Lisa Marie Presley was born in the United States on 1 February 1968. She is the only child and sole heir to her father’s inheritance of singer and actor Elvis Presley and actress Priscilla Presley. Presley has established a career in the music industry and has released three albums: To Whom It May Concern (2003), Now What (2005), and Storm & Grace (2012).
Her debut album was certified Gold by the Recording Industry Association of America. In addition to album singles, Presley has issued non-album singles, including duets with her father utilizing music he had released prior to his death.
Early Years
Lisa Marie Presley was born in Memphis, Tennessee, on February 1, 1968. Lisa resided with her mother following Priscilla Presley and Elvis’s divorce.
Music Industry
2003 saw the release of Lisa Marie Presley’s debut album, To Whom It May Concern. In 2005, she followed up with “Now What.” Like her first album, her second album performed well on the charts.
In addition to her solo work, Presley has collaborated with a number of prominent performers, including Kylie Minogue, Michael Buble, and Coldplay.
Her third album, “Storm & Grace,” was published in 2012. She has also been featured in music videos for songs by Michael Jackson and other artists.
Relationships
Lisa Marie Presley married Danny Keough in 1988. They had two children prior to their 1994 divorce. Benjamin, their son, committed suicide at the age of 27 in 2020.
Following her divorce from Keough, Presley swiftly wed Michael Jackson. She filed for divorce in 1996, despite having assisted Jackson with a lot of personal concerns. Lisa became betrothed to the singer John Oszajca before breaking off the engagement to marry Nicholas Cage. Cage and Presley wed in 2002 and later divorced that same year.
She wed Michael Lockwood in 2006, and in 2008 she gave birth to twins. She claimed that she discovered child pornography on Lockwood’s computer and filed for divorce and sole custody of the children in 2016.
Inheritance
Lisa was 9 when her father passed away. Elvis was not concerned with fiscal discipline, and he was notorious for his profligacy throughout his life. Elvis Presley was essentially plundered by his manager, Colonel Tom Parker, who took around half of his profits. Elvis’ estate was worth $5 million at the time of his death, which is comparable to $14 million in current dollars.
Priscilla, his wife, and Lisa’s mother was the only executor of his estate, which was to be bequeathed to Lisa. At the time, Lisa Marie was just nine years old. Priscilla observed that Lisa’s inheritance had shrunk to $1 million after all expenses and fees were deducted, so she began to restore the estate and address its grave situation.
She took the unusual step of transforming Graceland (Elvis’ residence) into a museum, and four days after its opening, she paid off all of her debts and expenses. When Lisa inherited her father’s fortune at the age of 25, it was worth $100 million (or $295 million in current dollars).
Instead of inheriting the monies immediately, she established a revocable living trust and named Barry Seigel as the trustee. In February 2005, Seigel decided to sell 85 percent of EPE (Elvis Presley Enterprises), the company that managed Elvis’ image rights and income.
Although EPE was worth $100 million, Lisa Marie only received $40 million after taxes from Seigel’s deal. However, the sale includes $25 million worth of stock in the future American Idol holding firm, so it wasn’t all awful.
Between 2005 and 2015, there was no longer any money available. This was partially due to Lisa’s excessive spending habits, but it was also likely the result of poor management by Seigel and other financial managers (who were earning $700,000 per year). Lisa Marie had only $14,000 remaining in the trust she established. She also had over $500,000 in credit card debt, according to reports.
Lisa Marie Presley’s Net worth
American actress and singer Lisa Marie Presley has a net worth of -$16 million according to celebritynetworth.com. Lisa Marie is a talented singer-songwriter in addition to being the daughter and only child of Elvis Presley, for which she is likely best known.
Her low net worth is due to many financial troubles associated with the Presley estate, which she inherited at the age of 25. This article will provide additional information on these financial difficulties in the future. She was also a former member of the Church of Scientology and was formerly married to Michael Jackson.
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Lisa Marie’s Financial Problems
Lisa Marie Presley had fired Barry Siegel in 2015. Two years later, she sued her former business manager for allegedly wasting $100 million of her assets and leaving her destitute. She maintained that the EPE transaction was ill-advised and that he failed to inform her of the estate’s true situation.
Barry Siegel argued in his defense that Lisa Marie’s extravagant spending habits were the true cause of the estate’s enormous losses. He also claimed to have held frequent business meetings with her, during which he repeatedly warned her to reduce her expenditures and outlined the deteriorating predicament.
In addition, Seigel indicated that Lisa’s excessive spending habits caused her estate to incur a $20 million debt by 2003, which he later clarified.
Lisa Marie retorted that she had no knowledge about the situation of her estate and that if Seigel had told her the truth, she would have immediately decreased his income by $700,000 and curbed her spending. She stated that if she had just had access to the estate’s revenue, she could have lived happily on $1,500,000 to $2,500,000 per year. Due to Covid-19, the continuing legal struggle was suspended in 2020.
In 2018, court filings from Lisa Marie and Michael Lockwood’s divorce proceedings revealed that she owed $16 million. Approximately $10 million of the debt was attributable to unpaid taxes from 2012 to 2015. The remaining debt consisted of overdue credit card bills and attorney fees. After her ex sought $450,000 to finance his own legal bills, Lisa filed the paperwork.