Posted on 02/23/2018 10:33:10 PM PST by ameribbean expat
Elvis’s daughter, Lisa Marie Presley, inherited his $100m (£71.5m) estate in 1993 at the age of 25. Another 25 years later, she says in a lawsuit obtained by US media that she is down to her last $14,000.
Presley blames her former manager Barry Siegel for her precarious finances, and filed a suit last week against him accusing him of “reckless and negligent mismanagement” of her inherited estate.
In the suit, first reported by the US website the Blast, she claims that her cash reserves were whittled down because of Seigel’s poor investment decisions. He has countered that Presley is to blame, alleging in a lawsuit of his own that she squandered much of her fortune. He is demanding $800,000 in damages for non-payment.
Elvis Presley’s fortune had dwindled to a few million dollars at the time of his death in 1977, but the power of the Presley brand – including the tourist attraction Graceland – meant that assets were built back up into the $100m trust that Lisa Marie inherited on her 25th birthday.
(Excerpt) Read more at theguardian.com ...
I’m sure she’s got lots of memorabilia to sell. (Family photos with Dad, Michael Jackson marriage and divorce decrees!)
Or perhaps she and her mom could do a reality show? (can Mom move that waxen face enough to talk?)
Nuttier than a squirrel..
Back in 1977, you could have examined the Presley ‘fortune’ and said clearly that his empire was in decline, and the effort over the last two years of his life was to stage a sort of comeback, and rebuild his capital.
I don’t think the kid ever realized that segment of the whole story. There are probably hundreds of kids from 1970s, 1980s, and 1990s ‘stars’ who are going to reach the same reality.
The whole lot of them.
Guess she’ll have to get a job.
“An honest man is one who knows that he can’t consume more than he has produced
Only the man who does not need it, is fit to inherit wealth – the man who would make his own fortune no matter where he started. If an heir is equal to his money, it serves him; if not, it destroys him.
Money is a living power that dies without its root. Money will not serve the mind that cannot match it.”
Who owns the Elvis catalog? Even today that has to bring in a couple million per year in music sales and royalties.
Lisa Marie just may be down to her last $14K. Or she may be pleading poverty just so that one of her ex husbands will leave her alone. He has been a constant drain on her finances for years. Palimony might be the name for it. He keeps upping the ante.
Wow. She’s SOOOOOO talented being Elvis’s daughter and all. I can’t imagine how such a thing happened. Who had that saying about a fool and his money soon parted....?
14K won’t go too far with her millionaire lifestyle. I sure hope she made some friends.
Get a job? As in work? Or, as Maynard G Krebs used to say: WORK.
How much of that fortune did Lisa Marie give to Scientology? Betcha it was not “crumbs.”
I believe Lisa Marie owns only 15% of EP Enterprises, which Forbes said grossed $27 million in 2016.
She has income, just not what she is used to.
Test
100million to 14,000?
That’s a lot of blow
Scientology ain’t cheap.
Most of the big acts from the early years made very little of the money they earned because the recording contracts were heavily tilted toward the recording company, the agents and various managements.
Most of the artists were in their late teens to early 20s and thought the money they were seeing would be enough to last forever. If prices were the same as the 1950s, maybe they would have been right.
But many of the acts lost their appeal by the mid-60s and the sales dried up, they got few royalties and were living off revival shows if they couldn't swing a casino gig. The ones who went too far on extravagance couldn't recover.
Why would you need someone to “manage” your money? Put it in a bank, spend it when you need it. $100 million would probably last me about 200 lifetimes.
It also is better to be a dead songwriter, than just a dead singer. Songwriters get the royalties for airplay. In the Wacko Jacko
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