The music world is in mourning. This Thursday, January 12, 2023, Lisa Marie Presley, only daughter of Elvis Presley, died of a heart attack at the age of 54. A shock for his admirers who had been able to see him, the day before, walking the red carpet of the Golden Globes and applauding Austin Butler, big winner in the category “best actor in a dramatic film” for his role of Elvis in the long- eponymous film by Baz Luhrmann. The singer leaves behind a grieving family, but also a lucrative business.
According to information from Forbes magazine, the “King” would generate $30 million in profits. Also, the discs, derivative products and other visits of Graceland, would bring in big money. But while Lisa Marie Presley was at the head of such a heritage, she unfortunately would not have had the chance to enjoy it. It was only 12 years old that the latter became the heiress of the colossal fortune of Elvis. A fortune managed by his mother until he was 25 years old. An age that will make her regret any involvement in family affairs since, due to poor management and questionable advice, she will lose 85% of the Elvis Presley Enterprises created by Priscilla Presley. Overwhelmed by debt, the daughter of the man who sang “You’re the Devil in Disguise” went through dark times.
A squandered legacy
“We have all of his audio recordings. We sell his records and exploit them in streaming. His repertoire up to 1962 fell into the public domain in Europe, not the US, but we still have exclusive rights to other big hits like Suspicious Mind and In the Ghetto”, confided the director of Legacy recordings at Sony Music France, Christophe Langris. For its part, ABG owns 85% of the rights to the name Elvis, its property in Memphis, but also the image of the “King”.
VB
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