Here’s a story that needs to be told. Lisa Marie Presley, the one and only child of the legendary Elvis Presley, passed away on January 12, 2023. What many people don’t realize is that despite inheriting a fortune from her iconic father, Lisa’s financial situation took a surprising turn for the worse. In fact, her net worth at the time of her death was shockingly less than what you might expect from the heir of the King of Rock and Roll. Keep reading to uncover the details of Lisa Marie's financial struggles and her uphill battle to regain control of her life.
What Was Lisa Marie Presley’s Net Worth?
Let’s break it down. When Lisa passed, her net worth was estimated at around -$10 million, according to Celebrity Net Worth. Now, how did this happen? Lisa inherited a staggering $100 million from her father when he passed. But over the years, her financial situation took a nosedive. In her own words, Lisa trusted the wrong person—a former business manager named Barry Siegel. By the time she filed a lawsuit against him in 2018, her net worth had dwindled to just $14,000. That’s right, $14,000. Before her passing, she managed to rebuild her fortune to around $16 million, but it was far from the legacy her father left behind.
How Did Lisa Marie Presley Lose Her Fortune?
The story gets even more complicated. Lisa filed a lawsuit against Barry Siegel and his company, Provident Financial Management, accusing them of mishandling her father’s fortune. According to court documents obtained by the Daily Mail, Lisa claimed that Barry was reckless and negligent with her money, pushing her into bad investments. One of those investments was in the holding company of American Idol, which eventually went bankrupt. This wasn’t just a bad investment—it was a disaster. But it gets worse. Lisa alleged that Barry was paying himself an average annual salary of $701,000 from her funds while she was losing money at an alarming rate.
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After Lisa found herself broke, she took legal action against Barry. But Barry didn’t take it lying down. He countersued her for $800,000 in damages. Barry’s side of the story was that Lisa’s uncontrollable spending habits were the real culprit behind the loss of her fortune. He claimed she squandered the money she inherited from her father, leading to her financial ruin. But Lisa fought back, arguing that Barry never gave her sound advice on managing her finances. In the court documents, she stated that if Barry had been transparent about the true state of her finances and restricted her spending to the trust’s income rather than its principal assets, she could have lived comfortably on an annual budget of between $1.5 and $2 million after taxes. Instead, Barry repeatedly assured her that her finances were in “good shape.”
But Lisa didn’t just rely on her father’s estate for her income. She made a name for herself as a musician, releasing three albums: Now What, Storm & Grace, and To Whom It May Concern. The latter even reached No. 5 on the Billboard 200 albums chart. On top of that, Lisa played a crucial role in managing Graceland, the world’s largest and most comprehensive Elvis museum. Graceland was declared a National Historic Landmark in 2006 and is listed in the National Register of Historic Places. Even though she lost much of her father’s fortune, Lisa ensured that Elvis’ legacy lived on through her efforts at Graceland.
Why Did Priscilla Contest Lisa Marie’s Trust?
After Lisa’s funeral, her mother, Priscilla Presley, filed a petition to contest Lisa’s trust, according to Closer. Priscilla questioned the “authenticity and validity” of the trust shortly after Lisa’s passing. Specifically, she challenged a “purported 2016 amendment” to the trust that removed her as a trustee. The amendment named Lisa’s daughter Riley and late son Benjamin as successor co-trustees. Priscilla asked the court to review the amendment, seeking clarity and justice in her daughter’s final wishes.
