The 51-year-old singer's net worth is reportedly -$16 million, meaning she owes the amount in debt. Several lawsuits, as well as bad investments throughout the years have led to the downfall of her father's $100 million estate, according to Celebrity Net Worth.
Presley has put the blame on the end of her fortune on others in the past, according to as Closer Weekly wrote in April.
The singer filed a lawsuit against her former business manager Barry Siegel and his company, Provident Financial Management in 2018 for allegedly using all of her father's money and leaving her with nothing but $14,000.
In court documents, she claimed Siegel was being "reckless and negligent" with her funds and making her invest in American Idol's holding company, which went bankrupt.
Presley claimed Barry advised her in the wrong way. She claimed the manager was sousing her money to pay himself an "average annual salary of $701,000 per year" even though she was losing money at an alarming rate. After when went bankrupt, she filed a lawsuit against Barry before he countersued her for $800,000 in damages.
In his lawsuit, Barry said he believed losing Elvis' fortune was all on Presley. He claimed Presley "squandered" away the money that she got from her father's estate because she had "uncontrollable spending habits" that forced her into financial ruin.
She later alleged Siegel did not give her proper advice on handling her fortune.
"Had Barry disclosed the trust's true financial condition to Lisa and restricted spending to the trust’s 'income' rather than its principal assets, Lisa would have lived comfortably on an annual budget of between $1.5 and $2 million per year, after taxes," the documents read. "[But] Barry repeatedly led Lisa to believe she was in ‘good shape’ with her finances."
In February 2018, Presley filed legal paperwork as part of her divorce from Michael Lockwood that showed she was $16 million in debt; while $10 million of the debt is related to unpaid taxes dating from 2012 to 2015. The rest of the debt is credit card bills and unpaid attorney's fees. Presley filed the paperwork after her ex demanded $450,000 to cover his legal fees.0comments
Presley's financial struggles returned to the spotlight after Priscilla Presley sold her Los Angeles mansion this week, reportedly to help her daughter with her debt.
"Priscilla would never have done this if she didn’t believe it was her daughter’s last chance," a source told Radar Online.