When a movie revives Elvis’ legacy, the Presleys fight over his estate

The deal paid about $50 million in cash. According to court documents, the Promenade Trust also received $25 million in stock in Sillerman’s entertainment company, CKX, and $22 million in debt relief. The Presley Family Trust retained the remaining 15 percent of Elvis Presley Enterprises and the main home at Graceland, valued at $5.6 million in 2021. The Trust leased the home and its key artifacts to Elvis Presley Enterprises under a long-term agreement.

In 2013, Sillerman sold Elvis Presley Enterprises to Authentic Brands Group in partnership with Joel Weinshanker, who now runs Graceland. Three years later, Sillerman’s company filed for bankruptcy, making Lisa Marie’s CKX shares nearly worthless, according to court filings.

And by that point, even the $50 million in cash that Lisa Marie’s trust had received was mostly gone and being spent on things like a $9 million house in England. In her court filings, Lisa accused Marie Siegel of allowing that purchase, saying he enriched himself with exorbitant fees and failed to alert her to how dire the financial situation had become.

“By 2016, Siegel had liquidated nearly all of the trust’s remaining capital,” her lawsuit reads. “The trust was left with $14,000 in cash and over $500,000 in credit card debt.”

Meanwhile, Elvis Presley Enterprises was still rolling. Last year it grossed $110 million, of which at least $80 million was generated from its Graceland operations and $5 million from the sale of the rights to the Baz Luhrmann biopic, according to Forbes estimates confirmed by two people with knowledge of the company’s finances.

In addition to the $1.25 million she received from the trust last year, Lisa Marie reported that she was paid about $4,300 a month as a Graceland employee, according to a financial filing. (In their 2018 lawsuit against Siegel, Lisa Marie’s attorneys complained that Priscilla had received a $900,000 annual salary from Elvis Presley Enterprises for years.)


(Visited 1 times, 1 visits today)

Leave a Reply

Your email address will not be published. Required fields are marked *