Lisa Marie Presley Claimed Former Manager Turned Elvis’ $100M Estate Into Just $14K
Jun. 24 2022, Published 3:28 p.m. ET
Viewers might be curious about Lisa Marie Presley and her net worth now that the new biopic film Elvis is telling the story of her famous father, “King of Rock and Roll” Elvis Presley.
Lisa Marie, Elvis’ only child, called the movie “nothing short of spectacular” and that star Austin Butler "channeled and embodied my father’s heart and soul beautifully."
Read on for more information about the singer-songwriter and her financial situation.
Who owns Graceland?
According to Graceland’s official website, Lisa Marie has “100 percent sole personal ownership” over Graceland Mansion, which was her father’s home before his 1977 death, and the 13 acres of its original grounds. She also owns Elvis’ personal effects, including his cars, furniture, awards, wardrobe, and costumes. “She has made the mansion property and her father’s personal effects permanently available for tours of Graceland and for use in all of [Elvis Presley Enterprises] operations.’
Who owns Elvis’ music?
Though she has Graceland, Lisa Marie doesn't own the rights to Elvis’ music, according to the Daily Express. When Elvis started his career in the early 1950s, he signed a contract with Sam Phillips, the owner of Sun Records, which meant Phillips owned his recordings at the Sun Records studio in Memphis, Tenn. Phillips later sold the contract and the catalog to RCA in 1955.
In March 1973, Elvis and his manager, Colonel Tom Parker, made a new deal with RCA in which Elvis and Parker would be paid a lump sum of $5.4 million instead of future royalties of songs Elvis recorded until that point.
Thus, Lisa Marie doesn’t get royalties of Elvis’ songs from before 1973. Elvis Presley Enterprises does, however, get royalties on songs recorded after that deal as well as the publishing rights from Elvis’ full career, the Express adds. According to the Graceland website, Lisa Marie was the owner and chairman of Elvis Presley Enterprises before she sold a major interest in the company in 2005.
What is Lisa Marie Presley’s net worth?
According to CelebrityNetWorth, Lisa Marie’s net worth stands at -$16 million. In February 2018, the “Lights Out” performer claimed in court documents related to her divorce from Michael Lockwood that she was $16.7 million in debt, according to documents cited by People.
Lisa Marie Presley
Singer and songwriter
Net worth: -$16 million (reported)
Lisa Marie Presley is a singer and songwriter who is the only child of Elvis Presley and actress Priscilla Presley.
Birthdate: February 1, 1968
Birthplace: Memphis, Tenn.
Parents: Priscilla Presley, Elvis Presley
Spouses: Danny Keough (m. 1988, div. 1994), Michael Jackson (m. 1994, div. 1996), Nicolas Cage (m. 2002, div. 2004), Michael Lockwood (m. 2006, div. 2021)
Children: Riley Keough (b. 1989), Benjamin Keough (b. 1992, d. 2020), Harper and Finley Lockwood (b. 2008)
Later that month, Lisa Marie sued former manager Barry Siegel for $100 million, claiming that he sold 85 percent of her interest in Elvis Presley Enterprises for $100 million in 2015 and that he used the profits to invest in Core Entertainment, which went bankrupt in 2016, according to Us Weekly. In documents cited by People, Lisa Marie said that Siegel whittled the $100 million down to $14,000 “through his reckless and negligent mismanagement and self serving-ambition.”
Siegel filed a countersuit, however, claiming that Presley “twice squandered” Elvis’ fortune and was “looking to blame others instead of taking responsibility for her actions,” per People. Any settlement or decision in the legal battle hasn't been widely publicized.
