Lisa Marie Presley claims she’s $16 million in debt amid divorce proceedings
The news has been brought to light as Lisa Marie's ex-husband Michael Lockwood, is demanding that she pay $450K for his attorney fees.
Lisa Marie Presley has claimed that she’s $16million in debt in recent court papers. According to a report by People magazine, court documents relating to Presley’s ongoing divorce from Michael Lockwood revealed that Elvis’ daughter owes debts in a number of areas, including income taxes, a defaulted mortgage and credit card bills.
Another report by TMZ claims that Presley has a house in the UK which she has been trying to sell because she has defaulted on the mortgage. The legal filing states that because of this that is another $6 million owed.
Justin Stiegemeyer, Presley’s current business manager who is responsible for “day-to-day finances and paying all of her bills,” revealed in the court documents that the 50-year-old Presley had first learned of her debt while her old business manager Provident Financial Management was handling her finances.
Stiegemeyer went on to claim that Presley "had not been provided with proper accountings or notices or been kept abreast of her finances" by her former business manager and that at the time they were fired, Presley had "total liquid assets of less than $20,000."
Stiegemeyer said that Presley paid off one of three "outstanding American Express cards each totaling approximately $300,000" in October 2017 and that she made the final payment on a "Citicard credit card with a balance due of $111,083" in January of this year. Presley’s business manager went on to state that she hopes to begin making payments towards her income tax debt "once we have paid off the credit cards and various legal fee debts and obligations."
All this has been brought to light as her estranged husband Michael Lockwood, 56, is demanding that she pay $450K for his attorney's fees. Lisa Marie filed for divorce in June 2016 after 10 years of marriage. This is Presley’s fourth divorce as she was previously married to Danny Keough, Michael Jackson, and Nicolas Cage.
According to The Wrap, she has already paid five installments from March until July of $10,000 to pay for his legal expenses - which was court ordered. According to a post-nuptial agreement that the couple signed in 2007, neither party, in the event of a divorce, will lay claim to the other person's assets.
One month after Lockwood's request, Lisa Marie claimed that he 'was discovered to have hundreds of inappropriate photos' allegedly on his computer and facing 'allegations of sexual abuse and neglect.’ Meanwhile, his lawyers have denied all of the allegations.
According to People, Lisa Marie, who is Elvis’ only daughter, states she currently receives a monthly salary of $4,361 from her father Elvis Presley‘s estate, as well as $100,000 in dividends and interest from investments.
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