The Financial Reality of Lisa Marie Presley
Lisa Marie Presley, the daughter of Elvis Presley, has often been the subject of financial rumors and speculation. As of my last update in August 2023, reports indicated that she faced significant financial challenges. Despite these reports, Lisa Marie Presley is not broke. Let's explore the details behind these claims and the current financial reality of her situation.
Financial Struggles and Debts
Reports have indicated that Lisa Marie Presley had been struggling with debt and had previously been involved in lawsuits related to her finances. Additionally, she made the difficult decision to sell parts of her inheritance from her father, Elvis Presley, to manage her debts. However, for the most current information regarding her financial status, it would be best to check the latest news sources.
Vampiric Business Manager and Financial Mismanagement
It's true that Lisa Marie Presley faced significant financial challenges, partly due to the actions of her business manager, Barry Siegel. Siegel made some bad business deals, resulting in significant financial losses for Presley. In response, Presley sued Siegel, attacking him in her book Graceland: From the Basement to Madison Square Garden.
March 1973 Deal with RCA: On March 1973, Elvis Presley and his manager, Colonel Tom Parker, negotiated a deal with RCA Records. The deal involved a lump sum payment in lieu of all future artist royalties for ongoing sales of anything Elvis had recorded up to that point. The payment of $5.4 million was split 50-50 between Elvis and Colonel Parker.
This deal had significant implications for EPE (Elvis Presley Enterprises), which includes the licensing of Elvis' likeness, music, and memorabilia. This deal meant that EPE no longer received royalties on ongoing sales of recordings created before the March 1973 deal. However, EPE continued to receive royalties for recordings created after that date.
Ownership and Royalties: Elusive Publishing Interests
Many people misunderstand the implications of the 1973 deal. They mistakenly believe Elvis had a share in the ownership of his recordings and that this was what he sold to RCA. This is not the case. Elvis did not sell his publishing interests; EPE still holds those interests. Therefore, the 1973 deal regarding Elvis artists' royalties had no effect on his publishing royalties.
Elvis continued to receive publishing royalties on the sales of recordings of songs he had publishing interests in, regardless of the recording date. Additionally, Elvis recorded many songs without owning the publishing rights, and his contracts sometimes expired, affecting these rights retroactively.
Current Financial Status and Earnings
In 2005, Lisa Marie Presley sold 85% of her share of EPE to entertainment company CKX, which included the physical and intellectual properties of those holdings. However, Lisa Marie retained sole ownership of Graceland and her father’s personal items, many of which remain in the house.
Despite the sale of a large portion of her shares, Lisa Marie still holds a 15% stake in the company. This means that she continues to receive millions of dollars in royalties and earnings from EPE. Her significant financial stake ensures that she is not in dire straits, as many rumors have suggested.
For the most accurate and up-to-date information, it is always best to check the latest news sources. Lisa Marie Presley may face financial challenges, but she is far from being financially ruined.