As the only daughter of music icon Elvis Presley, people have always been curious about Lisa Marie Presley net worth – especially since she’s the sole heir to her father’s estate following the death of her grandparents.
Sadly, Lisa Marie was confirmed dead on January 12 (Thursday) after a brief hospitalization. The singer-songwriter was found unresponsive at her home in Calabasas, California, in an apparent cardiac arrest. She was put on life support but was later declared dead after a few hours.
In the wake of the unfortunate event, fans have become more interested in Presley’s personal life – from her childhood, music career, marriages, and most especially, the rocky financial path that led to losses and lawsuits.
She had less than what Elvis Presley‘s only heir should have had for a fortune. Keep reading below and find some shocking details on Lisa Marie Presley’s net worth at the time of her death.
Lisa Marie’s Life As The Only Daughter of the King of Rock and Roll
Lisa Marie Presley was born on February 1, 1968, in Memphis, Tennessee, and was the only daughter of Elvis and Priscilla Presley.
However, despite being born into privilege, she had an unusual childhood. Her parents divorced and went separate ways when she was only four. She then spent most of her childhood with her mother in Los Angeles.
Meanwhile, Elvis’ music career was on the rise! But even though he was rarely around due to his busy schedule, he still had a strong presence in his daughter’s life. Lisa Marie would even frequently stay with Elvis at his famous Graceland mansion in Memphis, Tennessee.
Unfortunately, the king of Rock and Roll passed away when she was nine. This made Lisa Marie a joint heir to Elvis’ estate with her grandfather and her great-grandmother. Elvis’s will appointed his father as his executor and estate’s trustee. At the same time, Lisa Marie and Elvis’ grandmother were the beneficiaries of the said trust.
Upon the death of her grandparents a few years later, Priscilla and the National Bank of Commerce were appointed as trustees, and Lisa Marie became Elvis’ sole heir.
In 1983, during her 25th birthday, Lisa Marie finally inherited her father’s entire estate, which had grown to about $100 million.
She Also Followed Her Father’s Footsteps in Music
In addition to her father’s estate, Lisa Marie also made a great amount of cash through the albums she released.
In 1997, Lisa Marie Presley jumpstarted her music career with a posthumous duet with her late father in the song “Don’t Cry, Daddy.” It comes with a music video that was presented during a tribute concert for Elvis Presley’s 20th death anniversary.
In 2003, she finally released To Whom It May Concern as her debut album. The album was comprised of songs Lisa Marie wrote. She even co-wrote every melody of the songs. The album ranked No. 5 on Billboard 200 albums chart and was certified gold.
“Every song is me,” Lisa Marie said about her debut album. “You’re going to see who I really am and not what the tabloids say or whatever anyone has to say about me.” She also added that releasing an album was her own way of “carrying the torch.”
Lisa Marie then released two more albums in the decade to follow and managed to build a steady music collection throughout the years.
Bad Investments That Led Lisa Marie to Lose Her Father’s Fortune
In 2018, Lisa Marie’s financial situation was brought to the public’s attention. According to Lisa Marie, she found herself in deep financial trouble after trusting her previous business manager, Barry Siegel, with her money.
Lisa Marie claimed that Siegel had dissipated her inheritance from her father through his reckless and negligent management. Siegel was said to have squandered $100 million of Elvis’ fortune and left her with only $14,000. It was absolutely not enough money to cover her luxurious lifestyle. On top of all that, she also had to deal with a $500,000 debt.
Lisa Marie also said Siegel put her money into risky ventures. One, in particular, was a $9 million English home purchased using the trust’s money but could not pay for a $6.7 million balloon payment.
Of course, Siegel denied and accused Lisa Marie of having uncontrollable spending habits. Siegel added that Lisa Marie relied on credit beyond what the trust could finance from income alone.
Siegel’s legal representative pointed out that Lisa Marie was in a difficult time in her life. The representative claimed she was only looking for someone to blame rather than take responsibility for her actions.
Siegel’s legal team also revealed that Elvis’s estate was in debt and on the verge of bankruptcy at his death. Siegel countersued for a whopping $800,000 in damages.
More Details about Lisa Marie’s Financial Woes
In 2021, Lisa Marie Presley divorced musician Michael Lockwood and claimed that she was $16 million in debt during the divorce proceedings. Her financial woes were detailed in the divorce documents submitted to the court.
The debt was reportedly due to unpaid income taxes totaling more than $10 million within three years. It also included defaulted mortgage of the $6 million house she owned in the United Kingdom, which she had difficulty selling. Lastly, it also included unpaid bills from various credit card services.
According to her business manager at the time, Barry Siegel did not provide Lisa Marie with proper accountings. He did not inform her that she only had total liquid assets of less than $20,000 – with no additional funds to pay her debts.
The document detailed that Lisa Marie earned a monthly salary of $4,361 from her father’s estate, including $100,000 in dividends and interest. The details of her finances came to light when the court ordered her to cover $50,000 of Lockwood’s $450,000 divorce attorney fees.
Presley was also blaming her financial issues, at the time, on the 2005 deal to sell an 85% stake in the Elvis Presley Estate, an entertainment company that also owned the American Idol television show.
Of course, she did not go home empty-handed from the deal, as she was paid $50 million plus stock. At the same time, she got to keep a 15% interest in Elvis Presley’s Estate along with the title to Graceland.
While Barry Siegel said the deal helped Lisa Marie clear up more than $20 million in debts, she claimed the deal had lost her millions. Lisa Marie pointed out the problem in American Idol‘s 2016 production company Core Entertainment, which went bankrupt in 2016.
Her Life Was Also Filled With Personal Tragedy
Her bank account wasn’t the only problem. Apparently, Lisa Marie Presley had a total of four marriages in her life, which all ended up in divorce. Twenty-year-old Lisa Marie married her first husband, musician Danny Keough, in 1988. They were then blessed with two children, Danielle Riley Keough and Benjamin Keough.
When Lisa Marie’s marriage with Keough officially ended, she moved on with Michael Jackson – whom she first met when she was only seven. The two eloped in the Dominican Republic after Jackson proposed to Lisa Marie through a phone call. However, their marriage didn’t last long as they filed for divorce, citing “irreconcilable differences.”
In 2002, Lisa Marie married actor Nicolas Cage – her shortest marriage as it only lasted four months. Four years later, Lisa Marie married her fourth husband, Michael Lockwood, after dating for three years. The couple was blessed with twins, Harper and Finley. Sadly, Lisa Marie and Lockwood called it quits after a ten-year marriage and ended up in a custody battle over their daughters.
But perhaps the most agonizing thing that happened to Lisa Marie was when she lost her son, Benjamin Keough, to an apparent suicide in 2020. He died from a self-inflicted gunshot wound and was only twenty-seven at the time.
Lawsuits and Trouble Kept Chasing Her Until Her Death
Together with her mother and the National Bank of Commerce, Lisa Marie spent her final years managing Graceland, which hosts popular public tours and is situated next to museums that honor Elvis’ life and legacy. Lisa Marie was said to have found great personal meaning and purpose while managing her father’s mansion.
She wholly owned the 13 acres estate, including the remaining personal effects of Elvis – like cars, furniture, awards, wardrobe, and costume.
Following her death, Graceland and her trust will now be passed on to her three daughters: Danielle Riley and twins Harper and Finley Lockwood. Shockingly, Priscilla Presley is challenging a purported amendment to the said trust, which gives Lisa Marie’s daughters control over the music icon’s illustrious estate.
A lawyer representing Priscilla filed a petition disproving the changes made in Lisa Marie’s trust. The lawyer claims that Priscilla was never notified of the amendment, which comes in an electronic file bearing Lisa Marie’s signature but appears inconsistent with her handwriting, among others.
The petition seeks the court to declare the purported amendment invalid and for a 2010 version of the trust to be in effect, in which Priscilla and Barry Siegel are acting as co-trustees.
Multiple reliable sources also indicate that at the time of Lisa Marie’s death, she found herself in a debt of $4 million. She tried clearing up that mess by trying to cash out one of her life insurance policies amounting to $25 million.
Indeed, she had struggled with her finances throughout her life. Knowing Lisa Marie Presley net worth is absolutely quite a surprise.
Lisa Marie Presley