When anyone hears the Presley name, the thoughts that come to mind are Elvis, Graceland, and the millions of dollars he earned throughout his successful career. With the untimely death of Lisa Marie Presley on Thursday, Jan. 12, the estate she leaves behind is coming under scrutiny because she reportedly lost the massive inheritance her father left behind.
It was a series of catastrophic financial events that led Lisa Marie to this point. Her mother, Priscilla Presley, turned Elvis’ $5 million fortune, his net worth at the time of death, into a $100 million windfall after turning Graceland into a visitor attraction and founding Elvis Presley Enterprises for merchandise and licensing deals. Lisa Marie was given control of her trust in 1993 at the age of 25 — an enormous responsibility for a young adult, but one that was probably too much, too soon for her.
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She hired money manager Barry Siegel two years later to help her manage her funds. Unfortunately, he made a series of bad business moves, including selling off 85 percent of her ownership in Elvis Presley Enterprises in 2005. She no longer had control of Elvis’ image and she eventually found herself in debt to the tune of $16 million, according to the Daily Mail. In addition, her contentious divorce from musician Michael Lockwood has yet to be settled after he disputed their $4,600 per month child support payment.
While Graceland is likely going to go to oldest daughter Riley Keough, 33, and Lisa Marie’s 14-year-old twins Harper Vivienne and Finley, her estate will take a long time to sort out. The Elvis fortune is gone forever, but his legacy will live on.
Before you go, click here to see inside the famous Presley family.
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