What was Lisa Marie Presley's net worth? Late singer spent $92K a month despite owing IRS $1 million
CALABASAS, CALIFORNIA: A month before Lisa Marie Presley's death, she had reportedly been spending over $92,000 a month despite her owing $1 million to the IRS after she squandered the $100 million fortune she inherited from her father. The singer died at her Calabasas home on Thursday, January 12 suffering from a "full cardiac arrest."
From Elvis Presley's estate and businesses, Lisa Marie earned more than $100, 000 a month. From the Graceland estate, in a month she brought in roughly $4, 400 and from the Elvis Presley Enterprise she receives $104,000 a month. Elvis's only daughter was spending more than $92,000 a month which include $23,500 in rent and $1078 for a Maserati sports car, as per The Blast report in November 2022, who obtained the legal documents. In terms of her assets, she declared to have $95,266 in cash and she has $714,775 in stocks and bonds. However, the singer owes the IRS $1 million. According to the document, Presley's estimated worth is $4 million.
Presley's assets, businesses, and debts
The legal documents and their information were revealed during the divorce proceedings between her and her ex-husband Michael Lockwood. Insisting that Presley had more money than she claimed in the legal court documents, Lockwood sought $40,000 a month in child support. He is the father of her twin daughters Harper Vivienne and Finley. The singer revealed the struggles she had faced financially while she responded to Lockwood requesting her to pay part of his attorney fees of $450,000.
Following a flopped business deal by her business manager Barry Siegel whom she sued in 2018, she was in a debt of $16 million at one point. However, Presley was countersued by Siegel and his company Providence Financial Management, alleging her 'out-of-control spending' that resulted in her financial predicament, according to the Daily Mail. In taxes, from 2012 to 2017, the singer owed more than $10 million, as per the documents.
When Elvis died at the age of 42 in 1997, Presley was left with his entire estate which was worth $5 million at the time, and at the age of 25 in 1993, his daughter took control of the trust. The Graceland estate's worth escalated when Elvis' wife Priscilla turned the estate into a tourist attraction. Capitalizing on the 'King of Rock and Rolls' popularity and his fandom, she set up the Elvis Presley Enterprises. The fund was worth $100 million at the time Elvis' daughter took up the assets.
In 2005, Siegel, who is also a prominent entertainment business manager, sold off 85 percent of Presley's share in the enterprises which resulted in her losing control of rights to Elvis' name and image. As per the Daily Mail report, her business manager stated that the business deal helped clear over $20 million in debts the singer incurred and "netted her over $40 million cash and a multi-million dollar income stream." However, Presley previously claimed that Siegel's disastrous business deals and decisions left her with a credit card debt of $500,000.