Lisa Marie had a million-dollar debt with IRS at the time of her passing

The financial history of Elvis Presley, who earned millions and by the early 70’s had to continue working to pay his debts, was repeated in the case of his daughter Lisa Marie, who despite inheriting millions from her father, in recent months had a debt with the IRS of just over a million dollars.

Last November, Lisa Marie had to reveal how her finances were doing as a result of the legal battle she was waging against her fourth and last husband, music producer Michael Lockwood, for custody of her twin daughters Harper and Finley.

The numbers showed she was in financial trouble

The Blast site obtained legal documents revealing that Lisa Marie claimed to have just over $95,000 in cash and just over $714,000 in stocks, bonds and various assets.

But they also showed that she owed just over a million dollars in taxes, so she was living in the red. His monthly income was about $104,000, earned from Elvis Presley Enterprises, in which he had a 15% stake.

She also stated that she earned $4,361 a month as an “employee” of Graceland. However, when it came to revealing her monthly expenses is where the biggest problems were, as she spent a lot and saved almost nothing.

The luxuries she indulged in led her to bankruptcy

Lisa Marie was born into royalty and was accustomed almost all her life to living in luxury, but in the last years of her life she declared that she spent 92,000 dollars a month, of which 23,500 were for rent and 1,700 for the payments of her Maserati luxury car.

By 1993, when she turned 25, Lisa inherited about $100 million, so she appointed several outside managers to take over the company, including Barry Siegel, who had a large portfolio of famous names.

Years later, Lisa Marie sued Siegel, accusing him of putting the money “into risky ventures in the hope of achieving his own celebrity in the entertainment industry, reckless and negligent mismanagement and self-serving ambition.”

Lisa Marie is survived by three of her four children, Riley Keough, 33, and twins Harper and Finley Lockwood, 14. Her son, Ben Keough, died by suicide in 2020.