Elvis Presley's financial legacy crumbling

[midnightman]

Turns out Lisa Marie might not have been bluffing when she said she was broke...

http://www.showbiz411.com/2018/08/10...er-stars-death

Lisa Marie Presley isn’t the only member of her extended world who’s broke. So is the Elvis Presley Foundation.

Elvis Presley Foundation, like Lisa Marie, Is Broke: Just 38k in Assets 41 Years After Star's Death

On the eve of the 41st anniversary of the star’s death, his legacy for being charitable is pretty much in shreds. The most recent filing for the Elvis Presley Foundation shows just $38,384 as the value of all assets.

Ticket and merchandise sales from Graceland are supposed to fund the Foundation. But in 2016-2017 the Foundation received only $12,731 in donations.

The Foundation disbursed $40,000 to a group of local Memphis charities in 2016.

Lisa Marie Presley, personally, says she’s broke and is suing her former advisors for $800,000. It’s quite a saga. She sold 85% of her interest in Elvis Presley Enterprises for $100 million in 2005. Lisa Marie says it’s all gone thanks to bad investments. Reports say she owes back taxes of $10 million from 2012 to 2017. In February she said she was $16 million debt.

The Foundation has been in decline for some time. But in 2007, the total value of assets was $400,000. By the 2012, the value was down to just $18,804.

One problem with the Elvis income, unlike the Beatles, which is roaring: his sales base has shrunk considerably. First of all, there’s very little streaming. And record sales for this year are only about 132,000. The halcyon days are over. Elvis’s fans are at least ten years older than the Beatles’. And then he wasn’t an album artist. His success was singles, none of which he wrote. So his publishing income is minimal if anything. Like all pre-1972 artists, Elvis suffers from a number of drawbacks including no performance royalty for records played on the radio.

[edafan]

thanks for the information.

I posted something about this a few weeks ago

edafan

[midnightman]

thanks for the information.

I posted something about this a few weeks ago

edafan

Was it about the foundation or Lisa? I think it was about Lisa, right?

[Quinn]

I'm not trying to be one to judge here, but I think this is all Lisa Marie's fault. This is Elvis Presley, the king of Rock N Roll for Christ's sake!!!. How in the hell can this man's name and legacy not be profitable forever?. She clearly doesn't know or understand who her dad was and what he stood for. Then sold over three quarters of her stake in him for a bargain basement price of 100 million bucks????. Whomever made that purchase probably laughed like hell in private. And due to bad investments that's gone???. So many questions....

Who's in charge of the foundation? Can they handle the job? What is she doing to keep her father current so that he'll appeal to younger people and gain new fans in the process?. That's why his sales have gone down, the same fans are looking forward to the reissues year after year. If they have everything already why do they need it again?. You have to keep the brand current. RCA extracts everything they have in the vaults where they can, is she co producing to get in on the profits or just waiting on a royalty payment?. What about the films he made,is she upgrading those to Blu Ray or some other format or waiting on someone else to?.

I can go on, but as far as I'm concerned Elvis's affairs aren't straight because Lisa Marie has no hustle. She's probably not personally involved in anything or asks any questions. This is a goldmine that benefits everyone, but her. This is unacceptable!!!. Let's talk....

[PeaceNHarmony]

Shouldn't matter much. I think he died. Did the Gaye family sue?

[midnightman]

Your hatred for the Gaye family is just... *sigh*

At this point, you're a troll obviously. No need to debate this any longer. Not on my thread.

In my best Janet Jackson voice at the end of "This Time": "you're DISMISSED."

[midnightman]

I'm not trying to be one to judge here, but I think this is all Lisa Marie's fault. This is Elvis Presley, the king of Rock N Roll for Christ's sake!!!. How in the hell can this man's name and legacy not be profitable forever?. She clearly doesn't know or understand who her dad was and what he stood for. Then sold over three quarters of her stake in him for a bargain basement price of 100 million bucks????. Whomever made that purchase probably laughed like hell in private. And due to bad investments that's gone???. So many questions....

Who's in charge of the foundation? Can they handle the job? What is she doing to keep her father current so that he'll appeal to younger people and gain new fans in the process?. That's why his sales have gone down, the same fans are looking forward to the reissues year after year. If they have everything already why do they need it again?. You have to keep the brand current. RCA extracts everything they have in the vaults where they can, is she co producing to get in on the profits or just waiting on a royalty payment?. What about the films he made,is she upgrading those to Blu Ray or some other format or waiting on someone else to?.

I can go on, but as far as I'm concerned Elvis's affairs aren't straight because Lisa Marie has no hustle. She's probably not personally involved in anything or asks any questions. This is a goldmine that benefits everyone, but her. This is unacceptable!!!. Let's talk....

Actually, it's Elvis' fault. On his will, he left control of his estate to LMP and his dad Vernon. Lisa was only nine when Elvis died in 1977 [[it would be officially 41 years on August 16th) and Vernon, at 61, was too sick to deal with it [[plus he was starting to have heart ailments that led to his death; clearly the death of his only child sped up his own untimely death) as he died less than two years later, in June 1979.

After Vernon's death, Priscilla somehow was able to gain control of the estate and she was the one that had to maintain the success of Elvis' Graceland mansion. When LMP was still a Scientologist, she sold her interest in EPE after turning 25. And that's where the problems began imho.

So yeah LMP played a part in why the finances are so low but so did Elvis at the time of his death. But that being said, Lisa definitely deserves blame. She was not a business-minded person either so that had a lot to do with why it's been badly mismanaged. But she took after her dad in that regard.

[Roberta75]

Turns out Lisa Marie might not have been bluffing when she said she was broke...

http://www.showbiz411.com/2018/08/10...er-stars-death

Lisa Marie Presley isn’t the only member of her extended world who’s broke. So is the Elvis Presley Foundation.

Elvis Presley Foundation, like Lisa Marie, Is Broke: Just 38k in Assets 41 Years After Star's Death

On the eve of the 41st anniversary of the star’s death, his legacy for being charitable is pretty much in shreds. The most recent filing for the Elvis Presley Foundation shows just $38,384 as the value of all assets.

Ticket and merchandise sales from Graceland are supposed to fund the Foundation. But in 2016-2017 the Foundation received only $12,731 in donations.

The Foundation disbursed $40,000 to a group of local Memphis charities in 2016.

Lisa Marie Presley, personally, says she’s broke and is suing her former advisors for $800,000. It’s quite a saga. She sold 85% of her interest in Elvis Presley Enterprises for $100 million in 2005. Lisa Marie says it’s all gone thanks to bad investments. Reports say she owes back taxes of $10 million from 2012 to 2017. In February she said she was $16 million debt.

The Foundation has been in decline for some time. But in 2007, the total value of assets was $400,000. By the 2012, the value was down to just $18,804.

One problem with the Elvis income, unlike the Beatles, which is roaring: his sales base has shrunk considerably. First of all, there’s very little streaming. And record sales for this year are only about 132,000. The halcyon days are over. Elvis’s fans are at least ten years older than the Beatles’. And then he wasn’t an album artist. His success was singles, none of which he wrote. So his publishing income is minimal if anything. Like all pre-1972 artists, Elvis suffers from a number of drawbacks including no performance royalty for records played on the radio.

How do you blow 100 million in bad investements and end up 16 million in debt. Dont these people but a million or two away in a regular savings account? If I ever win the lottery Im never going invest it all and Im gonna make sure my taxes are all paid up.