Lisa Marie Presley is the only child of Elvis Presley; as such, she is the heir to the Presley fortune -- or at least what's left of it.
To say that Lisa is in a financially difficult time would be an understatement.
Lisa Marie Presley's financial woes are well-documented and are never more apparent than in celebritynetworth.com's reporting of her net worth to be in the negative 13 million!
But how does the daughter of one of the most iconic pop-culture sensations end neck-deep in debt? There are a variety of reasons, actually, all of which we will look into in this article!
Lisa Marie Presley is the only daughter born to Elvis Presley and Priscilla Presley. The sole heir to the Presley fortune, not only did Lisa inherit her father's wealth, but she also inherited a curse: the curse of being born in the shadow of a legend!
Lisa would escape from the looming shadow of her father and venture into her own musical career. She found success and, to date, has released three studio albums: To Whom It May Concern (2003), Now What (2005), and Storm & Grace (2012).
Pop culture legend Elvis Presley died suddenly on August 16, 1977, after years of prescription pill overuse, leaving behind what was left of his wealth to his father, Vernon Presley, his grandmother, Minnie Mae Presley, and his then-nine-year-old daughter, Lisa.
When both Vernon and Minnie passed away, Lisa became the sole beneficiary of Elvis' trust fund, the centrepiece of which was his Graceland mansion. His will stipulated that the estate would be inherited by Lisa once she turned 25.
Lisa Marie seemed set for life... if only Elvis hadn't burned through his savings. At the time of his death, Elvis' wealth was estimated at a measly $5 million.
When the IRS came knocking, they found instances of tax dodging and imposed a $10 million estate tax on the already near-bankrupt estate. With Elvis' death and no royalties to speak of, the mansion looked to be seized, but fortunately, Lisa's mother, Priscilla, stepped in.
A shrewd businesswoman, Priscilla assumed primary management of the estate as one of the executors. She established the Elvis Presley Enterprises to manage royalties and turned the Graceland estate into a tourist attraction.
Courtesy of the royalties, merchandising, and the revenue generated by the estate, Priscilla was able to turn a monumental profit and in the most opportune moment.
Just as Lisa turned 25, the value of the Elvis Estate had risen to $100 million, the sole beneficiary of whom became Lisa.
Things looked to be turning up for the 25-year-old Lisa, but she entrusted the assets over to her business manager, Barry Siegel.
Two years into his tenure as Lisa's business manager, Barry Siegel sold 85% of Lisa's stake in Elvis Presley Enterprises and squandering the proceeds on a bad investment.
The ten years between 2005 and 2015, Lisa states that Barry squandered over $100 million and left Lisa with $14,000 in-hand and a whole lot of debt to be paid.
That was the crux of the lawsuit that she filed against Barry in 2018. Barry went on to countersue Lisa and blamed her penchant for exorbitant spending and living life beyond her means as the reason for her financial woes.
In continuing her father's legacy of altruism and philanthropy, Lisa oversees the Elvis Presley Charitable Foundation, the charity benefit under the Elvis Presley Enterprises formed in 1984.
Lisa also oversaw the establishment of Presley Place in 2001, which provides shelter and basic needs facilities for homeless families. Elvis Presley Music Room is a sister organization of Presley Place that fosters musical talent in the youngsters of the homeless shelter.
The Elvis Presley Charitable Foundation also funds art majors studying at the University of Memphis' College of Communication & Fine Arts with the Elvis Presley Endowed Scholarship Fund.
Independently, Lisa has also been active in benefits such as the Hurricane Katrina relief fund and Dream Factory.
Lisa Marie was born on February 1, 1968, the sole child born as a result of Elvis Presley's marriage to actress Priscilla Presley. Born at the Baptist Memorial Hospital-Memphis in Memphis, Tennessee, Lisa lived with her mother once her parents divorced in 1973.
When Elvis Presley died in August 1977, Lisa became the heir to her father's estate at age 9. She shared the ownership of the estate with her paternal grandfather and paternal great-grandmother. The will mandated that Lisa would have to wait until she turned 25 to truly gain ownership of the mansion.
To date, Lisa has been married four times, and due to a combination of stunning good looks and a famous last name, she was able to land some of the most A-list husbands.
She was married for the first time to musician Danny Keough. They got married on October 3, 1988, and had two children together: daughter, Danielle Riley Keough, born on May 29, 1989; and son, Benjamin Storm Keough, born on October 21, 1992.
Lisa ended up getting divorced from Danny on May 6, 1994, but despite their separation, the two remain close friends to this day; Danny even became the bassist for her band in 2004.
On May 26, 1994, not one month after her divorce from Danny, Lisa wed the pop legend, Michael Jackson. Lisa stuck with Michael through the child sexual abuse allegations of 1993, but in January 1996, Lisa filed for divorce from Michael, citing irreconcilable differences. Their divorce was finalized on January 18, 1996.
Lisa was briefly engaged to Hawaiian singer, John Oszajca, over Christmas 1999, but called off the engagement in sprig 2001 when she met and became enamoured with actor Nicolas Cage after their meeting at a party.
Lisa got married to Nicolas Cage on August 10, 2002, in an oceanside ceremony in Hawaii. Nicolas filed for divorce from Lisa on November 25, 2002, and they had an amicable separation on May 16, 2004.
Lisa married for a fourth time on January 22, 2006, to her band's guitarist, record producer, and director, Michael Lockwood. They had a traditional Japanese wedding in Kyoto, Japan.
The intimate affair was attended by friends and family, among whom were her mother, Priscilla, who walked Lisa down the aisle; her daughter and son from her previous marriage playing the maid of honour and groomsman, respectively; and her ex-husband, Danny, playing the best man in a gesture of goodwill.
On October 7, 2008, Lisa and Michael welcomed fraternal twin girls, Harper Vivienne Ann and Finley Aaron Love. On June 13, 2016, Lisa filed for divorce from Michael and sought protective custody of their twins. Contrary to her previous divorces, this one was acrimonious, and Lisa opposed Michael's request for joint custody, stating Michael had possessions of child pornography.
In July 2018, it was reported by numerous sources that Lisa had started dating actor Johnny Depp. They had reportedly connected over their collective financial and romantic misfortunes and had started dating. If they were dating, their relationship was on the down-low, and both sides have kept mum about it.