Lisa Marie Presley web worth_ How Elvis’ daughter went from $100m inheritance to being $16m debt

Lisa Marie Presley’s loss of life on the age of 54 has left unresolved authorized battles over her funds, and questions as to how she managed to lose the $100 million fortune left to her by her father.

Presley, whose loss of life on Thursday was confirmed by her mom Priscilla, was nonetheless battling her fourth and ultimate husband Michael Lockwood when she died.

Lockwood, father of her twin daughters Harper Vivienne and Finley, was in search of $40,000 a month in baby help and insisted she had extra money than she claimed in court docket paperwork.

Presley, in flip, mentioned she was at one level $16 million in debt, following disastrous enterprise offers made by her enterprise supervisor Barry Siegel.

She sued him in 2018, accusing him of mismanaging her inheritance.

Lisa Marie Presley was Elvis’s solely baby, and was 9 when he died in 1977. He left his total property to her, on her twenty fifth birthday

Lisa Marie Presley is seen on Monday evening on the Golden Globes

Presley was married to actor Danny Keough, Michael Jackson, and Nicholas Cage earlier than Lockwood, however is just not believed to have gained financially from her marriages to the King of Pop and Oscar-winning actor.

The one baby of Elvis, she was left his total property in his will when he died in 1977, aged 42.

She took management of the belief in 1993, aged 25.

On the time of his loss of life Elvis was value solely $5 million, however Priscilla cannily turned Graceland right into a vacationer attraction and arrange Elvis Presley Enterprises, capitalizing on his picture and large fandom.

By the point Lisa Marie took the reins, the fund was value a wholesome $100 million.

Graceland, the house of Elvis Presley, the place Lisa Marie was born. The Memphis, Tennessee property has been changed into a worthwhile vacationer attraction

Elvis and Priscilla Presley are seen at Graceland with a younger Lisa Marie

Lisa Marie is pictured along with her dad and mom in 1970

She appointed Barry Siegel in 2003 to handle the cash – the identical 12 months she launched an ill-fated musical profession of her personal.

Siegel, senior managing director of Provident Monetary Administration and a outstanding leisure enterprise supervisor, counted Al Pacino, Elijah Wooden, Pulitzer Prize-winning playwright David Mamet, and Frankie Valli and the 4 Seasons as his shoppers.

However in 2005 Siegel offered off 85 % of her share in Elvis Presley Enterprises, which noticed her lose management of her father’s title and picture rights.

Siegel mentioned the deal ‘cleared up over $20m in money owed that Lisa had incurred and netted her over $40m money and a multi-million greenback revenue stream’.

Presley mentioned it misplaced her hundreds of thousands because of a subsequent funding in Core Leisure, the corporate behind American Idol that went bankrupt in 2016.

He then allegedly started liquidating Presley’s belongings with the intention to complement her belief revenue.

She additionally claimed his enterprise choices left her with a $500,000 bank card debt.

Barry Siegel started managing Lisa Marie’s funds in 2003, and in 2005 offered off 85 % of her share in Elvis Presley Enterprises, which noticed her lose management of her father’s title and picture rights. He insisted it was essential to repay her money owed

Presley divorced her fourth husband, Michael Lockwood, in 2016, and of their divorce proceedings claimed she was $16 million in debt – which Lockwood mentioned was not true.

Based on the paperwork, Presley on the time owed greater than $10 million in taxes from 2012 to 2017 and had defaulted on her debt of greater than $6 million from her United Kingdom dwelling.

She additionally owed $263,050 in skilled frees, $47,844 in bank card debt and an estimate of $250,000 in miscellaneous unpaid payments.

Presley revealed her monetary struggles in response to a request from Lockwood that she assist pay a part of his $450,000 in legal professional charges.

In 2018, she sued Siegel, accusing him of mismanaging her funds.

Siegel and his firm, Windfall Monetary Administration, countersued, alleging Presley’s ‘out-of-control spending’ led to her monetary predicament.

Leon Gladstone, a lawyer representing Barry Siegel, mentioned on the time: ‘It is clear that Lisa Marie goes by a tough time in her life and is trying to blame others as an alternative of taking duty for her actions.’

But Presley was adamant that the monetary collapse was his fault.

Lisa Marie and Michael Lockwood signed a pre nuptial settlement, however after they divorced in 2016 he challenged it. The case was nonetheless pending on the time of her loss of life

‘Between 2005 and the time of the American Idol chapter, Siegel billed $4.9 million to ‘handle’ the belief, a median annual wage of $701,000 per 12 months,’ the court docket paperwork state.

‘Had Siegel disclosed the the belief’s true monetary situation to Presley and restricted spending to the belief’s ‘revenue’ reasonably than its principal belongings, Presley would have lived comfortably on an annual finances of between $1.5 and $2 million per 12 months, after taxes.

‘On this finances, Siegel’s profitable compensation bundle would have amounted to between 40 to 50 per cent of Presley’spost-tax annual finances – an quantity she undoubtedly wouldn’t have agreed to had she been conscious of her true monetary situation.’

As a substitute of telling Presley the reality, Siegel coated up the dire straits of her funds, say her legal professionals.

‘Siegel repeatedly led Lisa to imagine she was in ‘good condition’ along with her funds,’ the paperwork state.

Her attorneys cited a number of emails from Siegel responding to inquiries from Presley about how her belief fund was faring.

Presley’s drug remedy over time actually ate into her financial institution balances.

She mentioned she was in rehab no less than 5 occasions – with stints at one website she attended, Hills Remedy Heart in Los Angeles, costing $40-50,000 a month.

And the mom of 4 could have inherited a style for the finer issues in life.

Lisa Marie (proper) and her mom Priscilla (left) had been on the Golden Globe Awards on Monday evening to see Austin Butler (middle) who performed her father within the film ‘Elvis’

Amid the divorce proceedings, she quickly misplaced custody of her twin daughters, who went to dwell along with her mom Priscilla

Lisa Marie was simply 9 when she noticed her father’s useless physique slumped face-down on the carpet, as she recalled crying as she mentioned ‘my daddy’s useless’

As a toddler at Graceland, she had ponies, non-public entry to an amusement park for herself and her mates, and employees at her beck and name.

When Elvis came upon that Lisa Marie wished to see snow for the primary time, he ordered his non-public jet to fly her to Idaho to play within the snow for twenty minutes, earlier than flying her dwelling once more.

Elvis, recognized for his generosity, ceaselessly ran out of cash – however would merely go on tour once more, and replenish the coffers.

When he died, the household couldn’t even depend on royalties, after his notorious supervisor Colonel Tom Parker – performed within the current Baz Luhrmann movie by Tom Hanks – had beforehand brokered a deal to promote these to RCA for $5.4 million.

Solely $1.35 million of that was given to Elvis, after Parker’s 50 % price and revenue taxes.

Priscilla, who divorced Elvis in 1973, turned out to be a enterprise genius, and turned across the property.

She made Graceland a worldwide vacationer vacation spot, and capitalized on merchandising, picture offers, and royalties from songs recorded after the RCA deal – leaving the belief with $100 million by 1993.

Lisa Marie lived most of her life in Los Angeles, however in 2010 she and then-husband Lockwood purchased a fifteenth Century manor home set in 50 acres of rural England, in East Sussex.

Coes Corridor boasted an orangery, pond and indoor swimming pool plus spectacular grounds together with walled gardens, tennis courts and parkland.

She offered the home in 2021 for 3.5 million kilos ($4.3m), after 5 years in the marketplace.

Presley had in March 2020 purchased a 3,500-square-foot 5 bed room Calabasas dwelling for $1.8 million.

However scarcely 4 months later, her son Benjamin Keough, 27, took his personal life on the premises.

She offered the house for $2 million in March 2021 in an off-market deal.

On the time of her loss of life, Presley was residing at one other Calabasas dwelling along with her first husband Danny Keough, to whom she remained shut. It was unclear whether or not she owned it.

Presley mentioned that her belief’s actual property portfolio was ‘run into the bottom’ by Siegel.

By 2010 mortgages on two homes the belief owned in Hawaii and Hidden Hills, California, had been greater than the properties had been value – but Siegel agreed that she may spend one other $9 million on an property in England, her go well with alleged.

Presley was residing on this Calabasas road when she died. It was unclear whether or not she owned the house

Lisa Marie was final seen on Monday (pictured), on the Golden Globe awards

‘To make issues worse, Siegel structured the (English property) transaction in order that your complete belief was used as collateral for the mortgage, with a balloon fee of $6.7 million in December 2015.

‘Predictably, the belief was unable to make the balloon fee when it turned due, placing the belief into default and the whole lot of its belongings in danger – as they’re nonetheless in danger to today.’

Siegel even did not pay the belief’s taxes, she claimed.

‘Because of Siegel’s conduct, the belief owes hundreds of thousands of {dollars} in again taxes to the U.S. and U.Okay authorities,’ the paperwork state.

The case towards Siegel rumbled on for years.

In 2019 she received a small victory when she was granted a movement by a decide to close down subpoenas of her financial institution data, and requested to solely flip over her financial institution data earlier than 2016.

The case was nonetheless pending as of 2021.

Lockwood, in the meantime, was asking her in 2016 to pay him $263,000 a 12 months in order that he can ‘get pleasure from a life-style that’s nearer to my marital standing of residing’.

He additionally sought $40,000 a month in baby help.

The pair had a pre-nuptial settlement, however he claimed that he was badly suggested by his legal professionals.

The case was settled in 2018 in her favor, however in 2021 Lockwood went again to court docket demanding baby help. She had averted paying him help for years, saying she did nothave the means to take action.

Nevertheless, he demanded she lastly pay up – claiming she was flush with money from her $1 million e-book deal and the Elvis biopic.

The case was nonetheless unsettled on the time of her loss of life.