That daughter is Lisa Marie Presley, who also happens to be the sole heir to her father's estate. She’s gone on to become a singer and songwriter in her own right, but has a career in music taken her far financially? Here's where her net worth stands today.
What is Lisa Marie Presley’s net worth? She has a reported debt of more than $16 million.
Things aren’t looking too good for Lisa Marie in terms of her financial situation. According to People, she’s worth less than zero, with a reported debt of more than $16 million. But as the only heir to Elvis Presley's estate, how can this be true?
Lisa Marie was only 9 years old when her father passed away in 1977. At the time of his death, his estate was worth $5 million.
If you think Elvis should have been worth more than that, you'd be right. Over the course of the more than two decades, Elvis worked with a manager named Colonel Tom Parker, who reportedly pocketed around 50 percent of Elvis's earnings. (Most managers typically make between 10 and 20 percent.) While Priscella later said that Elvis was happy to pay this amount to Parker, others claimed he was swindled by a con man.
In 1979, Priscilla Presley took over as executor of Elvis's estate, which involved keeping up with maintenance and paying taxes on his Graceland mansion — to the tune of around $1 million per year.
However, in 1982, Priscilla turned Graceland into a museum and opened it to the public. The attraction was such a massive hit that she was able to catch up on all owed expenses and debts after just four days of business. At one point, the estate rose to be worth $100 million.
Once Lisa Marie reached the age of 25 in 1993, she inherited the estate. However, keeping up with it proved to be just as tricky as it originally was for her mom. Per Today, the estate owed $25 million in debts by 2004. The following year, Lisa Marie agreed to sell 85 percent of the business-side of the company, while she retained the 15 percent that included Graceland mansion and the possessions within it. The sale absolved her of the debts owed by the estate and paid her $53 million in cash.
Lisa Marie Presley
Singer and songwriter
Net worth: -$16 million
Lisa Marie Presley is a singer-songwriter and the only daughter of Elvis Presley.
Birth name: Lisa Marie Presley
Birthday: February 1, 1968
Birthplace: Memphis, Tennessee, U.S.
Spouse: Danny Keough (m. 1988; div. 1994); Michael Jackson (m. 1994; div. 1996); Nicolas Cage (m. 2002; div. 2004); Michael Lockwood (m. 2006; div. 2021)
Unfortunately, that cash didn't seem to stick around for long. In 2018, a debt of $16.7 million was revealed during Lisa Marie's divorce battle with Michael Lockwood. According to her then-business manager, who spoke with People, Lisa Marie's previous business manager had majorly mishandled her finances, leading her to have unpaid income taxes, a defaulted mortgage, and massive credit bills.
Lisa Marie "had not been provided with proper accountings or notices or been kept abreast of her finances," he said, adding that by the time she fired her previous business manager, she had less than $20,000 in liquid assets.
Lisa Marie claimed in court documents that she "receives a monthly salary of $4,361 from her father Elvis Presley's estate, as well as $100,000 in dividends and interest from investments." While an income of around $1.25 million per year may seem like a lot, it's still going to take a significant amount of time to pay off all that debt.
What's more, it doesn't look like Lisa Marie’s music career is likely bringing in much money. Her most recent album was released all the way back in 2012, and she currently only has 10,700 subscribers on YouTube. It’s unclear if she intends to continue releasing new music as a money-making venture in the future.