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Lisa Marie Presley: the lacking thousands and thousands of her legacy

The King’s daughter leaves little to her three daughters after her loss of life, regardless of the 100 million she acquired in her youth.

By Marc Fourny

Lisa Marie Presley, Priscilla Presley and Riley Keough in June 2022.
Lisa Marie Presley, Priscilla Presley and Riley Keough in June 2022.

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To the opening of their mom’s will, the daughters of Lisa Marie Presley know what to anticipate: there’s not a lot left within the drawers, as confirmed by the figures not too long ago revealed within the DailyMail. Three months earlier than her loss of life, the King’s daughter had about $95,000 in her checking accounts and $700,000 in shares and bonds. However she nonetheless owed 1,000,000 {dollars} to the American tax authorities…

Nonetheless, the Elvis Presley model is doing effectively: it brings in practically $40 million every year. However the beneficiaries will solely obtain a small a part of it, the fault of dangerous luck, dangerous advisers and the dangerous selections of an heiress who didn’t know the best way to make a legacy that reached 100 million {dollars} bear fruit within the Nineties. To not point out the vagaries of his non-public life, medicine and excesses, which under no circumstances facilitated the preservation of the household hoard.

READ ALSOElvis Presley: a money machine of 30 million {dollars} every year

When Elvis disappeared in 1977, the accounts had been already nearly empty: lots of debt as a result of an insane way of life and the switch of most musical rights to RCA, which might be recovered by Sony. Solely stays the residence of Graceland, in Memphis, valued at 5 million {dollars} on the time, however whose upkeep value is staggering. Priscilla Presley, the King’s ex-wife, is just not discouraged: as executor, she creates EPE (Elvis Presley Enterprises) to take advantage of the villa, reworked right into a museum, picture rights and hits that escaped RCA. Supported by monetary professionals, she manages to construct an actual nugget: when her daughter Lisa Marie inherits within the early Nineties, EPE is valued at 100 million {dollars}.

However ten years later, the King’s daughter was pressured to promote: in debt and badly suggested, she bought 85% of the corporate to an American firm, which then bought it to the ABG group (Genuine Manufacturers Group), which notably manages the rights round Marilyn Monroe and Mohamed Ali. In 2018, Lisa Marie, nearly ruined, sued her adviser on the time, Barry Siegel, accusing him of embezzlement and lies about the actual monetary state of affairs of her heritage. Which responds by denouncing its personal administration errors, its unreasonable way of life and its extreme spending – we found specifically $ 500,000 in bank card debt.

$90,000 spent per thirty days

In line with CBS, Lisa Marie primarily lived off the well-known 15% EPE she nonetheless owned and which earned her round $100,000 a month. Sufficient to simply cowl her bills estimated at 90,000 {dollars} a month, together with hire of 23,500 {dollars}… To not point out the money owed: throughout the lengthy divorce proceedings with the musician Michael Lockwood, began in 2016, she declared a complete of 16 thousands and thousands of money owed within the paperwork offered to the courts – her ex suspected her of intentionally rising the invoice to keep away from paying him a pension.

READ ALSOThe tragic destiny of Lisa Marie Presley

Immediately, his three daughters will primarily inherit his shares in EPE, which notably manages the Graceland museum villa in Tennessee. Sufficient to assist finance the research of the final two, the twins Finley and Harper, 14, whom she had with Michael Lockwood. The battle round their custody would have already began between their father and their grandmother Priscilla, who want to handle it. Additionally stays the eldest daughter of the heiress, Riley Keough, 33, the fruit of her first marriage to musician Danny Keough, who additionally want to have custody rights, for having raised the twins partially.

In brief, a good looking confusion in perspective in response to the TMZ web site, understanding that it’ll even be essential to search out an association with the tax authorities to settle the taxes… Within the meantime, Lisa Marie Presley will likely be buried on January 22 at Graceland alongside her father and his son Benjamin, who dedicated suicide in 2020 on the age of 27. A tragedy from which she had by no means recovered.

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