The Story of how Elvis Presley’s family spent his entire wealth within a few short years after his death serves as a financial lesson to all celebrities. The legendary singer died with hundreds of millions in his bank account. Yet, the fortune didn’t last for long under Elvis’s only daughter, Maria Presley, who was the sole inheritor of her father’s wealth.
After her father’s death, Lisa Marie was suddenly richer than she had ever dreamed of. But with great financial power, comes great responsibility, a lesson that the young heiress learned the hard way. Just a few years after claiming her millions, Marie announced that she had spent all of her dad’s wealth and was only left with a measly $14,000.
In 2017, Forbes recorded that Elvis was on number 4 of its annual list of richest deceased celebrities. He was among the top earners with a net worth of $35 million. Things were not this way when the singer died. He left $5 million for his daughter and an estate worth $100 million. She sold off 85% of the Elvis estate including his Graceland home. She claimed Barry Siegel, her ex-manager was to blame for her misfortune.
Lisa Marie ended her wealthy lifestyle with more than $10million in unpaid taxes. Rumor has it that she gave a chunk of her fortune to Scientology. She was a well-respected and influential member of the church. This rumor is not clarified by the church.
