Lisa Marie Presley’s death at age 54 has left unresolved legal battles over her finances and questions about how she managed to lose the $100 million fortune her father left her.
Presley, whose death was confirmed by her mother Priscilla on Thursday, was still fighting her fourth and final husband, Michael Lockwood, when she died.
Lockwood, father of her twin daughters Vivien and Finley, was demanding $40,000 a month in child support and insisted she had more money than she claimed in court documents.
Presley, in turn, said she was at one point $16 million in debt following disastrous business deals by her CEO, Barry Siegel.
She sued him in 2018, accusing him of abusing her inheritance.
Lisa Marie Presley was Elvis’ only child and died in 1977 at the age of nine. On her 25th birthday, he left her his entire fortune
Lisa Marie Presley can be seen at the Golden Globes on Monday night
Presley was married to actors Danny Keough, Michael Jackson and Nicholas Cage before Lockwood, but she is not believed to have benefited financially from her marriages to the King of Pop and Oscar winner.
As Elvis’ only child, his entire estate was left to her in his will when he died in 1977 at the age of 42.
She took control of the Trust in 1993 at the age of 25.
At the time of his death, Elvis was only worth $5 million, but Priscilla deftly turned Graceland into a tourist attraction and founded Elvis Presley Enterprises to capitalize on his image and huge following.
When Lisa Marie took over the reins, the fund was worth a whopping $100 million.
Graceland, home of Elvis Presley where Lisa Marie was born. The Memphis, Tennessee property became a profitable tourist attraction
In 1995, she hired Barry Siegel to manage the money.
Siegel, senior managing director of Provident Financial Management and a prominent executive in the entertainment industry, has counted among his clients Al Pacino, Elijah Wood, Pulitzer Prize-winning playwright David Mamet, and Frankie Valli and the Four Seasons.
But in 2005, Siegel sold 85 percent of her stake in Elvis Presley Enterprises, losing control of her father’s name and image rights.
Siegel said the deal “settled over $20 million in debt Lisa incurred and left her over $40 million in cash and a multi-million dollar income stream.”
Presley said she lost her millions thanks to a subsequent investment in Core Entertainment, the company behind American Idol, which went bankrupt in 2016.
He then allegedly began liquidating Presley’s assets to supplement her trust income.
She also claimed his business decisions left her with $500,000 in credit card debt.
Presley divorced her fourth husband, Michael Lockwood, in 2016, and in their divorce filing she claimed she owed $16 million — which Lockwood said was not true.
In 2018, she sued Siegel, accusing him of mismanaging her finances.
Siegel and his firm, Providence Financial Management, countered, claiming that Presley’s “runaway spending” led to their financial predicament.
Leon Gladstone, a lawyer representing Barry Siegel, said at the time: “It is clear that Lisa Marie is going through a difficult time in her life and is trying to blame others rather than accept responsibility for her actions.”
https://www.dailymail.co.uk/news/article-11630219/Lisa-Marie-Presley-dead-Elviss-child-went-100m-inheritance-16m-debt.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Lisa Marie Presley Dead: How Elvis’ Only Child Went From $100M Inheritance To $16M In Debt