Lisa Marie Presley | Elvis Estate Heartbreak

Despite rumors and numerous alleged sightings, Elvis Presley, the King of Rock N Roll, died in 1977. At the time of his death, Elvis' only daughter, Lisa Marie, was only 9 years old, but she became the heir to his estate, worth in 1977 a relatively modest $5 million. It would have been much more but for Elvis' penchant for bad business deals and a life of excess.
According to Elvis' will, Lisa Marie's inheritance was kept in a Trust, known as the Promenade Trust, which through his ex-wife Priscilla's stewardship grew to an estimated $100+ million when Lisa Marie gained control.
In the ensuing 12 years, the Promenade Trust owned Graceland as well as the royalty stream of Elvis Presley Enterprises. By then, Lisa Marie had been married and divorced three times, including two short-lived marriages to Michael Jackson and Nicolas Cage. Like her father, she was also known to be a free-spender, reportedly incurring debts in excess of $20 million.
In order to eliminate her debt, Lisa Marie's business manager at the time, Barry Siegel, sold 85% of her share in Elvis Presley Enterprises. That transaction reportedly netted her $40 million, even after all her debts were eliminated. What became of the money? Apparently, her manager invested at least part of it in Core Entertainment, the company behind American Idol, which filed for Chapter 11 bankruptcy in 2016...

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