Lisa Marie Presley’s 14-year-old twin daughters won’t return to $4m LA home where she died from cardiac arrest because ‘they’re too traumatized’: Graceland is all that’s left of inheritance after Elvis’ daughter blew through $100m in 25 years
- Harper and Finley, 14, refuse to return to the Calabasas home where their mother died last week at the age of 54
- The twins have been living at their grandmother Priscilla Presley’s LA home
- They and their sister Riley, 33, are set to inherit Graceland – Elvis’ estate that earns $56m a year
Lisa Marie Presley’s 14-year-old twin daughters will not return to the Calabasas home where she suffered her fatal cardiac arrest as they are too traumatized, according to a new report.
Harper and Finley have been spending time instead at the LA house of their grandmother, Priscilla Presley, where they are also being supported by their older sister Riley Keough, claims TMZ.
Lisa Marie tragically died last week at age 54 after suffering two cardiac arrests.
The publication also reports that the twins’ father Michael Lockwood has been on hand to care for his daughters.
Throughout their parents’ divorce, the twins lived with their grandmother in LA.
Lisa Marie Presley’s 14-year-old twin daughters will not return to the Calabasas home where she suffered fatal cardiac arrest as they are too traumatized (pictured with Lisa Marie and their older sister, Riley Keough)
The girls do not want to return to the home (pictured) where their mother died
In October their father remarried, to celebrity hairdresser Stephanie Hobgood.
The twins were ‘grooms women’ at their father’s wedding.
Lockwood said, following Lisa Marie death, that the girls were with him.
‘Michael had been hoping for a speedy and complete recovery because her children needed her. It is very sad it didn’t turn out that way,’ said Joe Yanny, Lockwood’s spokesman.
‘Michael’s world has been turned on its ear. He is with both of his daughters now.’
Representatives have been contacted by MailOnline for comment.
Earlier, it was revealed that Graceland, the legendary mansion which once belonged to Elvis Presley and brings in $56million a year, will go to Lisa Marie’s three daughters.
Prior to her death, Elvis’ daughter was bringing in more than $100million a month from her father’s estate and businesses, after inheriting his large fortune at the age of 25.
Home: Graceland, the legendary mansion which once belonged to Elvis Presley, will go to Lisa Marie’s three daughters
Throwback: Elvis and Priscilla Presley are pictured at Graceland with toddler Lisa Marie
Presley earned more than $4,000 a month from the Graceland estate and an estimated $104,000 a month from Elvis Presley Enterprise.
Graceland, the Memphis, Tennessee, estate, was bought by her Mississippi-born father Elvis in the spring of 1957, when he was 22 and had just hit fame.
The 1939 house and its grounds were sold to the young rocker for $100,000, and on his death in 1977 they passed to his only child, Lisa Marie.
Priscilla – who divorced Elvis in 1973 – transformed the faltering estate into a tourist attraction on his death, opening it to visitors in 1982. On the first day it opened, 3,000 people visited the estate.
The grounds now see 600,000 visitors a year – making it second only to the White House and the Biltmore Estate for tourist numbers.
And while the house sees a stream of people gawk at the jaw-dropping excess of the jungle room, and gaze at the fabulously kitsch white and blue 1970s living room, the building remains in use as a family home – where the Presleys gather for dinners and reunions.
Lisa Marie was living in a gated community in Calabasas before she died
Harper and Finley have been spending time at Priscilla Presley’s house in LA, where they are also being supported by their older sister Riley Keough
A representative for the Memphis, Tennessee, estate confirmed to People that the property will benefit Lisa Marie’s daughters – Riley, 33, and the twins.
It had previously been revealed that Lisa Marie would be laid to rest at Graceland next to her late son, Benjamin Keough, her father and other family members buried at the estate.
Lisa Marie’s finances remain contentious. Her fourth husband, Michael Lockwood, lost his 2016 bid in their divorce to undo their prenup, but he reopened the case in 2021, demanding she pay the $4,600-a-month child support that a court ordered.
Together: The twins’ father Michael Lockwood (pictured with Lisa) has been locked in a court battle to undo the couple’s prenup
The case is yet to be settled, and the state of her finances is unclear.
She inherited her father’s $100million fortune in 1993, on her 25th birthday, but said that it had almost entirely disappeared thanks to mismanagement and bad investments.
How much money Lisa Marie’s three daughters will inherit remains unclear.
Despite their grandfather being one of the biggest-selling musicians of all time, the finances were frequently precarious – thanks to The King’s lavish lifestyle and generosity.
When he died in 1977, he had only $5million in the bank – thanks, in part, to a deal made by his manager, Colonel Tom Parker, five years before his death.
In 1973, Parker sold all of Presley’s master recordings to RCA Records for $5.4million, which means the label pays no royalties to the estate for tracks released before 1973.
Of his 23 studio albums, only five were released after 1973.
Elvis’s catalogue has been shopped around over the years: in 2013 the rights to his music and image were bought by Authentic Brands, which owns Marilyn Monroe and Muhammad Ali’s rights.
Last year, Authentic announced a deal with Universal Music to share the rights.
The royalties are not the only issue.
Harper and Finley Vivienne,pictured together at the handprint ceremony to honor their grandmother Priscilla in June 2022
Elvis’s trust, which was once valued at $100million, was all but gone by 2015.
Lisa Marie appointed Barry Siegel to manage the money in 2003 – the same year she launched a musical career of her own.
Siegel, senior managing director of Provident Financial Management and a prominent entertainment business manager, counted Al Pacino, Elijah Wood, Pulitzer Prize-winning playwright David Mamet, and Frankie Valli and the Four Seasons as his clients.
But in 2005, he sold off 85 percent of Lisa Marie’s share in Elvis Presley Enterprises to CKX for around $100million, in a deal that saw her lose control of her father’s name and image rights.
Siegel said the sale ‘cleared up over $20million in debts that Lisa had incurred and netted her over $40million cash and a multi-million dollar income stream.’
Lisa Marie said it lost her millions thanks to a subsequent investment in Core Entertainment, the company behind American Idol that went bankrupt in 2016.
Siegel then allegedly began liquidating Lisa Marie’s assets in order to supplement her trust income.
She claimed his business decisions left her with a $500,000 credit card debt.
Lisa Marie divorced her fourth husband, Michael Lockwood, in 2016, and in their divorce proceedings claimed she was $16million in debt – which Lockwood said was not true.
According to the documents, Lisa Marie at the time owed more than $10million in taxes from 2012 to 2017 and had defaulted on her debt of more than $6million from her United Kingdom home.
Lisa Marie (right) and her mother Priscilla (left) were at the Golden Globe Awards to see Austin Butler (center) who played her father in the movie ‘Elvis’
She also owed $263,050 in professional fees, $47,844 in credit card debt and an estimated $250,000 in miscellaneous unpaid bills.
Presley revealed her financial struggles in response to a request from Lockwood that she help pay part of his $450,000 in attorney fees.
In 2018, she sued Siegel, accusing him of mismanaging her finances.
Siegel and his company countersued, alleging Presley’s ‘out-of-control spending’ led to her financial predicament.
Leon Gladstone, a lawyer representing Barry Siegel, said at the time: ‘It’s clear that Lisa Marie is going through a difficult time in her life and is looking to blame others instead of taking responsibility for her actions.’
Yet Lisa Marie was adamant that the financial collapse was his fault.
‘Between 2005 and the time of the American Idol bankruptcy, Siegel billed $4.9million to “manage” the trust, an average annual salary of $701,000 per year,’ the court documents state.
Lisa Marie is pictured with twins Harper Vivienne and Finley, daughter Riley, and son Benjamin, who took his own life in 2020
‘Had Siegel disclosed the trust’s true financial condition to Presley and restricted spending to the trust’s “income” rather than its principal assets, Presley would have lived comfortably on an annual budget of between $1.5 and $2million per year, after taxes.
‘On this budget, Siegel’s lucrative compensation package would have amounted to between 40 to 50 percent of Presley’s post-tax annual budget – an amount she undoubtedly would not have agreed to had she been aware of her true financial condition.’
Instead of telling Lisa Marie the truth, Siegel covered up the dire straits of her finances, say her lawyers.
‘Siegel repeatedly led Lisa to believe she was in “good shape” with her finances,’ the documents state.
Her attorneys cited several emails from Siegel responding to inquiries from Lisa Marie about how her trust fund was faring.
Lisa Marie’s drug treatment over the years also ate into her bank balances.
She said she was in rehab at least five times – with stints at one site she attended, Hills Treatment Center in Los Angeles, costing $40-50,000 a month.
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