Lisa Marie Presley is drowning in $16.8 million debt that she amassed over the past three decades, according to shocking court documents exclusively obtained by RadarOnline.com
According to court documents filed on Valentine’s Day, Presley said she only has a total liquid assets of less than $20,000 and owes more than $10 million in unpaid taxes for the the years 2012 to 2015. Presley filed the court documents in response to the nasty ongoing divorce proceedings with her estranged husband, Michael Lockwood, who is suing Presley for spousal support and attorney’s fees.
The exes, who were married for 10 years, have been locked in a legal battle not only concerning their divorce, but also their post-nuptial agreement.
In the court documents, Presley’s business manager Justin Stiegemeyer, said she had sold 85 percent of her interest in Elvis Presley Enterprises back in 2005. Although Lisa Marie receives about $100,000 per month from the trust that holds Elvis Presley Enterprises, Stiegemeyer said Lisa Marie cannot simply demand those funds at will.
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Stiegemeyer also said Presley has three outstanding American Express credit card debts totaling about $300,000. Presley is also trying to unload mounting debts she acquired after the purchase of her country home in the United Kingdom.
Stiegemeyer said Presley found out just how much she was in the hole after she fired her previous business managers, Prudential Financial Management.
“At the tail end of PFM’s tenure, LMP learned that she was in massive debt, although at times she did not know the extent of that debt,” Stiegemeyer said in the affidavit. “She had not been provided with proper accountings or notices or been kept abreast of her finances by PFM.”
Presley is also suing Prudential Financial Management.
Meanwhile, Lockwood claimed in court papers that Elvis' famous daughter has more than $11 millions in assets as of December 2015, and a trust with more than $31 million. The court has yet to determine whether the postnuptial agreement signed by the exes is valid.
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