Elvis Presley’s daughter inherited an empire from the king of rock. Not just the 100 million dollars. Also Graceland. She took control of her father’s corporation in 1993, when she was 25 years old. Her decision to hire Barry Siegel as her manager was the start of a string of financial mistakes, she says. Daily Mail. This is the story of how to melt down a millionaire inheritance.
Lisa Marie Presley, passed away this Thursday, January 12, he was only 9 years old when his father passed away. A drama that she never got over. She became the heiress (along with her grandfather and her great-grandmother) to the unforgettable legend’s fortune, which was then valued at $5 million. It was the nose of her mother, Priscilla, that helped fatten her accounts. Presley’s widow saw a gold mine in Graceland, the property in Memphis (Tennessee) where she lived the rock star, and turned it into a sanctuary, into a fan pilgrimage theme park. It was inaugurated in 1982 and 40 years later it has received 20 million tourists and is one of the most visited destinations in the country.
The numbers grew to 100 million dollars. 2005 was the key year in Lisa Marie’s finances. Siegel sold 85% interest in the Elvis Presley Enterprises trust, including the rights to Elvis’s name and image. The economic debacle came when Lisa Marie began to melt her fortune (by then she had 40 million left). Ten years later, she had $14,000 in her account and presented her dismissal letter to her manager.
The black numbers became red: in 2018 he was $16 million in debt and filed a lawsuit against Siegel. Her divorces were also a source of problems.
At the age of 20, she married the musician Danny Keough, with whom she had two children, Riley and Benjamin, who took her own life at the age of 20. A tragedy that marked the artist and left her “destroyed”. In 2002, the singer walked down the aisle with the actor Nicolas Cage, from whom she divorced only three months later. In 2006, she married producer Michael Lockwood, father of her twin daughters Harper and Finley. Lockwood sued her for $40,000 in child support. Elvis’s daughter lived a life marked by Scientology and her addiction to opioids, which she apparently had overcome years before.