A series of bad business deals squandered Lisa Marie Presley’s hefty inheritance over time. After her father’s death in 1977, she became the sole heir to the Elvis Presley Trust, per AP News. Although Elvis was reportedly worth $5 million when he died, his widow, Priscilla Presley, magnified that sum by turning his Graceland estate into a tourist attraction and establishing Elvis Presley Enterprises — all under the purview of his Trust, per the Daily Mail. When Lisa Marie took control of the Trust at age 25, it was worth $100 million.
However, in 2005, business manager Barry Siegel sold 85% of Lisa Marie’s share in Elvis Presley Enterprises, surrendering her control over Elvis’ name and image rights. Siegel, per the outlet, claimed that the move “cleared up over $20 million in debts that Lisa had incurred” as well as earning her $40 million in cash. The singer-songwriter, however, countered that it ended up costing her millions — due to an ill-advised investment in Core Entertainment, a production company that went bankrupt in 2016. Lisa Marie sued Siegel in 2018, accusing him of mismanaging her inheritance.
When Lisa Marie divorced her fourth husband, Michael Lockwood, in 2016, divorce documents revealed the rocker to be reportedly $16 million in debt, although Lockwood contested this claim. At the time of her death, Lockwood was still seeking $40,000 a month in child support for their twin daughters, Harper Vivienne and Finley.
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Nicki
