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Thread: Lisa Marie Presley to Sue Business Manager for Allegedly Squandering $100 Million

  1. #31
    Elite Member Trixie's Avatar
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    Well, whether he trusted the wrong people or was overly generous, I would still call that bad with money. He supposedly made something like $100m in his lifetime and died at 42 with $5m in the bank? That was someone who was bad with money no matter what he spent it on. So Priscilla brings that estate back up to $100m and Lisa manages to blow it all again? And if I read correctly, she sold off 85% of her interest in Elvis Enterprises? According to Forbes, he's the #4 dead celebrity in earnings per year ($30+m) so how stupid was that? What did she sell it for and where did all THAT money go?
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  2. #32
    Elite Member HWBL's Avatar
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    ^Even if he made 100 million (which he didn't), he only got to keep half of it, out if which he had to pay all expenses. He took care of both sides of the family as well. I really don't think that constitutes being bad with money. And again: he did not care for money (as in worship). Money was a means to him, not a goal. He also, mostly, did not spend it on trivial things (except cars and guns), especially not when he spent it on/for others: he bought houses, paid medical bills, gave tons to charities. He was't a saint, but he didn't spend it on drugs, or bribes or designer anything. The reason why he didn't make 100 million is because he did not write the songs he sang, so he received no royalties.
    Take for instance Maurice Gibb, who died in 2003 at the age of 53 after more than 40 years in showbiz of which about 25 as a (high) paid professional, who DID co-write several million sellers. Maurice, who'd lived a modest life, left his family 2 million dollars, six homes and all ownership in copyrights and musical compositions, as well as trust funds for his 2 children.
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  3. #33
    Elite Member rollo's Avatar
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    ^ I liked Elvis but he did spend money on drugs. He was a drug addict! Hence, part of Lisa Marie's problem that she must have been aware he took drugs and destroyed his health and it's happening again.
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  4. #34
    Elite Member HWBL's Avatar
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    Quote Originally Posted by rollo View Post
    ^ I liked Elvis but he did spend money on drugs. He was a drug addict! Hence, part of Lisa Marie's problem that she must have been aware he took drugs and destroyed his health and it's happening again.
    Yes, he was a prescription drug addict, absolutely. He shopped around and had "doctors" providing him with stuff all over the USA. But you'd be surprised how little of his money went into that. I'm not saying he never tried the hard stuff like cocaine (liquid cocaine), but in his warped mind, street drugs were bad (no, he wasn't like Whitney "Crack is wack, I don't do cheap drugs") and for street junkies. He did not consider himself an addict. He considered himself a person with medical problems. He knew the medical reference books on pharmaceutical drugs by heart, knew the types of prescription drugs, what they were used for, what effects they had. He often knew better to describe them than doctors. Some of these "go to" doctors he only had to charm to get drugs. Others he paid the standard amount per unit (for not so standard amounts of stock of these prescription drugs). And, like an addict, he also lied that he would donate them to hospitals etc. Which he did, except he'd keep stuff he wanted for himself.
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  5. #35
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    Elvis was notoriously bad with his money. I believe the top tax bracket during his heyday was closer to 90% and he never really invested in tax shelters. According to this linked article, he paid Colonel Tom Parker - his manager 25% of his earnings until they renegotiated it to 50%!
    He was a money machine though.
    A Bit Late, Elvis Starts To Rake In Money - tribunedigital-chicagotribune
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  6. #36
    Elite Member HWBL's Avatar
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    Quote Originally Posted by sjankis630 View Post
    Elvis was notoriously bad with his money. I believe the top tax bracket during his heyday was closer to 90% and he never really invested in tax shelters. According to this linked article, he paid Colonel Tom Parker - his manager 25% of his earnings until they renegotiated it to 50%!
    He was a money machine though.
    A Bit Late, Elvis Starts To Rake In Money - tribunedigital-chicagotribune
    Because, like I said, he wasn't IN it for the money. Was that wise? Probably not. He was in it for the music and the entertaining and that he could take care of his family and make people happy. He wasn't in it "for the profit" as he would say.
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  7. #37
    Elite Member Trixie's Avatar
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    Would it be better if we said he was stupid rather than "bad" with money?
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  8. #38
    Elite Member Mrs P's Avatar
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    Quote Originally Posted by Trixie View Post
    Would it be better if we said he was stupid rather than "bad" with money?
    They did have a singer that sounded like him that'd record the songs, then Elvis would listen and basically burp out the same shit because it was too difficult for him to read and sing at the same time.

  9. #39
    Elite Member HWBL's Avatar
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    Quote Originally Posted by Trixie View Post
    Would it be better if we said he was stupid rather than "bad" with money?
    LOL, no better would be to say uninterested

    Quote Originally Posted by Mrs P View Post
    They did have a singer that sounded like him that'd record the songs, then Elvis would listen and basically burp out the same shit because it was too difficult for him to read and sing at the same time.
    Not really. He'd listen to 45's of different singers and not because of the reasons you mentioned. The record company often did this with artists in the past. They had "house" singers who would record the acetates with all kinds of (new) songs and the artists that were signed to the lable (especially during the times before the "singer / songwriters") would listen to all the songs to pick their favorites to record for their albums.
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  10. #40
    Elite Member MsDark's Avatar
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    Money wasn't his priority in life. It was a means to an end. And he was very generous with spreading it around, which was nice on one hand, but left him vulnerable to vultures and opportunists (like his manager) on the other.

    Someone with a different value on money looking at his life would definitely say he threw plenty of it away.
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  11. #41
    Elite Member HWBL's Avatar
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    ^He was smart enough to keep Scientology at bay, when they tried to lure him in........
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  12. #42
    Elite Member Mrs P's Avatar
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    Quote Originally Posted by HWBL View Post
    LOL, no better would be to say uninterested



    Not really. He'd listen to 45's of different singers and not because of the reasons you mentioned. The record company often did this with artists in the past. They had "house" singers who would record the acetates with all kinds of (new) songs and the artists that were signed to the lable (especially during the times before the "singer / songwriters") would listen to all the songs to pick their favorites to record for their albums.
    In the end, when Elvis left the building, he was still just a cover artist.
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  13. #43
    Elite Member HWBL's Avatar
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    Quote Originally Posted by Mrs P View Post
    In the end, when Elvis left the building, he was still just a cover artist.
    He never pretended to be anything else. He didn't want to be mentioned as co-author of Love Me Tender, but the writers wanted it since because of his version, they were raking in the royalties. Written in 1861 and called Aura Lee, it received new lyrics in 1956 for the Elvis movie with the same title.
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  14. #44
    Elite Member MsDark's Avatar
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    Quote Originally Posted by Mrs P View Post
    In the end, when Elvis left the building, he was still just a cover artist.
    As with plenty of other singers who achieved fame before and after.

    But he was a great singer and performer.
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  15. #45
    Elite Member rollo's Avatar
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    I wouldn't call him a mere cover artist. He interpreted other people's songs but so what? He was world-famous and is still one of the most recognisable figures from the last century and has become part of the fabric of pop culture. This is the cross that Lisa Marie has to bear and she hasn't made a good job of it but it's not because her father was a cover artist.
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