner’s recordings for a mere pittance.
However, Priscilla Presley stepped in and sued Parker. She also hired a team of financial professionals to turn things around.
They turned Graceland into a major tourist attraction, executed deals for merchandising and likeness, and oversaw the development of Elvis-related music, film, video, television as well as stage productions. By 1993, things had turned around drastically and the estate was worth $100 million.
Rather than cash out, Lisa Marie Presley chose to hire outside moneymen to handle the enterprise for her. Later on, she hired Barry Siegel who was a high-powered business manager and had a Rolodex filled with other celebrity clients.
In 2005, allegedly at Siegel’s suggestion, Lisa Marie sold off 85% of her stake in Elvis Presley Enterprises. This would mean she would lose almost all control of the enterprise responsible for her father’s legacy.
Lisa Marie later went on to sue Siegel, claiming he put the payout she received from selling her stake in the enterprise “in risky ventures in hopes of attaining his own celebrity in the entertainment industry.” She also made accusations of “reckless and negligent mismanagement and self-serving ambition.”
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Siegel also made statements to the media, saying the stake she sold allowed her to settle debts. He said the payout “cleared up over $20 million in debts Lisa Marie had incurred.”
He also went on to blame her for her own financial problems. He said he had “netted her over $40 million cash and a multimillion-dollar income stream, most of which she managed to squander.”
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.
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.
How much money she exactly owes is currently not known. However, at the time of her death, she was listed as the sole owner to the Graceland property which will likely cover any outstanding debts she might have.
Lisa Marie Presley is survived by her three children daughter Riley Keough, 33, and twin girls Harper and Finley Lockwood, 14. Her son, Ben Keough, died by suicide in 2020 at age 27.
We are keeping the family and friends of Lisa Marie Presley in our prayers. Please join us and send the family your thoughts and prayers as well.
