Lisa Marie Presley’s Net Worth: Inheritance & Graceland
Lisa Marie Presley’s net worth at the time of her passing in 2023 was estimated to be negative $10 million, due to financial struggles and debts.
How did Lisa Marie Presley become famous?
Lisa Marie Presley gained fame as the only child of the legendary Elvis Presley and Priscilla Presley. She was only 9 years old when her father passed away, but her connection to his legacy kept her in the public eye. Over the years, Lisa Marie established herself as a talented musician, releasing her debut album To Whom It May Concern in 2003, which included the poignant track “Lights Out,” a tribute to her father’s death.
Aside from her music career, Lisa Marie became well-known for her high-profile marriages, notably to pop icon Michael Jackson and actor Nicolas Cage. Her first marriage to musician Danny Keough in 1988 marked the beginning of her family legacy, with their daughter, Riley Keough, eventually becoming a celebrated actress.
Lisa Marie Presley’s Net Worth at the Time of Her Death
At the time of her death in 2023, Lisa Marie Presley’s net worth was reportedly negative, estimated at around -$10 million.
Lisa Marie had sold 85% of Elvis Presley Enterprises to CKX in 2005, a decision that later led to financial struggles. The company, which also owned American Idol, ultimately failed to capitalize on the deal. In 2011, CKX was sold to a private equity firm, and the rights to Elvis’ likeness and estate were sold to Authentic Brands Group for $145 million, according to Money International.
In the aftermath of these setbacks, Lisa Marie took legal action against her former business manager, accusing him of mismanaging her $100 million fortune. The manager countersued for $800,000 in unpaid fees, arguing that it was Lisa Marie’s extravagant spending habits that had caused her financial decline.
How Much Did Lisa Marie Presley Inherit?
According to Uk Business Magazine When Elvis Presley passed away in 1977, his estate was valued at approximately $5 million (around $25.6 million today). Lisa Marie Presley inherited her father’s estate at the age of 25 in 1993. By that time, the estate had grown significantly, with an estimated worth of over $120 million. This increase in value was largely due to Priscilla Presley’s efforts to revitalize the Presley legacy, particularly through the transformation of Graceland into a major tourist destination, which began generating around $15 million a year after it opened to the public in 1982.
Does Lisa Marie Presley Still Own Graceland?
Lisa Marie Presley was the owner of Graceland when she passed away in January 2023. Following her death, her daughter, Riley Keough, inherited the property and assumed the role of the sole trustee and owner of the iconic mansion.
Who Inherits Lisa Marie Presley’s Estate?
The majority of Lisa Marie Presley’s estate is held within The Promenade Trust, which includes Graceland. Her eldest daughter, Riley Keough, is the primary beneficiary of her mother’s estate.
Priscilla Presley had raised concerns over the validity of Lisa Marie’s will, leading to a legal dispute. However, a settlement was reached in May 2023 regarding her petition. The specific terms of the agreement were not disclosed in court, and both parties requested that the court seal the records, leaving the exact details of the settlement undisclosed.
Does Lisa Marie Presley Profit from Graceland?
At the time of her death, Lisa Marie Presley still earned revenue from Graceland, although the pandemic had impacted the business. Lisa Marie was making $4,361 per month as an employee of Graceland in November 2022, continuing to profit from the iconic property.
Lisa Marie Presley’s Annual Income
Lisa Marie Presley’s annual income varied significantly over the years. This brought her estimated annual income to around $1.3 million. At the time of her death, Lisa Marie still retained a 15% stake in Elvis Presley Enterprises, which contributed to her overall earnings.
Who Owns Elvis Presley’s Music Royalties?
Contrary to what many believe, Elvis Presley’s estate does not own the royalties to most of his music. According to Market Realist, in 1973, Elvis’ manager, Col. Tom Parker, negotiated the sale of Elvis’ entire music catalog for $5.4 million to settle a gambling debt. As a result, the estate doesn’t profit from many of Elvis’ most iconic songs. However, the estate still earns revenue from the copyrights of some of the songs Elvis covered throughout his career.
Current Value of Graceland
The exact value of Graceland is difficult to determine, but it remains the most significant revenue generator for Elvis Presley’s estate. In addition to the mansion, the property includes an entertainment complex, a hotel, and a museum. Graceland generates an estimated $150 million in annual revenue for the city of Memphis, making it a major economic contributor.
Was Graceland Ever Targeted in a Foreclosure Scam?
In May 2024, a company called Naussany Investments & Private Lending LLC reportedly alleged that Lisa Marie Presley had borrowed $3.8 million from them in 2018, using Graceland as collateral. This led to claims of a potential foreclosure on the mansion. Riley Keough, Lisa Marie’s daughter, contested the foreclosure by filing a lawsuit, arguing that the documents presented by the lending company were “fraudulent,” as reported by Eonline.
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