In 2013, Sillerman sold Elvis Presley Enterprises to Authentic Brands Group in partnership with Joel Weinshanker, who now operates Graceland. Three years later, Sillerman’s company declared bankruptcy, rendering Lisa Marie’s CKX stock almost worthless, according to court documents.
And by that time, the $50 million in cash that Lisa Marie’s trust had received was also largely gone, spent on things like a $9 million home in England. In her court papers, Lisa Marie blamed Siegel for allowing that purchase and said he had enriched himself with exorbitant fees and failed to alert her to how dire the financial situation had become.
By 2016, her lawsuit said, the trust “was left with $14,000 in cash and over $500,000 in credit card debt.”
Siegel’s lawyers were blunt in their 2018 cross complaint, which denied their client was responsible for the diminished assets. “Sadly, since inheriting her father’s estate in 1993, Lisa has twice squandered it,” they wrote. “She now has only herself to blame for her financial and personal misfortunes.”
Meanwhile, Elvis Presley Enterprises was churning along. Last year, it pulled in $110 million, at least $80 million of which was generated by operations at Graceland. Another $5 million came from the sale of the rights for the Baz Luhrmann biopic, according to Forbes, whose estimates were confirmed by two people with knowledge of the company’s finances.
In addition to the $1.25 million she got last year from the trust, Lisa Marie received a monthly salary of roughly $4,300 as an employee of Graceland, according to a financial filing she made last year. It also listed roughly $95,000 in liquid assets, $715,000 in stocks and bonds, and debts that exceeded $3 million.
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