April 13, 2024

Brighton Journal

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As the film revives Elvis’ legacy, the Presleys fight over his estate

As the film revives Elvis’ legacy, the Presleys fight over his estate

in 2013Sillerman sold Elvis Presley Enterprises to Authentic Brands Group in partnership with Joel Weinshanker, who now runs Graceland. Three years later, Sillerman Inc Declared bankruptcyrendering Lisa Marie’s CKX stock nearly worthless, according to court documents.

By then, the $50 million in cash that Lisa Marie’s trust received was also pretty much gone, spent on things like a $9 million home in England. In court papers, Lisa Marie blamed Siegel for allowing that purchase and said he enriched himself with exorbitant fees and failed to alert her to how difficult the financial situation was.

By 2016, according to her lawsuit, “the fund was left with $14,000 in cash and more than $500,000 in credit card debt.”

Siegel’s attorneys were forthright in their 2018 cross-border complaint, which denied that their client was liable for the diminished assets. “Sadly, since inheriting her father’s estate in 1993, Lisa has squandered it twice,” they wrote. “Now she only has to blame herself for her financial and personal hardships.”

Meanwhile, Elvis Presley’s projects were running wild. Last year, it raised $110 million, of which at least $80 million came from operations at Graceland. Another $5 million came from selling the rights to the Baz Luhrmann biopic, according to it Forbeswhose estimates were confirmed by two people familiar with the company’s financial conditions.

In addition to the $1.25 million she earned last year from the trust, Lisa Marie received a monthly salary of nearly $4,300 as a Graceland employee, according to a financial filing she filed last year. It also listed about $95,000 in liquid assets, $715,000 in stocks and bonds, and more than $3 million in debt.

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