What Happened To Lisa Marie Presley And How Did She Lose Elvis’s Fortune? Here’s What We Know

Lisa Marie Presley, an American singer, is the only child of singer and actor Elvis Presley and actress Priscilla Presley, who also happens to be the sole heir to her father’s fortune.

Moreover, she has established a career in the music industry and has released three albums: Storm & Grace (2012), Now What (2005), and To Whom It May Concern (2003).

Along with singles from her albums, Presley has also performed duets with her late father on songs he had already made accessible before his death.

However, the Presley estate, which she inherited at age 25, has several financial problems reflected in her negative net worth. Here’s what we know.

What Happened To Lisa Marie Presley Inheritance?

When Lisa was 25, she inherited her famed father’s $100 million Graceland estate. But after accruing millions in unpaid tax and credit card debts, it is embroiled in legal disputes.

Lisa’s extravagant spending habits played a role in this, but Seigel and other financial managers—who were being paid $700,000 per year—were also likely to blame.

After all, was said and done, Lisa Marie had just $14,000 left in the trust she had created. She allegedly owed more than $500,000 on her credit cards.

Elvis’ estate was valued at $5 million at the time of his passing, equal to $14 million in modern currency.

After all costs and fees were deducted from Lisa’s inheritance, her mother, Priscilla Presley, realized it had been reduced to just $1 million. As a result, she set out to restore the estate and address its catastrophic situation.

She made the creative decision to convert Graceland (Elvis’ home) into a museum, and four days after it opened, she had settled all outstanding debts and expenses.

How Did Elvis’ Daughter Lisa Marie Presley Loss All His Fortune?

Elvis passed away while his daughter was only nine years old, but he left behind a $5 million inheritance, which by 1993 was reportedly worth over $100 million.

But although everything appeared to be going well when Lisa Marie received the empire that year, after she chose Barry Siegel to oversee the estate, everything began to fall apart.

Lisa Marie Presley fired Barry Siegel by the end of 2015, and two years later, she sued him for allegedly wasting $100 million of her inheritance and leaving her penniless.

She claimed that he neglected to tell her the truth about the Presley estate’s actual state and that the EPE acquisition was ill-advised.

In his defense, Barry Siegel argued that Lisa Marie’s extravagant spending patterns were the cause of the estate’s significant losses. In addition, Seigel claimed that Lisa’s excessive spending patterns had left her estate $20 million in debt by 2003, which he addressed.

Apart from this, Lisa Marie owed $16 million in debt, according to court filings from her divorce from Michael Lockwood in 2018. About $10 million of the debt was thought to be due to unpaid taxes from 2012 to 2015.

The remaining debt was made up of unpaid lawyer fees and credit card bills. Lisa initiated legal action after her ex-husband requested $450,000 to pay his legal bills.

Where Is Lisa Marie Presley Now In 2022?

Lisa Marie regained public attention due to the critically praised biography of her late father, Elvis.”

She now frequently shares updates about the movie’s popularity on Instagram, and she attended the Hollywood premiere of the film with her large extended family.

Her most recent post discussed an article from PEOPLE that stated, “Hi. I wrote a piece about grief in recognition of National Grief Awareness Day, published today on @people. I thought I’d put it here, hoping that someone who needs to hear all of this would find some solace. “

Along with a photo of her son and her matching tattoo, she also shared the reading: “Several years ago, on Mother’s Day, my son and I got these matching tattoos on our feet.” It’s a Celtic eternity knot. Symbolizing that we will be connected eternally. We carefully picked it to represent our eternal love and bond.”

Lisa Marie Presley And Michael Jackson Relationship And Children

The King of Pop, Michael Jackson, and the daughter of Elvis Presley first met in the 1970s at a concert in Las Vegas, but they didn’t get to know one another until over two decades later, at supper with a mutual friend in Los Angeles.

She and Danny Keough, with whom she has two children named Riley and Benjamin, were married at the time of their reunion.

Although Jackson and Lisa Marie initially grew close and spoke on the phone frequently, their relationship did not immediately develop beyond that.

Just 20 days after she filed for divorce, the couple traveled to Florida and Las Vegas before taking off for the Dominican Republic. There, they had an impromptu wedding.

In September 1994, the newlyweds celebrated their marriage at the MTV Video Music Awards, but a year later, they announced their divorce and ended the case in August 1996.