Lisa Marie Presley’s three daughters are set to split a $30 million dollar estate between them after the late star took out ‘up to three’ life insurance policies before her death, a new documentary claims.
The daughter of late music icon Elvis Presley, who died on January 12 from double cardiac arrest, famously found herself in up to $16 million in debt after squandering the $100 million fortune she inherited from her father.
In an exclusive clip from the new special, TMZ Investigates: Lisa Marie Presley: Unending Tragedy, it is claimed that the mother-of-four’s estate became ‘flush with cash’ on the day she died.
‘Lisa was never disciplined about money,’ TMZ producer Katie Hayes explains. ‘She was a big spender, and she made some bad investments. She basically blew through $100 million dollars in 25 years.’
Lisa Marie is pictured in 2021 with her 33-year-old daughter Riley and 14-year-old twin daughters Harper Vivienne Ann and Finley Aaron Love
Graceland, the legendary mansion which once belonged to Elvis Presley, will go to Lisa Marie Presley’s three daughters following her sudden death at age 54
TMZ Executive Producer Charles Latibeaudiere continues: ‘We’ve learned that at the time of Lisa’s death, she was $4 million in debt, including $2.5 million still owed to the IRS.
‘But we found out that on the day she died, Lisa’s estate was suddenly flushed with cash.’
TMZ Executive Producer Harvey Levin then reveals: ‘Sources tell us Lisa had taken out life insurance policies. One for $25 million dollars, and one for $10 million dollars.
‘And there may have been a third $10 million policy but they’re not sure if it lapsed. Bottom line, there’s more than $30 million dollars to be divided among the three kids.’
At the time of her death, Lisa Marie still owned Graceland – Elvis Presley’s estate that is now a tourist attraction.
It was previously confirmed on January 16, that Lisa Marie’s daughters – Riley Keough, 33, and 14-year-old twins Harper and Finley – would inherit their grandfather’s famous Graceland mansion.
A representative for the Memphis, Tennessee estate confirmed to People that the property, which is in a trust and was passed down to Elvis’ daughter following his death in 1977, will benefit his grandchildren.
Over the weekend, however, it was revealed that Lisa Marie’s mother and Elvis’ ex-wife, Priscilla Presley, was fighting to get the estate. Priscilla is seen with Lisa and Riley in 2015
Priscilla filed legal documents to set aside an amendment made to Lisa Marie’s trust in 2016 – which eliminated her and Lisa Marie’s ex-business manager, Barry Siegel (seen), as trustees
The amendment replaced them with her grandchildren, Riley (left) and the late Ben Keough (right), but Priscilla questioned the validity and authenticity of the amendment
Over the weekend, however, it was revealed that Lisa Marie’s mother and Elvis’ ex-wife, Priscilla Presley, was fighting to get the estate.
She filed legal documents to set aside an amendment made to Lisa Marie’s trust in 2016 – which eliminated her and her daughter’s former business manager, Barry Siegel, as trustees and replaced them with her grandchildren, Riley and the late Ben Keough.
Priscilla has questioned the validity and authenticity of the amendment, claiming it was never delivered to her, the date on the document is suspicious, the document misspells Priscilla’s name, and Lisa Marie’s signature ‘appears inconsistent with her usual and customary signature.’
Lisa Marie first executed a revocable living trust in January 1993. She then amended and completely restated it in January 2010.
‘Lisa Marie Presley appointed her mother, Petitioner, and her former business manager, Barry Siegel, as co-Trustees effective as of the date of the 2010 restatement,’ the new court filing states.
‘The 2010 restatement further provides that Petitioner and Barry Siegel shall continue to serve as co-Trustees upon Lisa Marie Presley’s subsequent incapacity and/or death.’
Priscilla’s fresh filings state that after Lisa Marie’s death, she discovered that a document existed with an amendment made on March 11, 2016.
Lisa Marie’s three daughters (seen with their mom in 2017_ are set to split $30 million dollars between them after the late star took out ‘up to three’ life insurance policies before her death
The daughter of late music icon Elvis Presley, who died on January 12, found herself in up to $16 million in debt after squandering the $100 million fortune she inherited from her father
‘The Purported 2016 Amendment removed and replaced Petitioner [Priscilla] and Barry as both current and successor Trustees of the Trust with Lisa Marie Presley as the current Trustee and naming Lisa Marie Presley’s daughter, Riley, and son, Benjamin, as successor co-Trustees of the Trust upon Lisa Marie Presley’s incapacity and/or 10 death,’ the court documents stated.
Lisa Marie had four children – her three daughters and son Benjamin, who took his own life in July 2020 following a lengthy battle with drug addiction and depression.
Graceland, the Memphis, Tennessee estate, was bought by her Mississippi-born father Elvis in the spring of 1957, when he was 22 and had just hit fame.
The 1939 house and its grounds were sold to the young rocker for $100,000, and after his death in 1977, they were passed to his only child, Lisa Marie.
It was Lisa Marie’s mother, Priscilla – who divorced Elvis in 1973 – transformed the faltering estate into a tourist attraction following his death, opening it to visitors in 1982.
The grounds now see 600,000 visitors a year – making it second only to the White House and the Biltmore Estate for tourist numbers.
And while the house sees a stream of people coming to gawk at the jaw-dropping excess of the jungle room, and gaze at the fabulously kitsch white and blue 1970s living room, the building remains in use as a family home – where the Presleys gather for dinners and reunions.
Meanwhile, the rest of Lisa Marie’s finances remain contentious.
Lisa Marie (right) and her mother Priscilla (left) are seen days before her death at the Golden Globe Awards on January 10 to support Austin Butler (center) who played Elvis in the movie
Sources told TMZ that Lisa Marie (seen as a child with Elvis and Priscilla) had taken out life insurance policies – one for $25 million dollars and one for $10 million dollars
Her fourth husband, Michael Lockwood, lost his 2016 bid in their divorce to undo their prenup, but he re-opened the case in 2021, demanding she pay the $4,600-a-month child support that a court ordered. The case is yet to be settled.
Lisa Marie famously inherited $100 million in 1993, on her 25th birthday, but said that it had almost entirely disappeared thanks to mismanagement and bad investments. Graceland, however, remained.
Exactly how much money Lisa Marie’s three daughters will inherit ultimately remains unclear.
Despite their grandfather being one of the biggest-selling musicians of all time, the finances were frequently precarious – thanks to The King’s lavish lifestyle and generosity.
When he died in 1977, he had only $5 million in the bank – thanks, in part, to a deal made by his manager, Colonel Tom Parker, five years before his death.
In 1973 Parker sold all of Presley’s master recordings to RCA Records for $5.4 million, which means the label pays no royalties to the estate for tracks released before 1973.
Of his 23 studio albums, only five were released after 1973.
Elvis’s catalogue has been shopped around over the years: in 2013 the rights to his music and image were bought by Authentic Brands, which owns Marilyn Monroe and Muhammad Ali’s rights.
Last year, Authentic announced a deal with Universal Music to share the rights.
The royalties are not the only issue. Elvis’s trust, which was once valued at $100 million, was all but gone by 2015.
A detailed glimpse of Lisa Marie’s financial situation emerged in 2018 when she sued Barry, claiming he had mismanaged her finances, resulting in her $100 million trust dwindling to $14,000 in cash by 2016.
Lisa Marie appointed Barry in 2003 to manage the money – the same year she launched a musical career of her own.
Her fourth husband, Michael Lockwood (seen), lost his 2016 bid to undo their prenup, but he re-opened the case in 2021, demanding she pay the $4,600-a-month child support
Barry, senior managing director of Provident Financial Management and a prominent entertainment business manager, counted Al Pacino, Elijah Wood, Pulitzer Prize-winning playwright David Mamet, and Frankie Valli and the Four Seasons as his clients.
But in 2005, he sold off 85 per cent of Lisa Marie’s share in Elvis Presley Enterprises, which saw her lose control of her father’s name and image rights.
Barry said the deal ‘cleared up over $20 million in debts that Lisa had incurred and netted her over $40 million cash and a multi-million dollar income stream’.
Lisa Marie said it lost her millions thanks to a subsequent investment in Core Entertainment, the company behind American Idol that went bankrupt in 2016.
Barry then allegedly began liquidating Lisa Marie’s assets in order to supplement her trust income.
She claimed his business decisions left her with a $500,000 credit card debt.
Lisa Marie divorced her fourth husband, Michael, in 2016, and in their divorce proceedings, claimed she was $16 million in debt – which Michael said was not true.
According to the documents, Lisa Marie at the time owed more than $10 million in taxes from 2012 to 2017 and had defaulted on her debt of more than $6 million from her United Kingdom home.
She also owed $263,050 in professional frees, $47,844 in credit card debt and an estimate of $250,000 in miscellaneous unpaid bills.
Presley revealed her financial struggles in response to a request from Michael that she help pay part of his $450,000 in attorney fees.
Barry and his company, Providence Financial Management, countersued Lisa Marie, alleging her ‘out-of-control spending’ led to her financial predicament. Yet Lisa Marie was adamant that the financial collapse was his fault.
Elsewhere, Lisa Marie’s drug treatment over the years also ate into her bank balances.
She said she was in rehab at least five times – with stints at one site she attended, Hills Treatment Center in Los Angeles, costing $40-50,000 a month.