American actress and singer Lisa Marie Presley has a net worth of -$16 million. Yes, you read that right. Her net worth is negative, which means she owes a whopping $16 million.
Lisa Marie is well-known for being Elvis Presley’s daughter and only child, but she is also a good singer and songwriter in her own right. The 54-year-ex-spouses old’s include King of Pop – Michael Jackson, and Hollywood tough guy Nicolas Cage, as well as musician Danny Keough and music producer Michael Lockwood.
Her negative net worth is due to financial problems with the Presley estate, which she inherited when she was 25 years old. In this article, we are going to cover the financial issues that led to this situation and more.
What Is Lisa Marie Presley’s Net Worth In 2022?
Lisa Marie’s financial situation doesn’t look too good. People mag says that she is worth less than nothing and has more than $16 million in debt. But how can this be true if she is the only heir to Elvis Presley’s estate?
In 1977, Lisa Marie was only nine years old when her father died. When he died, his property was worth $5 million.
You’d be right if you thought Elvis should have been worth more than that. Elvis worked with a manager named Colonel Tom Parker for more than 20 years. Colonel Tom Parker is said to have kept about half of Elvis’s money. (Most managers make between 10 and 20% of what they make.) Later, Priscella said that Elvis was happy to pay this amount to Parker, but other people said he was taken advantage of by a con man.
In 1979, Priscilla Presley became the executor of Elvis’s estate. Part of her job was to keep up with Graceland’s maintenance and taxes, which cost about $1 million per year.
But in 1982, Priscilla changed Graceland into a museum and let the public visit. Because the attraction was so popular, she was able to pay off all of her bills and debts in just four days. The estate was worth $100 million at one point.
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How Did Lisa Marie Presley End Up In Debt?
Lisa Marie got the estate when she turned 25 years old in 1993. But it was just as hard for her to keep up with it as it had been for her mom. In 2004, according to Today, the estate owed $25 million in debts. The next year, Lisa Marie agreed to sell 85 percent of the company’s business side. She kept the 15 percent that included the Graceland mansion and the things in it. The sale paid her $53 million in cash and got rid of the estate’s debts.
The money didn’t seem to stick around for long, though. During the divorce battle between Lisa Marie and Michael Lockwood in 2018, a debt of $16.7 million came to light. The debt was in unpaid taxes, mortgages, and credit card debts. Even though she did the spending, Lisa Marie blamed Siegel for not telling her the truth about her finances. She also said that Siegel and his business charged fees of about $700,000 per year.
People talked to her then-business manager, who said that Lisa Marie’s previous business manager did a terrible job with her money, leaving her with unpaid income taxes, a mortgage in default, and a lot of credit card debt.
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Lisa Marie “had not been given proper accountings or notices or kept up to date on her finances,” he said, adding that she had less than $20,000 in cash when she fired her previous business manager.
Lisa Marie said in court documents that she “receives a monthly salary of $4,361 from her father Elvis Presley’s estate, as well as $100,000 in dividends and interest from investments.” Even though a yearly income of about $1.25 million seems like a lot, it will still take a long time to pay off all that debt.
Also, Lisa Marie’s music career doesn’t look like it’s making her much money. Her most recent album came out in 2012, and she only has 10,700 subscribers on YouTube at the moment. It’s not clear if she plans to keep putting out new music to make money in the future.