Lisa Marie Presley Was Reportedly Spending More Than $92,000 Per Month and May Have Been Worth Only $4 Million Before Her Death
She had less than $100k in the bank.
Lisa Marie Presley's financial woes were no secret—the daughter of Elvis Presley was reportedly $16 million in debt at one point, suing her business manager Barry Siegel in 2018 for alleged mismanaging of her inheritance. Siegel countersued, saying Presley's out-of-control spending was the issue, and now new reports suggest Presley was spending more than $92,000 per month before her tragic and untimely passing. Here's why she may have been worth only $4 million before her death.
Legal documents obtained by The Blast show Presley was spending upwards of $92,000 a month. This included $23,500 in rent payments and $1,078 for her Maserati payments. She also had $95,266 in cash assets and $714,775 invested in stocks and bonds.
Presley reportedly owed $1.8 million to the IRS, according to court documents filed in Los Angeles Court as part of divorce proceedings between Presley and her fourth husband, Michael Lockwood, the father of twins Finlay and Harper.
Eleven years after inheriting her father's estate, Presley sold 85% of it to Robert F.X. Sillerman for a reported $100 million. She accused business manager Barry Siegel of squandering the money, leaving her with just $14,000. Siegel countersued the singer, accusing her of overspending.
Siegel released a statement at the time, saying: "It's clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions. The 2005 deal she is complaining about now cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million-dollar income stream, most of which she managed to squander in the ensuing years."
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Presley left Graceland to daughter Riley Keough and twins Finlay and Harper. Elvis was worth just $5 million when he died, but Presley set up Elvis Presley Enterprises and made Graceland a profitable tourist attraction.