Legal documents show that Lisa Marie Presley was dealing with a lot of debt before her sudden death. She recently passed away at the age of 54 after being hospitalized for cardiac arrest. Lisa Marie was forced to disclose her finances during her custody battle with her ex-husband Michael Lockwood last year.
Reports show that she had $95,266 in cash and $714,775 worth of stocks, bonds, and other assets. However, she owed about $1 million to the IRS, which would put her in debt. Lisa Marie’s spending was high as she had $92,000 in total monthly expenses including $23,500 for rent and $1,708 for payments on a luxe Maserati sports car.
Lisa Marie Presley owed $1 million to the IRS at her time of death
While Lisa Marie is the sole heir of Graceland and had a music career, it was seemingly not enough to keep her opulent lifestyle afloat. When her father, Elvis Presley died, she received ownership of Graceland and about $100 million.
In the legal documents, Lisa Marie declared $104,000 monthly earnings from Elvis Presley Enterprises as well as $4,361 per month as an “employee” of Graceland. When Lisa Marie received her inheritance at the age of 25, she decided to appoint outside moneymen to handle Elvis Presley Enterprises. In 2005, she sold off an 85% stake in the business, losing almost all control of the company.
She later sued Barry Siegel, who reportedly guided her to make the decision. He responded by saying that it cleared up over $20 million in debts that Lisa Marie had incurred.