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Lisa Marie Presley had been spending more than $92,000 a month before her death and reportedly owed the IRS $1 million after squandering her father’s $100 million fortune.
Presley, who died Thursday at age 54 of cardiac arrest, earned more than $100,000 a month from his father’s estate and business. He made approximately $4,400 per month from the Graceland property and $104,000 per month from the Elvis Presley Enterprise.
According to legal documents, obtained by The explosion in November, Elvis’s daughter was spending more than $92,000.
His monthly expenses include $23,500 in rent and $1,078 for a Maserati.
Lisa Marie Presley, who died Thursday at age 54, spends more than $92,000 a month. Among her monthly expenses, she includes $23,500 in rent and $1078 for a Maserati
The document also states that Presley has $95,266 in cash assets, $714,775 in stocks and bonds, and that he owes $1 million to the IRS. With his total worth minus his debts, he was estimated to be worth $4 million.
The information was revealed during the divorce proceedings between her and her ex-husband Michael Lockwood.
Lockwood, father of twin daughters Harper Vivienne 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. Siegel and her company, Providence Financial Management, countersued, alleging that Presley’s “out-of-control spending” led to her financial situation.
According to the documents, Presley at the time owed more than $10 million in taxes from 2012 to 2017 and had defaulted on his debt of more than $6 million from his UK home.
Presley was earning more than $100,000 a month from his father’s inheritance and businesses.
She also owed $263,050 in professional releases, $47,844 in credit card debt, and an estimated $250,000 in unpaid miscellaneous bills.
Presley disclosed his financial problems in response to a request by Lockwood that he help pay part of his $450,000 in attorney fees.
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.
He made approximately $4,400 per month from the Graceland property (pictured) and $104,000 per month from the Elvis Presley Enterprise
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 2003 to manage the money, the same year he launched his own ill-fated music career.
Siegel, a senior managing director at Provident Financial Management and a leading entertainment business manager, counted Al Pacino, Elijah Wood, Pulitzer Prize-winning playwright David Mamet and Frankie Valli and Four Seasons as his clients.
Presley attended the Golden Globes before her death and had a photo taken with Austin Butler, who played her on-screen father.
But in 2005, Siegel sold her 85 percent stake in Elvis Presley Enterprises, causing her to lose control of her father’s name and image rights.
Siegel said the settlement “cleared more than $20 million in debt Lisa had incurred and generated her more than $40 million in cash and a multi-million dollar income stream.”
Presley said he lost millions thanks to a later investment in Core Entertainment, the company behind American Idol that went bankrupt in 2016.
He then allegedly began liquidating Presley’s assets to supplement the income from his trust.
She also claimed that her business decisions left her with $500,000 in credit card debt.