Lisa Marie Presley Dead: How Elvis’ Only Child Went From $100 Million Inheritance To $16 Million In Debt
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Lisa Marie’s Millions: She was guardian of Elvis’ $100 million estate, sued former business manager for mismanagement, and faced losing half in vicious divorce from fourth husband Michael Lockwood
- Lisa Marie was just nine years old when her father Elvis died in 1977, but she inherited his estate on her 25th birthday, including Graceland.
- The King was reportedly only worth $5 million at the time of death, but largely thanks to Priscilla turning Graceland into a tourist attraction, the value boomed.
- In 1993, when the trust was granted to Lisa Marie, it was worth more than $100 million, but her decision to hire Barry Siegel as business manager was disastrous.
- Two years into his tenure, Siegel sold the trust’s 85 percent interest in Elvis Presley Enterprises, including Lisa Marie’s rights to her father’s name and likeness.
- Lisa Marie was left with $40 million, but between 2005 and 2015, she spent almost all of it, down to just $14,000 when she fired Siegel in 2015.
- In 2018, $16 million in debt, she sued Siegel: She also faced demands from ex-husband Michael Lockwood for $40,000 a month in child support.
- Lockwood and Presley were still fighting in court over his finances at the time of his death, with Lockwood seeking cash from his share of the Elvis biopic.
Lisa Marie Presley’s death at the age of 54 has left unresolved legal battles over her finances and questions about how she managed to lose the $100 million fortune her father left her.
Presley, whose death was confirmed Thursday by her mother Priscilla, was still fighting her fourth and final husband, Michael Lockwood, when she died.
Lockwood, father of his twin daughter Vivien and Finley, was seeking $40,000 a month in child support and insisted he had more money than he claimed in court documents.
Presley, in turn, said he was $16 million in debt at one point, following disastrous business deals made by his business manager Barry Siegel.
She sued him in 2018, accusing him of mismanaging her estate.
Lisa Marie Presley was Elvis’s only child and was nine years old when he died in 1977. He left his entire estate to her on her 25th birthday.
Lisa Marie Presley is seen Monday night at the Golden Globes
Presley was married to actor Danny Keough, Michael Jackson and Nicholas Cage before Lockwood, but is not believed to have gained financially from her marriages to the King of Pop and the Oscar-winning actor.
Elvis’s only daughter, she kept all of his assets in his will when he died in 1977, aged 42.
He took control of the trust in 1993, at age 25.
At the time of his death, Elvis was worth just $5 million, but Priscilla shrewdly turned Graceland into a tourist attraction and established Elvis Presley Enterprises, capitalizing on his image and massive fandom.
When Lisa Marie took the reins, the fund was worth a healthy $100 million.
He appointed Barry Siegel in 1995 to manage the money.