Lisa Marie Presley Had a Million Dollar Debt with IRS at the time of her Tragic Passing

She was spending $92K a month at the time of her passing.

The singer also owed more than $1 million in taxes after she wasted her father’s $100 million fortune.

“Presley, who died at 54 on Thursday from cardiac arrest, was bringing in more than $100,000 a month from her father’s estate and businesses. She brought in roughly $4,400 a month from the Graceland estate and $104,000 a month from Elvis Presley Enterprise,” Daily Mail reported.

In new legal documents obtained by The Blasts in November 2022, the Storm and Grace singer had to disclose her finances amid a dirty legal battle against her fourth husband, Michael Lockwood.

“Lisa Marie Presley fired back at his demand for attorney’s fees and other costs but had to show what she brings in each month. Presley says she makes $4,361 a month as an employee of her late father, Elvis Presley’s famous home ‘Graceland’ in Memphis, Tennesse.  Plus, she rakes in over $104,000 a month from “Elvis Presley Enterprises.”

According to The Blast, “Interestingly, the document states her cash assets are only $95,266, and stocks, bonds, and other assets equal $714,775.  Unfortunately, her estimated fair market value minus the debts she owes on her property is in the red — almost $-4,000,000!  Presley’s expenses are huge, including $23,500 for rent each month, and she has over $92,000 in total monthly expenses.”

Lockwood, 61, demanded his ex-wife pay $40,000 a month in child support and insisted she had more money in her accounts than she claimed in the court.

“Presley, in turn, said she was at one point $ 16 million in debt, following disastrous business deals made by her business manager Barry Siegel.”

Lisa sued Barry Siegel in 2018 for mismanaging her finances. In return, Siegel countersued the musician and alleged that she herself was responsible for squandering her inheritance.

“According to the documents, Presley at the time owed more than $ 10 million in taxes from 2012 to 2017 and had defaulted on her debt of more than $ 6 million from her United Kingdom home,” per Daily Mail.

“She also owed $263,050 in professional frees, $47,844 in credit card debt, and an estimate of $250,000 in miscellaneous unpaid bills.”

The singer revealed her financial struggles and million-dollar debt in court documents when Lockwood demanded her to pay child support money.

The former couple shared two twin girls together – harper and Finley.

In 2003, the So Lovely singer took control of her father’s Elvis Presley Enterprises and hired Barry Siegel to manage the money.

“Siegel, senior managing director of Provident Financial Management and a prominent entertainment business manager, counted Al Pacino, Elijah Wood, Pulitzer Prize-winning playwright David Mamet, and Frankie Valli and the Four Seasons as his clients.” 

Two years later, the business manager sold off nearly 85% of her share in the business and that’s when the downfall began.

“Lisa Marie lost control of her father’s name and image rights,” according to Daily Mail.

“Siegel said the deal ‘cleared up over $ 20 million in debts that Lisa had incurred and netted her over $ 40 million cash and a multi-million dollar income stream.”

Share Your Thoughts:

What are your thoughts on this latest update regarding Lisa Marie’s financial debt? Let us know in the comments.

Sources: Daily MailThe Blast

1 comment
  1. Why is her debt anyone’s business but her family’s..they have just lost there lovef one this should not be sold over fb .it’s disrespectful and low

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