The news of Lisa Marie Presley’s passing, a singer-songwriter and the daughter of Elvis and Priscilla Presley, comes with deep sorrow. She passed away today at her home in California after suffering a cardiac arrest. She was 54 years old. The financial history of Elvis Presley, who made millions but by the early 1970s had to keep working to pay his debts, was repeated in the case of his daughter Presley, who despite receiving millions from her father had a debt of just over a million dollars with the IRS as of late. Her ex-husband Michael Lockwood, with whom she shares 13-year-old twin daughters Finley and Harper, accused Presley in 2016 of having more money than she disclosed in court, which became a major point of contention in their protracted divorce proceedings and years-long custody battle.
Presley received emergency medical attention on Thursday morning for possible cardiac arrest.
Lisa Marie Presley owed a $3 Million debt before she died
According to reports from Radar, Lisa Marie Presley had a debt of about $3 million when she passed away on Thursday, January 12, including a staggering $1 million in taxes. Due to the custody dispute, she was having with her fourth husband, music producer Michael Lockwood, for her twin daughters Harper and Finley, Presley was forced to disclose her financial situation last November. However, Presley was ordered to pay $6,000 per month for the care of the twins of the former couple after years of avoiding expensive child support payments. Presley cited heavy debt and financial difficulties as the reason. Lockwood was not granted spousal support.
According to court records obtained by the Blast, the 54-year-old declared having $714,775 worth of stocks, bonds, and other assets in addition to $95,266 in cash. However, she mentioned a $1 million IRS debt in the same documents, indicating that she was in financial trouble. She informed the court that despite being an owner of Graceland, which is her father’s lavish Tennessee property and a popular tourist attraction, she hardly earned more than $4,300 per month minus taxes. Additionally, she received $95,000 a month from the King of Rock and Roll’s estate.
Her luxuries expenses led her to bankruptcy
Lisa Marie Presley listed the following as monthly expenses: $23,000 for rent, $2,520 for utilities, $3,500 for health insurance, including other medical costs, $5,000 for groceries, and $3,000 for eating out. Additionally, she allegedly spent $21,000 per month paying off her debts, $10,000 per month on the education of her children, $5,000 per month on entertainment, $400 each month on clothing, $700 on car-related expenses, and $5,000 per month on entertainment. The 54-year-old’s monthly expenses came to about $92,000 after adding a mysterious $15,000 for “other” bills and various smaller payments.
In addition to her four marriages, she later had two high-profile relationships, including two years with the late Michael Jackson until 1996 and two years with American actor Nicolas Cage from 2002 to 2004. As a recording artist, Presley put out three albums: To Whom It May Concern in 2003, So What in 2005, and Storm & Grace in 2012, all of which achieved gold certification for selling more than 500,000 copies in the US.