What is Lisa Marie Presley's net worth? Elvis's daughter's million-dollar tax debt revealed amid divorce
Lisa Marie Presley is back in court with her ex-husband Michael Lockwood who dragged her again in hopes of receiving child support. She was previously exempted from the same due to her finances but Michael, who divorced Lisa in 2016, now claims that she is flooded with cash because of the upcoming 'Elvis' biopic. The latest documents filed by Lisa Presley revealed her financial situation which showed her massive tax debts. Lisa signed the schedule of assets and debt on September 2, 2021.
According to the documents retrieved by Radar, Lisa explained that she had no real estate and listed various jewelry with an unknown value. She revealed that she had $300 in cash and $880k in a 401(k) from Graceland. Coming to taxes owed, it seemed like her financial situation has improved in the past few years. Back in 2018, she owed $10 million in back taxes and $6 million to several creditors. Now, Elvis' daughter listed $1,011,239 to the Internal Revenue Service (IRS), $50,000 to the state of California (2017-2019), and $625,000 for taxes to New York State (2015-2019).
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Apart from this, she also owes $33,661 on her American Express and $150,000 owed in various debts. The amount totals up to $2 million and even though it might seem better than before, it's still a hefty amount to pay off. To make matters a bit more stringent, she already owes $200,000 to her lawyers, $2,000 to Maserati, $23,000 to Fidelity 401k, a whopping $1.38 million to Barclays Bank, and another $2 million to Elvis Presley Enterprises for advances she received. In a nutshell, the filing listed her total debt as $6.3 million.
What is Lisa Marie Presley's net worth?
According to Celebrity Net Worth, Lisa's net worth is currently -$16 million which is a reflection of various financial issues related to the Presley estate which she inherited at the young age of 25. Best known for being Elvis Presley's daughter, she is also an acclaimed singer-songwriter who was once married to Michael Jackson. She released her debut album 'To Whom It May Concern' in 2003 and then 'Now What' in 2005. Both the albums did certainly well. Apart from solo projects, she has also collaborated with some A-listers like Kylie Minogue, Michael Buble, and Coldplay.
Lisa Marie's 'crumbling' financial crisis
The legendary King of Rock n Roll died when Lisa was just 9 and left his estate which was worth $5 million ($14 million in today's money) to his only daughter. However, the estate was handled by her mother Priscilla as Lisa was too young. Soon enough, Priscilla realized that Lisa's inheritance had simmered down to just $1 million after all the expenses. She took the bold step of converting the estate into a museum called Graceland which soon converted into a $100 million estate, $295 million in today's money.
However, everything came crumbling down when Lisa took over and appointed Barry Seigel to manage the funds. Seigel ended up selling 85 percent of EPE, i.e., Elvis Presley Enterprises, which managed all of Elvis' image rights and royalties. The EPE was estimated to be around $100 million but the deal only brought $40 million into Lisa's pocket with $25 million worth of stocks in the future holding company of American Idol. While it may sound good, the problem escalated when her money dried up between the time of 2005 and 2015, thanks to her excessive spending and highly poor management of funds by Seigel. The court has now ordered Lisa Marie Presley to pay $4,500 per month to Michael Lockwood until trial next year.