Lisa Marie Presley's ex-husband Michael Lockwood claims he "received nothing or almost nothing" in the post-nuptial agreement he signed in 2007, leaving him at the mercy of Elvis' famous daughter, RadarOnline.com can exclusively report.
According to court documents obtained by Radar, Lockwood calls his former wife a "woman of substantial means" — while he remains in "negative net worth!"
In a July 26 affidavit, Lockwood asked a judge to rule the 2007 post-nuptial paperwork as invalid, claiming he was not allowed the opportunity to thoroughly review or discuss the agreement before he signed it.
Presley, 50, and Lockwood, who separated in June 2016 after 10 years of marriage, have been locked in a nasty divorce and also a separate case involving their children, 9-year old twins Harper and Finley.
Lockwood, a professional musician, said in the affidavit that the post-nup did not state Presley insisted he "work only for her, that he had no other income, that there was no employment contract, and that she could fire him and stop paying him at any time."
Under the agreement, both parties had to make full disclosure of their property and financial obligations, but Lockwood, 57, claims Elvis' famous daughter "had only a single page with three lines" summarizing her assets, which said her net worth was at about $63 million.
Meanwhile, the agreement listed Lockwood as having "negative net worth."'
"There was no 'fair, reasonable and full disclosure,'" Lockwood's attorneys argued in the affidavit.
Lockwood added the post-nuptial agreement also did not identify various properties that they acquired during their marriage, including an English estate called Coes Hall, which Presley purchased in 2010 for $9 million.
According to court documents, Presley used her famous father's trust as collateral to purchase Coes Hall. Presley is currently fighting another court battle against her former business manager, Barry Siegel, whom Presley claims mismanaged her finances for years.
While Lockwood claims Presley continues to live an extravagant lifestyle, Presley has said she is in deep debt and could lose her properties.
"I currently owe back taxes to the Internal Revenue Services of approximately one and one-half million dollars, and over five million dollars to the Government of the United Kingdom," Presley wrote in a February 2017 declaration. "I owe approximately $250,000 in state taxes and have hundreds of thousands of dollars of assertional debt. … The house in England to which Lockwood refers, is no longer an asset. It has a negative value as my former business manager Siegel failed to make payments and now the taxes owed are in excess of the value of the property. I will be responsible for any deficiencies if the property is seized."
In that 2017 declaration, Presley also said she had not had stable housing since relocating to California in June 2016.
"I lived briefly with my mother, in treatment, then with friends rent-free," Presley said in the February 2017 declaration. "I currently live in the home of my adult daughter, Riley Keough, and her husband. I do not pay rent or a mortgage in that residence, but I do contribute to the household expenses by paying for Riley's housekeeper as well as additional household supplies."
Presley also claimed Lockwood allegedly used her credit cards to purchase extravagant gifts without her consent, which she stopped when she became aware of what he had done.
Presley says she does received about $100,000 per month from her inheritance and a "modest salary of about $4,300 per month as an employee of Graceland. Presley, however, claims her mounting debt was caused by Siegel's mismanagement. Presley has filed a separate complaint against Siegel and the financial management company.
Siegel, who has filed a countersuit, has denied Presley's allegations and maintains Presley's financial problems were caused by her own exorbitant spending. A hearing has been scheduled in December for that case.
In the meantime, Lockwood and Presley are scheduled to appear at a Los Angeles court on Aug. 13.
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