How Did Lisa Marie Presley End Up In So Much Debt?
Lisa Marie Presley, the daughter of Elvis Presley and Priscilla Presley, died at age 54 after suffering a cardiac arrest on January 12, 2023. TMZ reported that, just hours before her death, she was discovered non-responsive by her housekeeper. Upon paramedics' arrival, they were able to revive her from "full arrest" before transporting her to the hospital. With mother Priscilla spotted rushing to her daughter's side, it was declared that evening the rocker had died. In a statement to People, Priscilla confirmed her daughter's death, calling Lisa Marie "the most passionate strong and loving woman I have ever known."
Fans were shocked even as they mourned, especially given that Lisa Marie attended the 2023 Golden Globes just two days earlier on January 10. Supporting Baz Luhrmann's biopic on her father, "Elvis," she got visibly choked up watching Austin Butler accept his "Best Actor" trophy for portraying the King.
Survived by daughters Riley Keough and twins Harper Vivienne and Finley Lockwood, Lisa Marie is the sole heir to her father's trust. It may surprise you, then, to learn that the singer-songwriter was deep in millions of dollars of debt upon her death.
Lisa Marie Presley's career decisions cost her a massive inheritance
A series of bad business deals squandered Lisa Marie Presley's hefty inheritance over time. After her father's death in 1977, she became the sole heir to the Elvis Presley Trust, per AP News. Although Elvis was reportedly worth $5 million when he died, his widow, Priscilla Presley, magnified that sum by turning his Graceland estate into a tourist attraction and establishing Elvis Presley Enterprises — all under the purview of his Trust, per the Daily Mail. When Lisa Marie took control of the Trust at age 25, it was worth $100 million.
However, in 2005, business manager Barry Siegel sold 85% of Lisa Marie's share in Elvis Presley Enterprises, surrendering her control over Elvis' name and image rights. Siegel, per the outlet, claimed that the move "cleared up over $20 million in debts that Lisa had incurred" as well as earning her $40 million in cash. The singer-songwriter, however, countered that it ended up costing her millions — due to an ill-advised investment in Core Entertainment, a production company that went bankrupt in 2016. Lisa Marie sued Siegel in 2018, accusing him of mismanaging her inheritance.
When Lisa Marie divorced her fourth husband, Michael Lockwood, in 2016, divorce documents revealed the rocker to be reportedly $16 million in debt, although Lockwood contested this claim. At the time of her death, Lockwood was still seeking $40,000 a month in child support for their twin daughters, Harper Vivienne and Finley.
Lisa Marie Pressley offloaded her English estate at a loss
Sadly, Lisa Marie Presley's real estate investments weren't exactly lucrative either. In 2010, Presley purchased Coes Hall, a luxurious estate in Rotherfield, England, for her family, including her fourth husband, Michael Lockwood, and their young twin daughters, Harper and Finley, born in 2008. The impressive property boasts 11 bedrooms and nine bathrooms and is situated on more than 49 acres. It's also reported that she opted to upgrade the 15th-century estate with a movie theater and various other modern amenities. Fancy, eh?
Unfortunately, following the demise of Presley's marriage to Lockwood in 2016, she decided to sell their familial home. "Michael Lockwood left her in a bad way both financially and emotionally and she can't wait to unload the place!" an insider told The National Enquirer (via Radar Online) about Presley's decision to list the property at the drastically reduced price of $4.5 million. Alas, unloading it proved to be a whole lot easier said than done. In January 2021, The Daily Mail reported that Presley had finally sold Coes Hall for £3.35 million.
Is Lisa Marie Pressley's daughter Riley Keough left holding the bag?
Alas, the late Lisa Marie Presley's poor real estate deal has reared its ugly head yet again. The story goes that way back in 2010, Presley took a loan out on the Coes Hall estate with Barclays Bank. According to TMZ, Presley never made good on that loan, and Barclay is still owed a whopping $1.6 million.
Now, the financial institution has its eyes set directly on Presley's eldest daughter and sole trustee of her estate, Riley Keough. It appears, however, that Keough isn't interested in paying back her mother's debt with the trust money. In a legal filing obtained by TMZ, Keough cited a statute of limitations and argued that Barclays forfeited its rights by waiting more than a year after her mother's January 12, 2023 death to file a claim. But that's not all. Keough also argued that Presley only vowed to make interest payments from the years 2010 to 2015, meaning that the trust should not be responsible for paying the leftover principal.