Elvis Presley: the millionaire inheritance that Lisa Marie lost from her father – People – Culture

When fame, power, money and the focus of the cameras come together on the same plane, things cannot always go well, as was the case with the singer and daughter of the always remembered Elvis Presley, since his life was marked by scandals, heartbreaks, four failed marriages and the loss of the fortune he inherited from his father.

Lisa Marie Presley was the daughter of the king of rock and roll, Elvis Presley, and film actress Priscilla Presley. He was born on February 1, 1968 and inherited the talent of his father and his mother, since he not only ventured into the world of music and composition but was also part of the seventh art.

She was the only one born from the marriage of said couple and, therefore, She was the exclusive and legitimate heiress to all of the singer’s fortune and assets when he died in 1977.

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Marie Presley was the interpreter of several songs such as ‘Lights out’, ‘Over me’, ‘Idiot’, ‘Nobody noticed it’ and ‘I was wrong’. The heiress called herself with the pseudonym ‘The princess of rock and roll’, taking into account the great indelible mark that her father left in this musical genre. In addition, she felt that she should continue to uphold the name of Elvis Presley. But, from fame to debt, there is only one step: bad financial advice.

From the inherited to the lost

At just nine years old, Marie Presley had to learn to live without her father and wait until she turned 25 so that everything her father achieved would pass into her hands with the utmost responsibility, as indicated in Elvis Presley’s will.

In the will it was stipulated that Marie Presley would be the heir to each of Elvis Presley’s assets, including his 14-acre Graceland mansionlocated in Memphis, Tennessee, United States.

According to some American media, Elvis Presley would have stopped investing in his property and did not have enough money to maintain it. Thus, Priscilla Presley turned Graceland into a tourist attraction, thanks to the creation of Elvis Presley Enterprises, a corporate entity to conduct business and manage the rock star’s assets. However, when this property was handed over to her only daughter, the administration began to decline and become unstable, according to ‘Forbes’ magazine.

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Bad luck or bad business?

After this mansion and other assets were handed over to him, Marie Presley hired a financial advisor, Barry Siegel, in 2003 to run Graceland and EPA for her.. However, nothing went right and from then on he started his misfortune.

In 2005, two years after Siegel took control of Marie Presley’s money, he decided to settle the debts reported by the estate of 25 million dollars (about 117 billion pesos), and sold 85% of the interests of his participation. at Elvis Presley Enterprises, causing her to lose control of the name and image rights of her father, Elvis Presley.

According to ‘Forbes’, it was estimated that this agreement would generate an amount of 100 million dollars (more than 478 billion Colombian pesos), but Marie Presley only obtained 40 million dollars (more than 187 billion Colombian pesos) after taxes, and $25 million (more than 117 billion Colombian pesos) in shares from a subsequent investment in Core Entertainment, the company behind the reality show ‘American Idol’ that went bankrupt in 2016.

His misfortune did not stop there, between 2005 and 2016 Marie Presley spent all the money she had left from her father’s inheritancea situation that generated an exorbitant debt and left her on the verge of bankruptcy.

In 2018, Marie Presley filed a strong complaint against her financial adviser Sigel, arguing that “through her reckless and negligent mismanagement and selfish ambition she put her money into risky ventures in the hope of achieving her own celebrity in the future.” the entertainment industry,” as read in the lawsuit document.

(Also read: Elvis Presley: 45 years after his death and an electrifying movie life).

In addition, he assured in said judicial process that Siegel hid from him the true information of his financial condition of the trust – a contract in which one or more people transfer assets, amounts of money or rights, present or future, of his property to another person.

How millionaire is Marie Presley’s debt?

Through a divorce document with one of his ex-marriages, it was learned that In 2018 Marie Presley had a debt of 16 million dollars (about 75 billion Colombian pesos), due to your unpaid taxes, delinquent mortgages, and credit card debt. However, despite his extensive expenses, Marie Presley continued to blame Sigel for his debt.

Siegel, for his part, did not remain silent and responded to the lawsuit and denied all the accusations, arguing that Marie Presley was solely to blame for squandering her savings on extravagant spending.

“Unfortunately, since inheriting his father’s estate in 1993, he has splurged twice. The first time she was rescued from insolvency for a deal that she now calls fraudulent and selfish,” she wrote in her official document.

Although they faced trial several times, the legal dispute between the two continued until 2022, but a final agreement was never reached.

Not only economically, in love he also had misfortune

It was in 1988 when she first married music producer Danny Keoug, but in 1994 they broke off their engagement and the relationship ended completely. With Keoug she had two children Benjamin Keough, who committed suicide in 2020 at age 27, and actress Riley Keough.

Twenty days after their divorce, Marie Presley married one of the great legends of pop, Michael Jackson, but their romance only lasted two years and in 1996 they separated. It was, then, her second failed marriage.

Some time later she became engaged to the musician John Oszajca, with whom she lasted very little. In 2000, she met her new partner, the great Hollywood actor Nicolas Cage, whom she married in 2002. But, like her previous relationships, they were only married for two years because by 2004 both had already announced their divorce. .

Her fourth marriage was to her music producer Michael Lockwood. The two married in Japan in 2006 and had twins Vivienne Ann Lockwood and Finley Aaron Love Lockwood in 2008. Although it was their longest relationship, the two announced their divorce 10 years later.

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On Thursday, January 12, 2023, Marie Presley passed away at the age of 54, due to a strike cardiacas confirmed by his mother Priscilla, who is 77 years old, in a statement.

“It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us. She was the most passionate, strong and loving woman I have ever met. We ask for privacy as we try to deal with this profound loss. Thanks for the love and prayers. At this time there will be no further comment,” Priscilla Presley announced in a statement sent to all media.

It is still unknown how the issue of Marie Presley’s debt will be treated and if she will be able to solve it in any way. For now, all eyes are focused on the sad news of the death of that woman who was always involved in difficulties, bad luck and heartbreak.

You can also read:

These are the 200 greatest singers of all time, according to Rolling Stone

The mysterious crime of two Elvis fans: they were found frozen

The dead celebrities that generated the most millions in 2022, according to ‘Forbes’

The woman who kissed Elvis for the first time on screen and how it changed her life

Elvis Presley died from bad genes and not from drugs

KAROL TATIANA RODRIGUEZ SORACÁ
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