Lisa Marie Presley died in debt, fate of Graceland is unknown

The passing of Lisa Marie Presley stunned everyone. Due to a heart attack, the 54-year-old was taken urgently to a hospital but tragically did not survive.

Some things she kept secret are now coming to light after her passing…

It is hardly surprising that Lisa Marie Presley amassed a sizeable fortune throughout the course of her life. She was identified as the only owner of Graceland at the time of her passing. Elvis Presley Enterprises, which had been kept in a trust for her up until her 25th birthday, was left to her as a bequest.

According to sources, Elvis Presley Enterprises was “dire financial circumstances” when she received it.

This is partly attributable to Colonel Tom Parker, infamously Presley’s manager, who sold off the majority of the crooner’s recordings for a pittance.

Parker was eventually sued by Priscilla Presley. To help things go better, she also engaged a group of financial experts.

They coordinated the creation of Elvis-related music, film, video, television, and stage productions, made Graceland into a popular tourist destination, and carried out deals for merchandise and likeness. By 1993, things had much improved, and the estate was now worth $100 million.

Lisa Marie Presley made the decision to recruit outside moneymen to run the business for her rather than cash out. Barry Siegel, a powerful business manager with a Rolodex full of other famous customers, was later employed by the woman.

In 2005, allegedly at Siegel’s suggestion, Lisa Marie sold off 85% of her stake in Elvis Presley Enterprises. This would mean she would lose almost all control of the enterprise responsible for her father’s legacy.

Additionally, Siegel spoke to the media, explaining that the share she sold allowed her to pay off debts. According to him, the payment “paid off more than $20 million in debts Lisa Marie had accrued.”

He continued by accusing her of creating her own financial issues. He claimed to have “netted her over $40 million cash and a multimillion-dollar income stream, most of which she managed to squander.”

She reportedly owing $1 million in taxes at the time of her death, according to reports. She was compelled to disclose her financial condition in November of last year as a result of her custody dispute with her ex-husband Michael Lockwood over their twin girls.

She claimed to have $714,775 worth of stocks, bonds, and other assets in addition to $95,266 in cash. She disclosed in the same filings that she owed the IRS $1 million, making it plain that she was in financial trouble.

She also stated that with her 15% ownership in the nation, she earned $104,000 every month from Elvis Presley Enterprises. She further disclosed that she was paid $4,361 per month as a “employee” of Graceland.

Documents, however, showed that her monthly expenses greatly surpassed her income. She had monthly expenses of $92,000, which included $23,500 for rent and $1,708 for a pricey Maserati sports car.

She currently owes an unknown amount of money.

Lisa Marie Presley is survived by her three children daughter Riley Keough, 33, and twin girls Harper and Finley Lockwood, 14. Her son, Ben Keough, died by suicide in 2020 at age 27.

We are keeping the family and friends of Lisa Marie Presley in our prayers. Please join us and send the family your thoughts and prayers as well.