Lisa Marie Presley’s Shocking Net Worth: -$10 Million At The Time Of Her Death
Lisa Marie Presley’s Shocking Net Worth: -$10 Million At The Time Of Her Death.
What Was Lisa Marie Presley's Net Worth?
Lisa Marie Presley was an American actress and singer whose net worth was reported to be -$10 million at the time of her passing. Unfortunately, she passed away on January 12, 2023, due to cardiac arrest at the age of 54. Lisa Marie was the sole offspring of the legendary Elvis Presley. Following in her father's footsteps, she established herself as a talented singer-songwriter. Additionally, she was recognized for her previous affiliation with the Church of Scientology and her marriages to Michael Jackson and Nicolas Cage.
The Great Untold Story Of Lisa Marie Presley, Buy It Here!
One may question how Lisa Marie's net worth could be negative at the time of her death. According to her own statements, she had been burdened with approximately $17 million in debt in the years leading up to her demise. An ex-husband alleged that she had access to greater financial resources and was leveraging her debt as a strategy to avoid substantial child and spousal support payments. A brief overview of Lisa's financial journey from the age of 9 until her death is provided below, with more comprehensive details discussed later in this article.
Elvis Presley passed away in 1977 at the age of 42, leaving his entire estate to his daughter, Lisa Marie, who was only nine years old at the time. Despite his legendary status, Elvis's financial situation was not as prosperous as many might believe, largely due to extravagant spending and mismanagement by his longtime manager, Colonel Tom Parker. At the time of his death, his net worth was approximately $5 million.
After accounting for estate taxes, debts, and various fees, Lisa Marie ultimately received only $1 million, equivalent to about $5 million in today's currency. Given her young age, her mother, Priscilla Presley, served as the sole executor of the estate for the subsequent 16 years. Lisa Marie gained full control of the estate on her 25th birthday in 1990. Through her mother's astute financial strategies, she inherited a total of $100 million, which would be roughly $220 million today. However, as discussed later in this article, Lisa Marie later filed a lawsuit against a former business manager, alleging that he had mismanaged her substantial wealth.
She asserted in her lawsuit that by 2015, her trust fund had dwindled to a mere $14,000. The business manager contended that Lisa Marie's own excessive spending had led to her estate accumulating a debt of $20 million by 2003, which he was then tasked with resolving. Her legal action against the former business manager was subsequently delayed due to the COVID-19 pandemic.
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In a divorce court hearing in 2018, Lisa Marie reported being in debt to the extent of $16 million, which included $1 million owed to the Internal Revenue Service. Her court documents indicated that she held $714,775 in stocks and bonds and maintained $85,266 in cash in her bank account. Additionally, she claimed to have monthly expenses totaling approximately $92,000, which included $23,500 for rent and $1,700 for a Maserati car payment.
At the same time, Michael Lockwood, her ex-husband of ten years, asserted that Lisa Marie received approximately $100,000 to $200,000 monthly from the Elvis Presley Enterprises trust. Lockwood further contended that Lisa Marie was inflating her actual financial situation, claiming that she still managed a highly valuable trust potentially worth up to $65 million and retained a 15% ownership stake in Elvis Presley Enterprises.
Additionally, Lisa Marie was the owner of Graceland itself. As will be discussed later in this article, the ownership of Graceland has presented both financial advantages and challenges. Although Lisa Marie and Michael Lockwood's divorce was finalized in March 2021, Lockwood sought to compel Lisa Marie to submit her tax returns to the court a year later, suspecting that she had clandestinely received between $3 million and $4 million as an advance for writing a book about her father and her relationship with Michael Jackson.
$35 Million Life Insurance
In the weeks following the tragic passing of Lisa Marie, reports emerged indicating that she held three life insurance policies, which are expected to provide a total payout of $35 million to her three surviving daughters.
Final Will & Estate
In 2016, Lisa Marie made an amendment to her will that cut her mother, Priscilla, out of her estate. At this point, she named her children Benjamin and Riley as the trustees. Benjamin died by suicide in 2020. That left Riley as the sole trustee of an estate that includes a 15% share of all revenue generated by Elvis Presley Enterprises and 100% ownership of Graceland mansion. She is the sole trustee, but her younger half-siblings are also entitled to a share of the estate when they turn 18.
In the weeks and months after Lisa Marie's death, Priscilla contested the 2016 will amendments. This action reportedly infuriated Riley. Priscilla questioned the validity of the 2016 will because a) Lisa Marie's signature appeared different than it had in the past, and b) the name "Priscilla" was misspelled at least once in the documents.
In May 2023, Riley and Priscilla reached an undisclosed settlement that was believed to be primarily focused on the $35 million worth of life insurance payments.
Early Life
Lisa Marie Presley was born on February 1, 1968, in Memphis, Tennessee. Following the divorce of Priscilla Presley and Elvis, she resided with her mother.
Music Career
Lisa Marie made her initial foray into the music industry with the release of her debut album, "To Whom It May Concern," in 2003. She subsequently launched her second album, "Now What," in 2005, which, similar to her first, achieved notable chart success. In 2012, she introduced her third album, titled "Storm & Grace." Beyond her solo endeavors, Presley has collaborated with several prominent artists, including Kylie Minogue, Michael Buble, and Coldplay. Furthermore, she has featured in music videos for tracks by Michael Jackson and various other musicians.
Relationships and Children
In 1988, Lisa Marie entered into matrimony with Danny Keough. The couple welcomed two children before their divorce in 1994. Tragically, their son, Benjamin, took his own life in 2020 at the age of 27. Their daughter, Riley Keough, has pursued a career in acting.
In 1994, Presley wed Michael Jackson. During their marriage, she provided support to Jackson as he navigated various personal challenges, but she ultimately initiated divorce proceedings in 1996. Following this, Lisa Marie became engaged to musician John Oszajca, although she later chose to end that engagement in favor of marrying Nicolas Cage. Cage and Presley were married in 2002, but their union was short-lived, resulting in a divorce later that same year.
In 2006, she married Michael Lockwood, and in 2008, she welcomed twins. However, in 2016, she filed for divorce and sought sole custody of the children, alleging the discovery of child pornography on Lockwood's computer. The divorce was not finalized until 2021.
Inheritance
Lisa Marie was only nine years old when her father passed away. Throughout his life, Elvis exhibited little regard for financial prudence and was notorious for his lavish spending habits. Nevertheless, the Rock 'N Roll legend was also significantly exploited by his manager, Colonel Tom Parker, who effectively siphoned off half of Elvis' income.
At the time of his death, Elvis' estate was valued at $5 million, which equates to approximately $14 million today when adjusted for inflation. However, after settling various taxes, fees, and debts, this amount dwindled to $1 million. The entirety of his estate was bequeathed to Lisa Marie.
Priscilla, Elvis' widow and Lisa Marie's mother, served as the sole executor of the estate. She promptly took action to restore the estate and address its precarious financial state. In a remarkable move, she transformed Graceland, Elvis' residence, into a museum. Impressively, within just four days of its establishment, she managed to settle all outstanding debts and expenses.
By the time Lisa Marie came into her inheritance at the age of 25, the value of her father's estate had surged to $100 million, which is roughly equivalent to $220 million in today's currency.
Lost Fortune
Lisa Marie opted to create a revocable living trust rather than directly inheriting the funds. She appointed Barry Seigel, a business manager, to oversee the financial assets. In February 2005, Seigel facilitated a transaction that resulted in the sale of 85% of Elvis Presley Enterprises (EPE), the entity responsible for managing Elvis's image rights and royalties, for a sum of $100 million.
After accounting for taxes and fees, Lisa Marie received approximately $40 million. Additionally, the agreement included $25 million in stock from the future holding company of "American Idol," which provided some financial benefit.
Regrettably, between 2005 and 2015, the funds were depleted. This decline was partly attributed to Lisa Marie's lavish spending. She later asserted that the financial difficulties stemmed from mismanagement by Seigel and other financial advisors, who were reportedly earning annual salaries of $700,000.
Ultimately, Lisa Marie found herself with a mere $14,000 remaining in the trust she had set up, alongside an estimated $500,000 in credit card debt.
Financial Problems
By 2015, Lisa Marie had terminated her relationship with Barry Siegel. Two years later, she initiated legal action against her former business manager, accusing him of mismanaging her $100 million fortune and leaving her financially destitute. She contended that the deal with EPE was poorly conceived and that he failed to disclose the true financial status of the Presley estate.
In his defense, Barry Siegel asserted that Lisa Marie's lavish spending was the primary cause of the estate's significant financial decline. He maintained that he held regular business discussions with her, during which he outlined the evolving circumstances and consistently urged her to curtail her expenditures. Furthermore, Siegel claimed that her extravagant spending had led to a $20 million debt for the estate by 2003, which he subsequently addressed.
Lisa Marie responded by emphasizing her lack of awareness regarding the estate's financial situation, arguing that had Siegel informed her of the realities, she would have restricted her spending and promptly reduced his salary of $700,000. She maintained that with access to the estate's income, she could have comfortably lived on an annual budget of $1.5 to $2.5 million. The ongoing legal dispute was suspended in 2020 due to the Covid pandemic.
In 2018, court documents from Lisa Marie's divorce proceedings with Michael Lockwood disclosed that she was $16 million in debt. Approximately $10 million of this debt was attributed to unpaid taxes from 2012 to 2015, while the remainder consisted of credit card debts and outstanding attorney fees. Lisa Marie filed the necessary paperwork after her ex-husband requested $450,000 to cover his own legal expenses.
In June 2022, Michael Lockwood alleged in legal filings that Lisa Marie remained the beneficiary of a highly valuable trust, potentially worth up to $65 million. His legal documents asserted:
"Presley has significant income for purposes of a child support calculation due to continuing and recurring distributions Presley receives from her trust(s) and from the significant assets including her family business. Presley's father was Elvis Presley, a world-famous entertainer and one of the most successful people in show business history. Presley is Elvis' sole heir and, as such, is an owner of Graceland and interests in Elvis' recordings, songs, merchandise rights, and life story rights."
Graceland
Graceland is a 14-acre estate located in Memphis, which Elvis Presley acquired for $102,500 in March 1957, equivalent to approximately $1 million today. Elvis passed away in the mansion in August 1977 and is interred there alongside other deceased members of the Presley family. Following his death, his widow, Priscilla Presley, transformed the mansion into a museum to generate essential funds for the family. In 2006, Graceland was designated as a National Historic Landmark.
Annually, Graceland attracts around 500,000 visitors, making it the second most frequented private residence in the United States, following the White House. However, this popularity does not guarantee financial stability, as the costs associated with operating, insuring, and maintaining such a property are substantial.
At one point, Graceland threatened to relocate from Memphis unless the city provided significant tax incentives. In response, the city granted a $104 million loan in 2017 for a major expansion project. Unfortunately, the COVID-19 pandemic later forced Graceland to close, resulting in an inability to meet $20 million in debt payments.
At the time of her passing, Lisa Marie Presley held an 85% ownership stake in Elvis Presley Enterprises, while retaining full ownership of the Graceland mansion itself.
Kardashian Mansion
In December 1993, three years after receiving her trust, Lisa Marie acquired two properties in Hidden Hills, California. She invested $2.6 million in one parcel and $625,000 in the other. The larger property, spanning over 3 acres, included an 8,000 square foot mansion.
In July 2010, Lisa Marie put the property on the market for just under $7 million. By November 2010, she accepted an offer of $5 million from a physician. The physician subsequently demolished the existing home and constructed an expansive 15,000-square-foot mansion inspired by French architecture.
In August 2014, the physician sold the newly constructed mansion for $20 million to Kim Kardashian and Kanye West. The couple undertook another extensive renovation that lasted several years. Following their divorce, Kim retained ownership of the mansion, which remains her primary residence to this day.
In March 2020, Lisa Marie purchased a residence in nearby Calabasas, California, for $1.8 million. She sold this property in March 2022 for $2 million.
On January 12, 2023, at approximately 10:30 am, Lisa Marie Presley experienced a cardiac arrest at her residence in Calabasas, California. Following the administration of CPR, her heart was successfully restarted en route to West Hills Hospital; however, she tragically passed away later that day at the age of 54.
Her final public appearance occurred just two days prior at the 80th Golden Globe Awards, where she was accompanied by her mother. A public memorial service held at Graceland drew hundreds of attendees, with over 1.5 million individuals participating via live stream. Lisa Marie was interred in the Graceland Meditation Garden, resting beside her son, Benjamin, and in proximity to her father, Elvis.
Among those present at the service, in addition to her mother and surviving children, were notable figures such as Axl Rose, Billy Corgan, Sarah, Duchess of York, Alanis Morissette, Baz Luhrmann, and Austin Butler.
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Lisa Marie Presley's life was a remarkable journey marked by immense talent, resilience, and a deep connection to her family's legacy. As the daughter of Elvis Presley, she carried forward his iconic name while carving out her own path as a singer-songwriter.
Despite financial and personal challenges, Lisa Marie's unwavering dedication to her children, her music, and the preservation of Graceland stood as a testament to her strength. Her contributions to the arts and her efforts to honor her father’s memory have left an enduring impact. Lisa Marie will forever be remembered for her spirit, talent, and enduring legacy.
