Elvis Presley’s legacy is tangled and controversial. Presley, affectionately known by his adoring fans as “The King,” has a legacy that has been tarnished as society looks back at his reign a bit differently. Lisa Marie Presley, Elvis’ only child, recently exposed her finances in court as she continues her battle with her ex-husband Michael Lockwood.
Lisa Marie’s staggering tax debt was revealed in a court filing obtained by Radar Online. On September 2nd, 2021, she signed the schedule of assets and liabilities. Lisa Marie stated that she did not own any real estate and mentioned “various” pieces of jewelry of unknown worth.
Elvis’ daughter stated that she did not have a savings account but did have many checking accounts with little sums of money. She claimed to have $300 in her wallet and $880k in a Graceland 401(k). She reported her involvement in many Elvis-related trusts, notably the Promenade Trust, under partnerships.
Michael, Lisa Marie’s ex, claimed she had power over a $65 million trust set up by her father. She listed $1,011,239 in taxes payable to the IRS, another $505k to the State of California (for the years 2017 through 2019), and $625k in New York state taxes (for the years 2015 through 2019).
Lisa Marie revealed in 2018 that she owes $10 million in back taxes and another $6 million to other creditors. It was a significant improvement in her financial situation over the previous four years. She also owed $33,661 on her American Express card and $150k in other debts. Lisa Marie owed $200k in legal fees, $2k to Maserati, $23k to Fidelity 401k, $1.38 million to Barclays Bank, and another $2 million to Elvis Presley Enterprises for advances she received at the time of the filing.
Lisa Marie’s total debts were indicated as $6.3 million in the petition. Michael believed his ex-information wife’s was false and suppressed a great deal of facts. Lisa Marie claimed to make roughly $100,000 per month, have $50,000 in the bank, and $724,000 in stocks. She said she owed $3 million in real estate.
Her monthly costs in September 2021 were $130,000. She spent $26,500 on rent, $3,500 on health care, $5,500 on groceries, $3,500 on eating out, $400 on clothes, $15,500 on her twins’ schooling, $5,500 on presents, and another $50,500 on monthly loan payments. Her divorce lawyers are still owing $657k, according to the filing. Lisa Marie was ordered to pay $4,500 in child support until her case goes to trial later this year.
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