Lisa Marie Presley Died Deep in Debt, Left Graceland to Daughter Riley Keough
Presley had just $95,000 in her bank account and $700,000 in stocks while owing the IRS $1.8 million
Lisa Marie Presley inherited the estate of her father, Elvis Presley, on the day she turned 25, but died deep in debt.
Court documents filed in Los Angeles County as part of the ongoing divorce proceedings between herself and estranged husband Michael Lockwood claim that Presley had just $95,000 in her bank account and $700,000 in stocks while owing the IRS $1.8 million.
Presley was one of only two heirs to Elvis' vast fortune, with the other being the rock star's mother who passed away shortly after her son.
It would be just 11 years after inheriting the estate that Presley would sell 85% to Robert F.X. Sillerman for a reported $100 million.
She found herself in financial troubles again in 2018, and filed a suit accusing her business manager Barry Siegel of mismanaging her money and squandering her $100 million inheritance, leving her with just $14,000.
Siegel filed a countersuit, and released a statement saying: "It’s clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions. The 2005 deal she is complaining about now cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million-dollar income stream, most of which she managed to squander in the ensuing years."
Two years prior, Presley had claimed in a filing submitted as part of her divorce proceedings that she was $16,752,081 in debt.
Presley did hold on to Graceland however, and People reports that the property will go to daughter Riley Keough and Presley's two youngest daughters.
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