The financial struggles of Lisa Marie Presley, daughter of the legendary Elvis Presley, have been brought to light in recent court documents. Here’s Lisa Marie Presley’s dire financial situation finally exposed.
Before her passing, Lisa Marie Presley was in significant financial trouble, including owing $1 million in unpaid taxes. Court papers acquired by the website, which were filed as part of her divorce proceedings with Michael Lockwood, reveal that the couple had been in a dispute over child support for the past year.
A recent agreement was reached between Lisa Marie and Michael where she agreed to pay $6k a month for their twin children, Harper and Finley Aaron Love Lockwood.
Meet Harper Vivienne Ann Lockwood, the precious and only child of American singer-songwriter Lisa Marie Lockwood and the heir to the legacy of her famous grandparents, the King of Rock and Roll, Elvis Presley and actress Priscilla Presley.
Before her passing, Lisa Marie Presley’s monthly expenses were more than $92,000 and she owed $1 million in taxes after frittering away her father’s $100 million fortune, according to reports.
Despite receiving an income of more than $100,000 a month from her father’s estate and businesses, Presley who died at the age of 54 from cardiac arrest, had a monthly income of about $4,400 from Graceland and $104,000 from Elvis Presley Enterprise.
The couple was married in 2006 and divorced in 2016.
As reported in legal documents obtained by The Blast, Lisa Marie Presley was incurring expenses of more than $92,000 per month.
Among her regular expenses were $23,500 for rent and $1078 for a Maserati.
Despite her financial troubles, including owing millions in taxes at one point, Lisa Marie had neglected to pay child support for an extended period.
In 2004, she sold a majority of her share in Elvis’ estate for approximately $100 million, but her financial situation worsened over the years.
Despite previous financial struggles, Michael claimed in court that Lisa Marie had recently come into a significant amount of money. He stated that she had received a $1 million advance for a book and was also earning additional income from the release of a movie about Elvis.
Michael also believed that Lisa Marie controlled a trust worth $60 million established by Elvis, and that she still had ownership in Graceland and a hotel located on the property.
In response to Michael’s claims, Lisa Marie submitted financial records that detailed her monthly income and expenses. She stated that her monthly income was $4,361, and an additional $95k was received from the Elvis estate, which had to be paid back if revenue was not generated.
She also said that she had $95k in checking accounts, $714k worth of stocks, but a negative $3 million balance in property.
According to the documents submitted by Lisa Marie, her total monthly expenses were $92k. This included $23k for rent, $3,500 on healthcare, $5k on groceries, $3k on dining out, and $2,520 on utilities.
She also reported spending $400 on clothing, $10k on education costs, $5k on entertainment, $700 on car expenses, $21k on debt payments, and $15k on miscellaneous expenses.
In addition, Lisa Marie disclosed her extensive debts, including owing $280k to an assistant writer who helped her write her book, $1.17 million to Barclay’s Bank UK for a loan, $40k for a leased Maserati, $700k in unpaid taxes, $568k to the IRS for taxes in 2021, $399,012 to the California Franchise Tax Board for 2017/2018, and an additional $159k for 2021 taxes.
According to court documents, Presley had $95,266 in cash assets, $714,775 in stocks and bonds, and a debt of $1 million to the IRS.
Her net worth, after subtracting her debts, was estimated to be $4 million. This information came to light during her divorce proceedings with her ex-husband Michael Lockwood.
As reported by RadarOnline.com, Lisa Marie passed away due to a cardiac arrest at her home in Calabasas, California at the age of 54.
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This great article is an antidote to the old saw, “Nice people don’t talk about money.” Since the major family fortunes are professionally handled, one wonders why so many people think they can do better. Ms. Presley’s plight also argues for money management as a required K-12 course, and for ALL students.