Lisa Marie Presley’s Ex-Husband Wants To Grill Her About $60 Million Elvis Trust
May 23 2022, Published 2:21 p.m. ET
Lisa Marie Presley’s ex-husband Michael Lockwood has revealed his dire financial situation ahead of his showdown over support in court with Elvis’ only child.
RadarOnline.com obtained the declaration filed by Lockwood in the bitter divorce where he is working to convince a judge to increase the current $4,500 a month child support payments made by Presley.
The judge had allowed Presley not to pay a dime in support for years because of her own financial issues. Lockwood believes those issues have turned around and wants a cut of the money flowing around.
Lockwood listed himself as a 61-year-old producer/musician who pulls in $2,500 a month. His assets are listed as $1,100 in cash and checking/savings.
The docs also note he is engaged to a 45-year-old named Stephanie Hobgood. Her monthly income is $6,000 and she contributes to the household bills.
Presley’s ex said he pays $3,700 a month in rent plus various other expenses for a grand total of $7,259. He owes his ex-attorney Beatrice Gung $118k and another divorce lawyer Jeff Sturman $618k. He hasn’t made a payment on those bills in years.
Lockwood lists another $224k debt owed to a third lawyer but he contests the amount. His other debts include $3,500 owed for musical equipment.
Presley filed for divorce from Lockwood in 2016 after a decade of marriage. The couple share two kids Finley and Harper Lockwood.
In his declaration, he told the judge he pays his bills with gifts and his “mother’s retirement fund.” Lockwood’s document also revealed the children spend 40% of the time with him and 60% with their mother.
“I have the girls Tuesday & Wednesday and every other weekend. Holidays are split evenly. Our custody order is complicated,” he wrote.
Last year, Elvis’ daughter was ordered to pay Lockwood $4,500 a month in temporary child support. He believes the amount should be increased due to her income and assets.
His lawyer notes, “[Presley] makes over $3.2 million annually in income. Recent years income may be slightly lower because of covid and intentional manipulation of her income dated down. However, she owns an interest in a recently opened [hotel] in Tennessee, she received $900k for a book deal, over a million from a settlement and she has anywhere to half a million and a million a year in personal expenses that she runs through her various businesses.
“We believe [Presley] has financial stakes in a movie about her father which is to be released shortly. To fully explore this with her on the stand is going to take many hours of testimony,” Lockwood’s attorney reveals.
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Further, Lockwood believes Presley is the beneficiary and controls a trust established sometime around her father’s death or before worth in excess of 60 million dollars.”
The two will appear in court this summer.
