Lisa Marie Presley, the sole child of Elvis Presley, died of cardiac arrest on Thursday, January 12. The housekeeper discovered her unresponsive in her bedroom and rushed her to the hospital. Even after being placed on life support, her death was tragically announced a few hours later.
There has been a spike in interest in Lisa Marie’s family and financial life since the news broke. Lisa Marie had been dealing with financial difficulties prior to her untimely death, and these difficulties were made clear during her divorce from musician Michael Lockwood.Take a look at what we know about the state of affairs just before Lisa Marie Presley’s death.
What Led To Lisa Marie Presley’s Meteoric Rise To Stardom?
Lisa Marie Presley is Elvis and Priscilla’s daughter. Lisa Marie was only 9 when Elvis died. She developed into a celebrity in her own right, a talented musician, and a spitting image of her famous father: To Whom It May Concern, her first album, was released in 2003. The song “Lights Out” is about her father’s death.
Lisa Marie’s personal life, including her marriages to Michael Jackson and Nicolas Cage, gained her fame as well. Her daughter Riley Keough, who she wed musician Danny Keough in 1988, has carried on the family’s fame for another generation.
Also Read The Reality Of Anna Kendrick’s Relationship With Her Boyfriend
How Much Did Lisa Marie Presley Make? Her Reported Debts Totaled Over $16 Million.
According to People, Lisa Marie had more than $16 million in debt, so her financial situation wasn’t looking good. But how can that be if I am Elvis Presley’s only living relative?
When Lisa Marie’s father passed away in 1977, she was only nine years old. His estate was worth $5 million when he passed away. You’d be right to think Elvis was worth more than that. Colonel Tom Parker was Elvis’ manager for more than two decades, and he reportedly took half of the singer’s earnings.
Most management salaries fall within a 10–20% range. Priscilla Presley, Elvis’s ex-wife, said that he was pleased to pay this sum to Parker, but critics said he was duped by a con artist.
An Account Of the Life of Lisa Marie Presley
On day one, she entered the world. She entered the world in 1968, in Memphis, Tennessee. Priscilla Presley was the inspiration for her name. She went through a rebranding process and became someone else. She was almost 40 years old when she began her music career.
In 2003, she released her debut album. In 2005, she released her second album. They were both successful, but not spectacularly so. Her third album, which featured no mention of her father’s name, was a smashing success and made her a household name.
She was Michael Jackson’s wife for four years. She ended her relationship with Michael Jackson because of his violent behaviour toward her.
Confused as to whether Lisa Marie Presley or Michael Jackson was the aggressor. Sadly, now that Michael Jackson is gone, we’ll never find out. Poor leadership led to her downfall. Inquire About How Much Money Little Baby Has.
Challenges With Money And Lisa Marie
Hundreds of millions of dollars were potentially available to her from his father’s estate. That settled the outstanding royalties for Elvis Presley’s albums. Before his untimely death, however, Elvis Presley established a trust. This faith meant that the trust’s management was delegated to an outside party.
The trust’s administrator decided to sell Lisa’s recordings and royalties to another party, and she did not receive a good price for them. She was spending more than she was making in 2005, despite the fact that her album was quite successful.
Ten years went by during which she made a sizable amount of money as a singer/songwriter without ever filing any tax returns. She ignored the idea of contributing anything toward tax obligations. In 2017, she received a notice from the Internal Revenue Service (IRS) ordering her to repay $20,000,000 in tax refunds. To the tune of $4,000,000, she was able to settle her tax liability.
Also Read How Old Was Pablo Picasso When He Died, Know All About him
Because of this, she has not yet recovered from a -10 million dollar deficit. We don’t know what she plans to do after bankruptcy would free her from this tax obligation.
Priscilla Presley became the executor of Elvis’s estate in 1979, a role that required her to spend roughly $1 million annually on Graceland’s upkeep and tax payments.
But in 1982, Priscilla transformed Graceland into a museum open to the general public. Due to the overwhelming success of the attraction, she was able to pay off all of her outstanding bills and obligations in just four days. The property’s value increased to over $100 million at one point.
