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28 November 2023

Lisa Marie Presley in $16 million debt

Photo: Bang

By Bang

Lisa Marie Presley is allegedly over $16 million in debt, according to newly filed divorce documents.

The 50-year-old singer - who is the daughter of the late musical icon Elvis Presley - is currently undergoing a divorce from estranged husband Michael Lockwood, and in court documents filed on Wednesday it has been revealed she has racked up a whopping $16.7 million in debt.

According to the documents, which were obtained by TMZ.com, Justin Stiegemeyer, Lisa's current business manager who is responsible for "day-to-day finances and paying all of her bills," alleged that the 'Dirty Laundry' hitmaker had first learned of her debt while her old business manager, Provident Financial Management, was handling her finances.

Stiegemeyer also claimed that Lisa "had not been provided with proper accountings or notices or been kept abreast of her finances" by her former business manager and that at the time they were fired, Lisa had "total liquid assets of less than $20,000."

Lisa's debt is allegedly comprised of defaulted payments on the mortgage for her $6 million home in the UK, as well as unpaid income tax and almost $50,000 in credit card bills.

In the documents, Stiegemeyer states that Lisa paid off one of three "outstanding American Express cards each totalling approximately $300,000" in October 2017 and that she made the final payment on a "Citicard credit card with a balance due of $111,083" in January of this year.

He also claimed Lisa expects one of her remaining outstanding AmEx bills to be "paid in full in September 2018."

The documents stated: "Suffice it to say that in addition to having to pay off these debts, the payment issues with these cards has caused [Lisa's] credit to be significantly impaired."

Stiegemeyer claims Lisa will begin making payments towards her income tax debt "once we have paid off the credit cards and various legal fee debts and obligations", and she is in the process of trying to sell her UK home.

Lisa reportedly receives a monthly salary of $4,361 from her father Elvis Presley's estate, as well as $100,000 in dividends and interest from investments.