When the late singer Elvis Presley died, his estate was in financial straits. Because he did so little to invest his money, Parker’s income was nearly taxed away. The lack of a trust and estate plan nearly bankrupted the estate. Here are the facts. Parker received 50% of Elvis’s net worth. He was a great manager, but did not plan to leave anything to his children.
Colonel Tom Parker, Elvis’ longtime manager, had 50% of his income from everything he did for him. But after a court case, he was no longer allowed to profit from the artist’s work. By the 1970s, the estate was only generating $1 million a year, and the family had no plans to release new music. With taxes dwindling, Priscilla was worried about the future of her daughter, Lisa Marie.
Lisa Marie Presley, Elvis’ daughter, inherited her father’s fortune when she was 25 years old. However, by 2004, she was owed $25 million. She was still paying off her debts when she sued Siegel in 2018. During this time, Lisa Marie Presley had less than $14,000 in her bank account. She could barely afford a used car, let alone extravagant living expenses. However, she is grateful for Elvis’s millions.
Although his estate was large, the question of who inherited Elvis’s fortune is complex. Priscilla Presley’s daughter Lisa Marie, a daughter of Elvis’s, was left money that is still used today. Graceland was built from this fortune. However, the estate is still earning hundreds of millions of dollars in licensing fees. It is unclear if any of the beneficiaries is entitled to the money.