Lisa Marie Presley’s fortune: Elvis Presley’s only child went bankrupt

Her mother, Priscilla Presley, 77, confirmed the heartbreaking news in a statement released this afternoon to People magazine.

“It is with a heavy heart that I must share the terrible news that my beautiful daughter Lisa Marie has left us,” her mother Priscilla Presley wrote.

“She was the most passionate, strong and loving woman I have ever known. We ask for privacy as we try to deal with this deep loss. Thanks for the love and prayers. There will be no further comment at this time.”

It comes after years marred by tragedy for the Presley family, including the gruesome death of Lisa Marie’s son, Benjamin Keogh, by suicide in 2020. He was 27 years old when he was found dead in the family mansion in Calabasas. being “inconsolable and devastated” by the loss.

Lisa Marie’s ongoing financial problems

Lisa Marie’s tangled financial struggles have also been widely reported over the years, with Presley’s vast fortune plummeting after her father’s death in 1977, leaving her bankrupt.

In 2018, Lisa Marie, who was a singer herself and released four albums in her lifetime, claimed that her former business manager squandered his entire share of the $100 million ($135 million) Elvis fortune she inherited when she turned 25 years.

In court documents, Lisa Marie claimed that Barry Siegel assured her that her finances were in “good condition” while he reduced her $100 million ($135 million) trust to just $14,000 ( $19,000) as a bad investment.

In 2019, her mother Priscilla was forced to sell her Los Angeles mansion to help her daughter with her growing debts.

“Priscilla would never have done this if she didn’t believe this was her daughter’s last chance,” a source told Radar at the time of the $5.5 million sale.

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But money problems continued for Presley, who married four times in her life, as divorce fees rose.

In 2020, days after losing my only son, daily mail said she may have to pay around A$250,000 to divorce fourth husband Michael Lockwood amid allegations he was too poor to afford his own lawyer.

The musician Lockwood, 59, has said in legal documents that his income has disappeared due to the coronavirus pandemic and that his estranged wife must pay his legal fees under California laws that require fairness in divorce proceedings.

He stated that mounting legal costs have already left him over A$1 million in debt and his only source of income is royalties that “are not even a tenth or one twentieth” of his ex’s income.

How Elvis’ fortune left Lisa Marie in financial trouble

However, her income may not have been enough to pull her out of these financial networks due to the confusion over her massive inheritance from her father.

Elvis Presley, who was known during his lifetime as a generous and lavish spender, sadly left a poor fortune of around US$5 million after his death. Forbesbut with a mountain of debt.

While Priscilla Presley took over Elvis Presley’s estate (EPE) after his death, helping to increase its value to a claimed US$100 million (US$135 million), turning Graceland into a tourist destination, Lisa Marie was given the right to inherit the money in 1993. when she turned 25, according to Elvis’ Last Will and Testament.

Instead of taking Elvis Presley’s fortune, Lisa Marie appointed others as trustees of her estate, appointing business manager Barry Siegel in 2003 as one of the trustees, who was primarily responsible for managing the trust assets as well as her own. income under a new trust.

According to Forbes, in 2005 Siegel decided to sell 85 percent of Lisa Marie’s stake in EPE, but instead of getting the full US$100 million ($135 million) for Lisa Marie’s Trust, the deal only brought in US$40 million after taxes. plus US$25 million in future American Idol holding company stock.

Between 2005 and 2015, almost all of that money was gone, leaving Lisa Marie heavily in debt.

In 2018, Lisa Marie Presley sued Barry Siegel and his financial company Provident Financial Management, blaming Siegel and hiding the true financial condition of the fund.

During the course of the case, Lisa Marie pointed out that by the time Siegel stopped working with Presley in 2015, the foundation had only $14,000 in cash left, and she owed hundreds of thousands of dollars in unpaid taxes and other debts.

The shocking death of Lisa Marie

Presley was taken to West Hills Hospital in Southern California on Thursday local time after emergency services answered a call that she was found unconscious in her bedroom.

Her ex-husband Danny Keough, with whom she lived, performed CPR until paramedics arrived at her home in Calabasas. According to TMZ, medical officials said at the time that Presley had been “completely arrested.”

The publication reported that Presley was injected with adrenaline at the scene to help her regain her pulse. She was then taken to the hospital, where she was put on life support.

Shortly after Lisa Marie’s cardiac arrest became known, her mother, 77-year-old Priscilla Presley, released a statement to People magazine asking for confidentiality.

“My beloved daughter Lisa-Maria was urgently taken to the hospital. She is now receiving better care. Please keep her and our family in your prayers. We feel prayers from all over the world and ask for privacy at this time,” she added.

Priscilla was later seen arriving at the hospital.

Two days earlier, Lisa Marie and Priscilla attended the Golden Globe Awards together in Los Angeles to promote Baz Luhrmann’s Elvis biopic, which starred Golden Globe winner Austin Butler as the king of rock and roll.

In the red carpet clip, Presley was unsteady on her feet during the interview, clinging to her friend to keep from falling.

Lisa Marie has tried to keep privacy in the spotlight throughout her life, though her difficult periods have made headlines for years, including drug use, multiple stays in rehab, and financial difficulties.

She was married four times, first to Danny Keough from 1988 to 1994. The couple had two children: son Benjamin, who died in 2020 at the age of 27, and daughter Riley, 33.

The singer had two high-profile marriages, including a two-year union with the late Michael Jackson until 1996 and American actor Nicolas Cage from 2002 to 2004.

Lisa Marie’s last marriage was to American guitarist Michael Lockwood, the couple tied the knot in 2006 before divorcing in 2016. In 2008, the couple had twin daughters, Finley and Harper Lockwood.