Apparently, it’s not so good to be the King’s daughter — from a financial standpoint, anyway.
Court papers filed Wednesday say that Lisa Marie Presley, the daughter of deceased music legend Elvis Presley, is in debt more than $16 million.
The papers list her total debt at $16,752, 081. The majority of that burden relates to tax debt, which totals just over $10 million, and debt related to a house she bought in the UK, amounting to the $6 million range.
The papers cite: “Massive debts and tax obligations incurred by prior business manager, and restructuring and repaying of those debts.”
According to the papers, she bought the UK home, Coes Hall, in 2010. The loan had a five-year balloon payment with the entire loan being due in December 2015, which “proved to be a disastrous decision.”
On the plus side for Presley, the papers say she draws a $4,361 gross monthly income from Graceland. The papers also list $100,000 in interest and dividends as of Jan. 31 of this year.
The papers were filed in relation to her divorce from Michael Lockwood. According to the papers, Lockwood is seeking $460,000 in attorney’s fees and costs. Presley is asking that she pay no more than $40,000.
The couple, who married in 2006, have twin daughters together.
Pamela Chelin contributed to this report.
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