The daughter of Elvis Presley and Priscilla Presley, Lisa Marie Presley, passed away on January 12 at the age of 54 after experiencing a heart arrest. According to TMZ, her housekeeper found her unresponsive just hours before she passed away.
Before being sent to the hospital, paramedics were able to revive her from “complete arrest” when they arrived. That evening, it was announced that the musician had passed away after seeing mother Priscilla racing to her daughter’s side. Priscilla revealed her daughters passing to People in a statement, describing Lisa Marie as “the most passionate, strong, and loving woman I have ever known.”
Given that Lisa Marie attended the 2023 Golden Globes on January 10, people are still in shock and lament as the cause of her heart arrest is yet unknown. She backed Baz Luhrmann’s “Elvis” film about her father and cried openly when she saw Austin Butler win the “Best Actor” award for playing the King.
Lisa Marie is the only heir to her father’s trust; Riley Keough and the twins Harper Vivienne and Finley Lockwood are her other daughters. You might be surprised to find that the singer-songwriter was heavily indebted at the time of her passing.
Over time, a string of poor business decisions wasted Lisa Marie Presley’s considerable inheritance. She became the only heir to the Elvis Presley Trust upon her father’s passing in 1977, according to AP News. Elvis’ estimated net worth at the time of his death was $5 million, but according to the Daily Mail, his wife, Priscilla Presley, increased that amount by creating Elvis Presley Enterprises and turning his estate, Graceland, into a popular tourist destination. The Trust was worth $100 million when Lisa Marie, at 25, took over management of it.
However, business manager Barry Siegel gave up Lisa Marie’s control over the name and image rights to Elvis in 2005 when he sold 85% of her ownership stake in Elvis Presley Enterprises.
According to Siegel, the action earned Lisa $40 million in cash and “cleared off over $20 million in debts that Lisa had incurred.” But the musician argued that it ultimately cost her millions because of a poorly timed investment in Core Entertainment, a production business that failed in 2016. Lisa Marie filed a lawsuit against Siegel in 2018, alleging that he mismanaged her wealth.
Michael Lockwood, Lisa Marie’s fourth husband, was reported $16 million in debt when they split in 2016, according to the divorce papers, though Lockwood disputed this assertion. For their twin children, Harper Vivienne and Finley, Lockwood was still requesting $40,000 a month in child support at the time of her demise.
