The beloved daughter of Elvis Presley, a noted singer, and songwriter by her own right – Lisa Marie Presley, the queen of Graceland Estate, left for her heavenly abode on 12th January 2023. At the time of her death, surprisingly, Lisa Marie Presley net worth was at a negative of $10 million. Though data from most financial magazines corroborate this amount, there are certain discrepancies when compared to other magazines.
In fact, certain sources claim her net worth to be above $100 million, which again might be justified given the amount of inheritance she received from Elvis Presley. So where did this news originate from? This article will provide you with categorical details of the same.
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What is Lisa Marie Presley net worth?
According to most of the trustworthy financial records, Lisa Marie Presley net worth was running in the negative, as much as up to $10 million. However, some sites claim that to be up to a negative $16 million. Though she initially inherited somewhere close to $300 million (a tentative figure), however – her court fights and mismanagement led her to lose it all, with debts up to $17 million piling up.
Sticking to the amount of negative $10 million, let’s now find out more about her income from inheritance, her music career, and other sources.
How did she gather this monetary amount?
The “Lights Out” singer apparently inherited Elvis Presley’s estate worth $5 million (at the time of his death) and an additional $1 million. Given that she was the sole inheritor of this estate, by the time she turned 25 and inherited the estate, the value of this had turned up to be close to $100 million. Added to that, she also had the responsibilities of the Trust Fund that her father had left for her, details of which have not been made public.
Lisa’s mother and Elvis’s ex-wife – Priscilla, who was also a trustee of Elvis Presley’s will, had actualized the price of Graceland and turned it into a tourist spot clocking in an annual amount of $15 million.
Apart from the inheritance, the other area wherein Lisa Marie Presley net worth increased from was her music career. The album sales, tours, concerts, and collaborations were the primary areas of her income.
How much did she earn via her career?
From her debut album, To Whom It May Concern, to her spate of hits such as – Now What, Storm & Grace, and her range of singles. She had always managed to secure a place on the Billboards and other Record Charts. Though the proceeds of her music career have not been revealed, yet, one may clearly state that the amount has been quite significant.
What was the Graceland issue?
The death of Lisa Marie Presley has again given rise to another controversy about the estate that she held – Graceland. What is currently stated is that this estate will go to Presley’s kids. Lisa Marie Presley has been laid to rest on the estate, which hosts 500,000 visitors annually.
In 1993, Presley inherited the Graceland estate formally. She also inherited the Elvis Trust Fund. In 2004, she sold out 85% of assets associated with Elvis Presley Enterprises for $100 million, to CKX Inc (owned by music entrepreneur F.X. Sillerman). After the sale, she still retained 15% of the Enterprise.
After changing many hands, the Graceland estate was finally sold off to Authentic Brands Group for $145 million. Currently, the estate is valued at $400 – $500 million, with Presley holding 15% during her lifetime (now passed on to her children, but the profits do not match up – causing the debt), adds to the reported Lisa Marie Presley net worth. Graceland Estate is now a national historic landmark.
How did the legal suits depreciate Lisa Marie Presley net worth?
Apart from the Graceland issue, there are other financial muddles that have significantly affected Lisa Marie Presley net worth. As per news by a popular portal, the deals of the Elvis Presley Enterprise and Graceland were a set of disastrous deals that resulted in Presley suing her former manager for mismanagement. A $100 million notice was issued against her former manager.
For the unversed, this ‘disastrous’ deal left her with a minimal $14,000. However, the manager countersued Presley and demanded $800,000 in damages. In fact, he also claimed that this deal helped her pay off the $20 million debt that she had accumulated and that she was hiding the actual amount.
A leading daily, The Blast, obtained documents that stated – Lisa Marie Presley, during her lifetime, received a monthly salary of $4,361 and $100,000 in terms of interest from the company. However, this amount was not enough to pay off her debts which had amounted to over $20 million – primarily due to her tax defaults and lavish lifestyle. For the record – her unpaid taxes from 2012 – 2015 is estimated to be about $10 million.
Her marital relations and its effects on her worth?
Unlike other celebrity divorce cases, every time Lisa Marie Presley has undergone a divorce, her financial status has been questioned. Throughout her life, she has been married 4 times; unfortunately, all ended in divorce. Though the initial 3 divorces did not create much of a ruffle in her life. Her first husband was a musician – Danny Keough with whom she has two kids. She was next married to the King Of Pop Michael Jackson briefly. In 2002, she married her third husband Nicholas Cage – which again unfortunately ended in divorce in 2004. Finally, she married her fourth husband – musician Michael Lockwood with whom she shared her twin daughters.
Though this marriage also ended in divorce, which was finalized in 2021, Lockwood alleged mismanagement of Lisa Marie Presley net worth claiming she still had a whopping $65 million in her trust fund. Lockwood claimed child support and an amount of $450,000 to cover his legal fees. This case is sub-judice, with more details awaited.
What is the current scenario now?
It is quite unfortunate that not much time has passed since the funeral, but Lisa Marie Presley net worth has once again been a subject of controversy. Though Lisa Marie Presley has a 15% share in the Presley estate of Graceland, as of now, with her passing away (that too with a humongous amount in debt), the Presley family (her children who are the direct inheritors of the estate) is in doubt regarding the monetary proceeds of the estate.
In the last 30 years, the value of the estate has increased with time (currently, it is valued at $1 billion) while the profits of the Presley family have reduced comparatively, all due to Lisa Marie Presley’s wrong financial decisions.
Since Elvis Presley Enterprises is currently overseeing the regular operations of Graceland Estate (Lisa Marie had extended Presley’s memorabilia and her house to EPE in return) – therefore before it is handed over to the kids, there will be a number of issues into consideration. As of now, the public has no idea of the executors who will handle the estate. There has been no news of any trust being formed for her minor daughters. Therefore, one may conclude that things look extremely dicey as of now.
If money is not spent wisely, then even a king will lose it all! That’s exactly the story with Elvis Presley’s daughter.
Well, that’s what we know as of now about Lisa Marie Presley net worth and the fate of Graceland. Since certain associated cases are still sub judice, we have yet not received any information on the same. As soon as we receive the same, we will update you. Till then, you can keep scrolling this website for details about other celebs and their net worth in the market.