Although Lisa Marie Presley, the only child of the legendary Elvis Presley, should have inherited a fortune, her net worth was estimated to be -$16 million at the time of her death in 2023. This surprising downturn in fortune was due to a series of financial troubles and bad investments, notably those managed by her former business manager, Barry Siegel. Despite these setbacks, Lisa Marie maintained her father’s legacy, managing Graceland, the world’s largest Elvis museum, and creating her own music career.
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Summary of Lisa Marie Presley’s Net Worth
| Estimated Net Worth: | -$16 million |
|---|---|
| Primary Source of Wealth: | Elvis Presley’s estate and music career |
| Key Financial Troubles: | Bad investments and alleged mismanagement by former business manager |
| Current Beneficiary of Estate: | Riley Keough (daughter) |
Deeper Dive into Lisa Marie Presley’s Net Worth
Presley’s financial downfall can largely be attributed to a series of poor investments managed by her former business manager, Barry Siegel. According to Presley, Siegel squandered her fortune, leaving her with only $14,000 in 2018.
You are reading: Lisa Marie Presley Net Worth Plunges: Financial Troubles and Legacy Battles
Additionally, Presley alleged that Siegel was using her funds to pay himself an average annual salary of $701,000, contributing to her financial decline. However, Siegel countersued, claiming Presley’s uncontrollable spending habits were to blame for her financial woes.
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https://t.co/BUKK6oHnjp— Lisa Marie Presley (@LisaPresley) August 31, 2022
The Lawsuit Against Barry Siegel
Presley filed a lawsuit against Siegel and his company, Provident Financial Management, accusing them of reckless and negligent management of her funds.
Siegel countered the claims with a lawsuit of his own, seeking $800,000 in damages from Presley. The case was ongoing at the time of Presley’s death.
Presley’s Earnings from Music and Graceland
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Aside from her father’s estate, Presley also earned money from her music career and management of Graceland. Her three albums, Now What, Storm & Grace, and To Whom It May Concern, were financially successful.
As for Graceland, it brought in significant revenue as a tourist attraction and Elvis museum.
Dispute Over Lisa Marie Presley’s Trust
After Lisa Marie’s death, her mother Priscilla contested her will, claiming she was never notified of a 2016 amendment that replaced her and Barry Siegel as co-trustees with Lisa Marie’s children.
The results of this legal dispute have not yet been determined.
Inheritance of Lisa Marie Presley’s Estate
Following Lisa Marie’s death, her oldest daughter, Riley Keough, was named the beneficiary of her estate. This includes the Promenade Trust, which holds Graceland, the primary asset of Lisa Marie’s estate.
Impact of Lisa Marie Presley’s Financial Troubles
Presley’s financial troubles had a significant impact on her life, leading to legal battles and public scrutiny. However, she continued to contribute to her father’s legacy and her own music career, demonstrating resilience in the face of adversity.
Conclusion
In conclusion, Lisa Marie Presley’s net worth was significantly less than expected due to a series of financial missteps and alleged mismanagement. Despite these challenges, she continued to uphold her father’s legacy and make her mark in the music world.
FAQ
1. What was Lisa Marie Presley’s net worth at the time of her death?
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At the time of her death in 2023, Lisa Marie Presley’s net worth was estimated to be -$16 million.
2. Who was responsible for managing Lisa Marie Presley’s finances?
Presley’s finances were managed by her former business manager, Barry Siegel, whom she later sued for alleged mismanagement and negligence.
3. What were Lisa Marie Presley’s sources of income?
Presley’s income came from her father’s estate, her music career, and her management of Graceland, the world’s largest Elvis museum.
4. Who inherited Lisa Marie Presley’s estate?
Presley’s oldest daughter, Riley Keough, was named the beneficiary of her estate after her death.
5. Did Priscilla Presley dispute Lisa Marie’s will?
Yes, Priscilla Presley contested her daughter’s will, claiming she was not notified of a 2016 amendment to the trust. The results of this dispute have not yet been determined.
Source: https://predictgov.com
Category: Net Worth
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