How Did Lisa Marie Presley Lose All the Elvis Millions?

(Style) - We all know the name Lisa Marie Presley thanks to her famous family and notable ex-husbands. She is, of course, the only daughter of the King of Rock ‘n’ Roll, Mr Elvis Presley, with actress Priscilla Presley.

And the 54-year-old’s own former spouses include a certain King of Pop, Michael Jackson, and Hollywood hardman Nicolas Cage – as well as musician Danny Keough and music producer Michael Lockwood.

But despite the showbiz pedigree, it’s both surprising and shocking to learn that Lisa Marie’s financial status is firmly in the red. According to various sources, her current net worth is ranked at minus US$16 million, due to her racking up massive debts and a healthy dose of bad luck.

Here, we take a look at her life story, from a gilded upbringing born into millions to losing it all – and finding love four times along the way.

Lisa Marie Presley has had an interesting love life, to say the least. The singer-songwriter was first married to music producer Danny Keough from 1988 to 1994, with whom she had two children (late Benjamin Keough and actress Riley Keough). She then married Michael Jackson – at that point the biggest superstar on the planet – 20 days after her divorce from Keough.

Their marriage lasted for two years, the two filing for divorce in 1996, citing irreconcilable differences. She then was briefly engaged to musician John Oszajca before leaving him for actor Nicolas Cage, whom she met at a party in 2000. The two tied the knot two years later and their marriage lasted until they separated in 2004.

Fast forward another two years and her fourth marriage was to her music producer Michael Lockwood. The pair wed in Japan in 2006 and two years later welcomed twins Vivienne Ann Lockwood and Finley Aaron Love Lockwood, born in 2008. The couple divorced a decade later in 2016 and were locked into a years-long custody dispute.

As reported by RadarOnline, Lockwood claimed that Lisa Marie has now come into cash, both after Graceland reopened after the pandemic and factoring in her cut from the Elvis biopic. In June, a judge ordered her to “temporarily pay child support of US$4,500 until a trial later this year”.

Her revocable living trusts and Graceland estate
Lisa Marie was only nine when Elvis died in 1977, but she was marked out in the star’s will to inherit his assets when she turned 25 – including Graceland, the 13.8-acre (5.6-hectare) Elvis estate in his hometown in Memphis, Tennessee. At the time, Graceland may have been a grand manor customised with all its kooky quirks (including the famous “jungle room”), but Elvis had left it cash poor and in need of investment.

In the intervening years, Lisa Marie’s mother Priscilla stepped into the picture and started reviving the late star’s legacy by forming Elvis Presley Enterprises, or EPE, which helped convert Graceland into a tourist attraction. She also straightened out Elvis’ merchandising, image deals and royalties from recorded songs – while The King was reportedly only worth US$5 million at the time of death, by 1993 his estate was said to be worth over US$100 million.

But while everything looked rosy when the empire was handed over to Lisa Marie that year, things started to unravel a year later after she appointed Barry Siegel to manage the estate.

By Umesh Bhagchandani
30 June, 2022


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