Lisa Marie Presley stunned fans on Friday night when she revealed her crippling debt of over $16 million in her divorce documents amid her ongoing split from estranged husband Michael Lockwood.
Justin Stiegemeyer, Presley’s current business manager who is responsible for “day-to-day finances and paying all of her bills,” disclosed in the documents that the daughter of Elvis Presley owes money in a number of areas, including income taxes, a defaulted mortgage and credit card bills.
By the end of 2015, the star reportedly had “no additional funds” besides “approximately $20,000 of liquid assets” that she was using to pay her already growing debt at the time. Presley also owes nearly $50,000 in credit card debt after actively paying it down for months. In fact, in October of 2017, she paid off one of three “outstanding American Express cards each totaling approximately $300,000” and made the final payment of $111,083 on another card last month.
“Suffice it to say that in addition to having to pay off these debts, the payment issues with these cards has caused [Presley’s] credit to be significantly impaired,” Stiegemeyer added.
In addition to her credit card debt, Presley also owes money in income tax and even defaulted on the mortgage of her $6 million United Kingdom home, which she has been trying to sell for the past two years. She will move on to tackling that debt “once we have paid off the credit cards and various legal fee debts and obligations.” Currently, she claims to receive a monthly salary of $4,361 from her father‘s estate and $100,000 in dividends and interest from investments.
The shocking revelation is the latest installment in her ongoing divorce from Lockwood and comes as part of her response to a court order to pay $50,000 of Lockwood’s $450,000 in legal fees. The pair married in 2006 and welcomed twin daughters two years later. In 2016, Presley filed for divorce citing irreconcilable differences and claiming Lockwood was a bad father who “took advantage” of her financially.