When you think of Lisa Marie Presley, you should think immediately of music and a name that is pretty recognizable. As the only child of the late singer, Elvis Presley, Lisa Marie has a current negative net worth of nearly $16 million based on her assets and the debt she has accumulated over her life.
Below are the different financial aspects that have affected her negatively and led her to have a negative net worth, despite being the only heir to the Graceland mansion.
Who is Lisa Marie Presley?
Memphis-born, Lisa Marie has worked to not only be known as the only child of Elvis Presley but have her own career in the music industry. She has not currently received the same success as her father, but to this date, she has released several albums and made strides within the industry. Presley has been married four times, with one of those marriages being to the late Michael Jackson. She is a mother to four children who stand to inherit Graceland behind her.
Understanding who Lisa Marie is gives you a foundation to begin understanding her current situation. The financial troubles of Lisa Marie Presley began long before she had the ability to manage this money and her habits of spending what she wanted to do not help the situation, leading her to a current negative net worth that has the potential to be flipped and generate a positive net worth for her own children in the future.
As the only child of Elvis, she is the only beneficiary of the Graceland home after his death in 1977. Graceland was already accumulating debt at that time, so her mother decided to turn a portion of it into a museum for visitors. This allowed the property to rise out of the growing debt and bring in a substantial income. When Lisa Marie reached her 25th birthday, she gained control of the estate and continued to keep it open on the same successful path.
However, Graceland continued to require extensive maintenance, taxes, and other fees that added up quickly, falling under the responsibility of Lisa Marie Presley. By early 2004, she was falling behind again and decided to sell a portion of Graceland as a way to beat the debt. Lisa Marie Presley was paid approximately $52 million for her portion of the business and used these funds to cover the debt accumulated with Graceland.
Songwriting and Music Career
All from the time Lisa Marie Presley was an adult until currently, she has had her own career in the music industry outside of her dad's legacy and any income generated by Graceland. It was no surprise that she would go into the industry, but her career did not grow to be as successful as her namesake. She has generated an income from this career, but it is not enough to cover the debts that she has accumulated from the Graceland estate and also more recently, her divorce.
Her last album which was released in 2012 is still generating some royalties and bringing in a form of income, but it is not a substantial amount to cover the lingering debt. She did generate a successful income in 2003 and 2005 with her first two albums, but she has not released anything more recent than the 2012 album. Her music career has also landed her the ability to record with other large artists on music collaborations throughout the years.
Divorce Costs and Money Management
During her fourth marriage to Michael Lockwood, there was a public battle where Lisa Marie was being held for a substantial debt along the lines of $16 million dollars. This was in 2018 and the debt ended up being an accumulation of poor money management. Like many celebrities, Lisa Marie Presley entrusted her funds to a financial advisor and business manager, and they were mishandled, causing substantial debt that she was responsible for and needed to pay.
This debt was discovered in 2018 and Lisa Marie has been working to satisfy this debt ever since. This negative net worth consists of different debt responsibilities such as unpaid income taxes for several years and high credit lines that were deemed to be her responsibility during the divorce decree. Once her divorce was final, it is estimated that outside of the 15 percent that she owns in Graceland, additional assets by Lisa Marie Presley only accounted for just over $20,000.
It was determined that her money managers leading up to her money drying up were making six-figure salaries, close to a million dollars each year, and the overall credit card debt that accumulated from Lisa Marie's spending habits was a half million dollars. It is rumored that her excessive spending habits have been a long-term issue, from previous relationships and business managers who have worked closely with Lisa Marie.
At the time that Lisa Marie was made aware of the outstanding debt that was growing in Graceland, she claimed she was not aware of the situation. Based on the salaries taken by these advisors and the damage that was done to the inheritance in a short period of time, it does appear that financial negligence happened with all parties that were involved when it comes to debt accumulation. It is ironic that Lisa Marie would fall to being manipulated by money management after the issues that her father experienced financially until his death.
Current Salary From Graceland
Lisa Marie does earn a salary from Graceland each year and disclosed this amount to be a little more than $4,000 monthly. In addition to receiving this salary, she also earned approximately $100,000 annually from investment dividends that have been in place since before her marriage and were not affected by the most recent divorce. These funds are what she is using to help pay down her debt and allow her to live.
Lisa Marie Presley has taken a few small acting roles, being in music videos and making cameo appearances. Her acting career is not as extensive as others, and there doesn't appear to be any push to have a long-term career in this part of the industry.
With an understanding of Lisa Marie Presley's negative net worth, it is safe to say that that number is slowly going down as Lisa Marie continues to pay off her debts and attempt to get her financial affairs in order. At this time, it is unclear if Lisa Marie will return to the mic and record another album in the future or where her new adventures lie beyond the Graceland salary that she is earning and the annual dividends.
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Written by Allen Lee
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