LISA MARIE’S LEGACY OF FINANCIAL RUIN!
Squandered Elvis’ fabulous fortune & left just scraps for her three kids
POOR little rich girl Lisa Marie Presley inherited a staggering $100 million from superstar dad Elvis — but blew it — and was nearly broke, owing $1 million to the taxman when she tragically died at age 54.
While she pocketed $104,000 a month from her 15 percent stake in
Elvis Presley Enterprises and $4,361 monthly salary as an employee of Graceland, Elvis’ Memphis home-museum, Lisa Marie claimed in court papers her income was mostly eaten up by $92,000 in monthly expenses, including $23,500 in rent and $1,708 for her Maserati sports car.
However, Elvis’ only child was the sole owner of Graceland, which is estimated to be worth more than $10 million! Her three daughters, Riley Keough, 33, and 14-year-old twins, Harper and Finley Lockwood, will inherit the home where Lisa Marie will be buried next to her father and son, Ben Keough, who committed suicide in 2020.
As GLOBE previously reported, the wannabe singer-songwriter — whose four failed marriages included a 107-day stint with actor Nicolas Cage and two years with Michael Jackson — squandered her fortune on bad business deals, British mansions and partying on booze, painkillers and cocaine.
In November, just months before her Jan. 12 cardiac arrest death in California, Lisa Marie revealed the alarming state of her finances in a filing in her custody battle with her twins’ baby daddy, Michael Lockwood, her fourth and final ex-hubby.
Documents reveal she had $95,266 in cash and $714,775 in stocks, far less than the $1 million she owed the IRS. However, Lockwood, who received $6,200 a month in child support, frequently accused his ex of hiding her real income. But her finances were a ruin.
Following Elvis’ death at age 42 in 1977, Lisa Marie, with the help of mom Priscilla,
sued his shady manager, Col. Tom Parker, and then rebuilt the singer’s financial empire to where it was worth more than $100 million. Lisa Marie sold off 85 percent of her stake in Elvis Presley Enterprises in 2005, but later sued her financial manager, Barry Siegel, charging he lost her money in “reckless and negligent mismanagement.”
However, Siegel claimed the sale of her stake enabled her to settle a whopping “$20 million in debts Lisa Marie had incurred.”
He added the deal also “netted her over $40 million cash and a multimillion-dollar income stream, most of which she managed to squander.”
But now insiders are bracing for a bitter brawl over what’s left!