Lisa Marie Presley’s Net Worth

What is Lisa Marie Presley’s Net Worth? Lisa Marie Presley’s Net Worth of -$16 million. Lisa Marie Presley is best known as Elvis Presley’s daughter and only child, but she is also an accomplished singer-songwriter in her own right. Her negative net worth reflects various financial issues related to the Presley estate, which she inherited when she was 25 years old. More information on these financial issues can be found later in this article. She was previously married to Michael Jackson and was a member of the Church of Scientology.

 

Early Years

Lisa Marie Presley was born in Memphis, Tennessee on February 1, 1968. She moved in with her mother, Pricilla Presley after her parents divorced. After Elvis Presley died, she went to her first rock concert, seeing Queen in California. Following the concert, Lisa Marie presented Freddie Mercury with a scarf from her father.

 

Career

Lisa-Marie sang for the first time on the 20th anniversary of Elvis Presley’s death. On her father’s song ‘Don’t Cry Daddy,’ she combined her vocals with his. Presley released her debut album, ‘The Whom It May Concern,’ in 2003. The album received positive reviews and debuted at number five on the Billboard 200 chart.

She began working on her second album soon after releasing her first. ‘Now What,’ her second album, was released in 2005. ‘Storm & Grace,’ her next album, was released a few years later. This album turned out to be one of her best, selling over 9000 copies in its first week. The album had 11 tracks and debuted at number 21 on the Billboard Rock chart in the United States.

Lisa Marie Presley’s net worth is -$16 Million.

Highlights

Here are the best moments in Lisa Marie Presley’s career:

• Lights Out (Song, 2003)
• Idiot (Song, 2005)
• Now What (Album, 2005)
• Over Me (Song, 2012)
• Weary (Song, 2012)
• Storm & Grace (Album, 2012)

 

Music as a Career

“To Whom It May Concern,” Lisa Marie Presley’s first album, was released in 2003. She released “Now What” in 2005. Her second album, like her debut, did well on the charts. In 2012, her third album, “Storm & Grace,” was released. In addition to her solo work, Presley has worked with a number of high-profile musicians, including Kylie Minogue, Michael Buble, and Coldplay. She has also appeared in Michael Jackson’s and other musicians’ music videos.

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Relationships

Danny Keough married Lisa Marie Presley in 1988. After having two children, they divorced in 1994. Their 27-year-old son, Benjamin, committed suicide in 2020. Following his divorce from Keough, Presley married Michael Jackson. Despite her assistance to Jackson in a number of personal matters, she filed for divorce in 1996. Lisa later married Nicholas Cage after divorcing a musician named John Oszajca. Cage married Presley in 2002, but they divorced the following year.

In 2006, she married Michael Lockwood and had twins in 2008. In 2016, she sought a divorce and sole custody of the children, claiming she discovered child pornography on Lockwood’s computer.

 

Inheritance

When Lisa’s father died, she was nine years old. Elvis was unconcerned about money and was known for his extravagant spending during his lifetime. Having said that, Elvis was also completely robbed by his manager, Colonel Tom Parker, who took half of Elvis’ earnings. Elvis’ estate was worth $5 million at the time of his death, which equates to $14 million in today’s money.

His wife, Priscilla (Lisa’s mother), served as the sole executor of his estate, which was to be left to Lisa. Lisa Marie, however, was only nine years old at the time. When Priscilla discovered that Lisa’s inheritance had been reduced to $1 million after all expenses and fees were deducted, she set about rebuilding the estate and dealing with its dire situation.

She took the bold step of converting Graceland (Elvis’ mansion) into a museum, and she had paid off all debtors and owed expenses just four days after it opened. Lisa inherited her father’s estate when she was 25 years old, and it was worth $100 million (the equivalent of $295 million today).

Instead of inheriting the money directly, she set up a revocable living trust and named Barry Seigel as trustee. Seigel decided to sell 85 percent of EPE (Elvis Presley Enterprises), an organization that managed all of Elvis’ image rights and royalties, in February 2005.

Despite the fact that EPE was valued at $100 million, Seigel’s deal netted Lisa Marie only $40 million after taxes. On the other hand, the agreement included $25 million in stock in American Idol’s future holding company, so it wasn’t all bad.

Unfortunately, the funds vanished between 2005 and 2015. Part of this was due to Lisa’s extravagant spending habits, but it was also most likely due to mismanagement on the part of Seigel and other financial managers (who, incidentally, were paid $700,000 per year). Lisa Marie was left with only $14,000 in the trust she had established after everything was said and done. She was also said to have more than $500,000 in credit card debt.

Lisa Marie’s Financial Difficulties

Lisa Marie Presley fired Barry Siegel in 2015. She sued her former business manager for allegedly squandering $100 million of her fortune and leaving her bankrupt two years later. She claimed that the EPE transaction was a mistake and that he failed to inform her of the true state of the Presley estate.

In his defense, Barry Siegel claimed that Lisa Marie’s extravagant spending was the true cause of the estate’s massive losses. He also claimed to have had regular business meetings with her, during which he explained the evolving situation and repeatedly reminded her to keep her spending under control. Furthermore, Seigel claimed that Lisa’s extravagant spending left her estate $20 million in debt by 2003, which he later corrected.

Lisa Marie retorted that she had no idea about the state of her estate and that if Seigel had told her the truth, she would have limited her spending and immediately reduced his $700,000 salary. She claimed that if she had only received the estate’s income, she could have lived comfortably on $1.5 to $2.5 million per year. Due to Covid-19, the ongoing legal battle was halted in 2020.

Lisa Marie’s divorce proceedings with Michael Lockwood revealed that she owed $16 million in court documents in 2018. Unpaid taxes from 2012 to 2015 were responsible for an estimated $10 million of the debt. The remainder of the debt was made up of credit card bills and unpaid legal fees. Lisa filed the paperwork in response to her ex’s demand for $450,000 to cover his legal fees.