Are The Presleys Broke? Elvis’ Ex-Wife Priscilla is Selling This Property to Save Her Daughter
With how popular the late Elvis Presley remains to this day, most people would think that his immediate family will all be set financially for the rest of their lives. For example, his memorabilia are still fetching the big bucks at auctions decades after his death.
However, news about the King’s daughter’s current state of financial affairs seems to tell a different story.
Bailing Out Lisa
According to reports from Variety, Priscilla Presley, the King’s ex-wife, has put her Brentwood, Los Angeles house on the market for $3.65 million and eventually sold it at a higher price of $3.8 million. The sale was allegedly an attempt by the 74-year-old to help out her daughter, Lisa Presley, to cope with her worsening debt problems.
Priscilla bought the property in 1976 for $170,000. It was her mother, Ann Lillian Wagner-Beaulieu, who took up residence in the four-bedroom home though. Sold as a ‘major fixer’, the house was originally built in the 1940s. Some of its notable features include a swimming pool in its backyard and a two-car garage.
Meanwhile, Priscilla’s mother is said to be moving in with her daughter. The sometimes actress is currently staying in a mansion in Beverly Hills.
The 51-year-old Presley’s financial woes came to light when Radar found court documents saying how the heiress only had $14,000 left to her name. According to the same papers, this fall from grace was caused by years of ‘trickery’ from her former management team, who allegedly squandered her late father’s $100 million fortune.
There’s also her bitter divorce from husband and former musical collaborator Michael Lockwood which resulted in multiple lawsuits. Although Lisa Marie is still receiving a sum of $100,000 a month from Elvis’ estate, she is reportedly having trouble accessing this money blaming her ex-managers for the problem.
Meanwhile, she was slapped with a counter lawsuit from her former management team who say that Lisa’s ‘out-of-control’ spending is the cause of her financial ruin. The suit also claimed that she ignored warnings about her money habits and didn’t cooperate when asked to resolve the issue with the management privately.
The Elvis Presley Estate
It seems like Lisa Marie inherited her lavish spending habits from her father. The King was known as a big spender and a generous gift-giver who often bought friends and family expensive things. Upon his death in the 1970s, his estate was only worth $5 million and owed tons of debts.
Fortunately, Priscilla stepped in and took on the yoke of being an executor of the Elvis Presley Estate. With the help of other financial experts, they were able to grow the estate to $100 million in 1993 by taking charge of song royalties, image rights and developing his former home Graceland into a tourist attraction.
This was the state of the estate that Lisa Marie soon inherited when she turned 25. By 2015, she was in debt and the money was nearly all gone.
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