You would think that being Elvis’ daughter would come with very definite benefits and financial security. Unfortunately, this is not the case with Lisa Marie Presley, the daughter of Elvis, 49 years old. She is currently engaged in a bitter divorce battle with her ex-husband Michael Lockwood. The divorce proceedings have opened a Pandora’s box over Lisa’s finances and the situation is grim.
Lisa Marie receives a monthly income of approximately $ 100,000 from her inheritance. According to Elvis’ daughter, her manager did not pay taxes for her and as a result she owes the IRS $ 1.5 million and the UK government $ 5 million. She also owes $ 250,000 in state taxes as well as other debts of several hundred thousand dollars.
Lisa Marie alleges that her ex spent over a million dollars of her money without her consent. Lisa claims that when she confronted him, he admitted that he had accumulated this amount on his personal credit cards.
On the other side of the divorce proceedings, Lockwood, who seeks spousal support, alleges that Lisa Marie wasted her fortune on drugs and alcohol. According to Radar, Lockwood should use her addiction issues against her. Presley spent time in rehab last summer.
The couple are fighting over custody of their 8-year-old twins Harper and Finley.
Lisa is technically an employee of Graceland and as such receives a salary of $ 4,300 per month in addition to her inheritance. Her salary at Graceland covers health insurance for herself, Michael and their daughters. She claims to have tried to save money in the past 18 months since she has not taken any vacations, taken a plane or traveled nowhere. She doesn’t even pay rent or mortgage as she lives with her adult daughter Riley Keough and her family.
Buckle your belt; it’s gonna be a tough journey through these celebrity divorce proceedings.
Lisa was 9 years old when her father passed away. After years of overspending and financial mismanagement, the estate was only worth $ 5 million back then ($ 14 million today). Elvis left joint control of the estate to Lisa, her grandfather Vernon and her great-grandmother Minnie Mae. Vernon died in 1979 and Minnie Mae died a year later. At this point, 12-year-old Lisa became the sole heir to Elvis’ estate and trust fund. At the time, the estate was worth an estimated value of $ 100 million, roughly $ 295 million in today’s dollars. Under the terms of the trust, Lisa officially inherited her father’s estate in 1993, on her 25th birthday. In February 2005, Lisa sold 85% of the property, including Graceland itself and all the property it contained, to intellectual property company Core Media Group, for approximately $ 100 million. The deal allowed him to pay $ 53 million in cash and absolve $ 25 million in debts incurred by the estate. She also received $ 20 million of equity in Core Media Group (which at the time was called CKX Inc.).