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Popular singer and songwriter Lisa Marie Presley recently passed away on January 12, aged 54. She was well-known as the daughter of Elvis Presley and Priscilla Presley. Her mother confirmed the news in an official statement which mentioned:
“It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us.”
Lisa suffered a cardiac arrest which led to her demise. Lisa was found unresponsive inside her bedroom by the housekeeper, and her ex-husband performed CPR on her as he returned home. Paramedics arrived and took over and gave her an epinephrine shot.
Who is the current heir of Graceland?
Lisa Marie Presley became the sole heir to Graceland when she turned 25 years old. The Graceland website states that Lisa was still the owner of the estate before her death. According to the website:
“Lisa Marie Presley retains 100 percent sole personal ownership of Graceland Mansion itself and its over 13-acre original grounds and her father’s personal effects – meaning costumes, wardrobe, awards, furniture, cars, etc.”
The website states that she has made the property and her father’s personal belongings available for display to the public and Elvis Presley Enterprises. Lisa also had full ownership of Elvis Presley Enterprises until she sold the majority stake in 2005.
Following her father’s demise in 1977, she became the joint heir to Graceland, along with Elvis’ father Vernon, and his grandmother, Minnie Mae. Vernon died in 1979.
Graceland’s price was estimated to be around $100 million when Lisa became the heir, and although she sold 85% of the estate in 2005, she had full ownership. Following her death, the heir to the estate could be her three children, that include her twin daughters Harper Vivienne, and Finley and Riley Keough.
Lisa Marie Presley’s net worth was reduced after she spent all her money
Lisa Marie Presley’s net worth was reduced to -$10 million due to a few mistakes. She became the heir to Graceland at the age of 25 and before that, she decided to bring a few changes inside the estate.
Lisa hired a business manager, Barry Siegel, who took the responsibility of looking after her funds and tried to finalize a deal worth $100 million to sell 85% of Elvis Presley Enterprises. The savings were over at one point as she spent a lot on herself.
However, she blamed Siegel’s mismanagement for the financial troubles and owed a credit card debt of around $500,000. She fired Siegel and filed a lawsuit against him for reckless and negligent management of the estate. Siegel said that Lisa’s excessive spending habits were the reason why she ran out of money and that he spoke to her about the same.
According to the legal documents of her divorce from Michael Lockwood, she owed $16 million in debt resulting from unpaid taxes, attorney fees, and credit card bills. Lisa was the beneficiary of a trust with a value of somewhere around $65 million, and Michael demanded that she pay his $450,000 in legal fees.
Lisa Marie Presley released three albums throughout her career and gained recognition for her singles like Lights Out, Sinking In, Dirty Laundry, Idiot, and more.
