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Elvis Presley was perhaps the worst businessman in the history of music. He was down to his last $2 million when he died, and he had to go back to work because his posse of bodyguards and his general cost of living was far more than he brought in. It really was Col. Tom Parker that made all the money out of Elvis Inc.--without his having to pay the expenses.
Priscilla and Lisa Marie were never prepared for life without Elvis. And it was expected with both growing up under Elvis' wings. Both made terrible mistakes in the people around them--after Elvis died. Children of the biggest music stars often find themselves with mental problems, drug problems and money problems--despite having incredible incomes.
Best thing they did was incorporate Elvis Presley Enterprises and they had a great guy with Jack Soder running the operation. He patented the likeness of Elvis, and he ran a pretty tight operation. It was this operation that they eventually sold for the big $. Lisa kept the house and minor assets--and she continued to spend like a drunken sailor.
I honestly don't know who is best to handle the family's assets. I don't know anything about Lisa's oldest daughter. She'd do best to hire a professional manager to run the operation. One that would keep her on a tight money leash.
Elvis Presley was perhaps the worst businessman in the history of music. He was down to his last $2 million when he died, and he had to go back to work because his posse of bodyguards and his general cost of living was far more than he brought in.
I don’t disagree with you…but for perspective $2 million in 1977 is the equivalent to almost $10 million today. Money didn’t mean much to Elvis because from the time he was 21, it came so easily. He wanted to give his money away. He would have his jeweler make rings and other items just so he could give them away during concerts. Even if he lost that last $2 million, he would give you the jumpsuit off his back.
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Priscilla and Lisa Marie were never prepared for life without Elvis. And it was expected with both growing up under Elvis' wings.
I don’t disagree with you…but for perspective $2 million in 1977 is the equivalent to almost $10 million today. Money didn’t mean much to Elvis because from the time he was 21, it came so easily. He wanted to give his money away. He would have his jeweler make rings and other items just so he could give them away during concerts. Even if he lost that last $2 million, he would give you the jumpsuit off his back.
Then maybe she shouldn’t have left him.
You are right about Elvis sharing the wealth. He donated heavily and gave away cars like some people tip.
Maybe we could all learn a thing or two from his financial dealings.
Amassing a fortune and leaving it the next generation to run through like a drunken sailor, is not a very good plan either, but it is the American way.
We were in a tea room in England a few years back, having a cream tea.
Our waitress, probably 20 at most, heard our American accents and said she'd always wanted to go to the US.
We asked her where she wanted to go, she got this dreamy look in her eyes and said "Graceland. I've been in love with Elvis since I was 12." Which was probably all of 8 years previous.
Hope she got to see it.
None of the Presleys have a lick of business sense, including Elvis and his parents. Riley's not that young but does she have business experience.
Performers are notorious for choosing crooked business managers.
We'll see.
LOL. She's a little too late for Elvis. Maybe Lisa's son was more her age or Lisa's half brother.
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Originally Posted by JoeJunior
Elvis Presley was perhaps the worst businessman in the history of music. He was down to his last $2 million when he died, and he had to go back to work because his posse of bodyguards and his general cost of living was far more than he brought in. It really was Col. Tom Parker that made all the money out of Elvis Inc.--without his having to pay the expenses.
Priscilla and Lisa Marie were never prepared for life without Elvis. And it was expected with both growing up under Elvis' wings. Both made terrible mistakes in the people around them--after Elvis died. Children of the biggest music stars often find themselves with mental problems, drug problems and money problems--despite having incredible incomes.
Best thing they did was incorporate Elvis Presley Enterprises and they had a great guy with Jack Soder running the operation. He patented the likeness of Elvis, and he ran a pretty tight operation. It was this operation that they eventually sold for the big $. Lisa kept the house and minor assets--and she continued to spend like a drunken sailor.
I honestly don't know who is best to handle the family's assets. I don't know anything about Lisa's oldest daughter. She'd do best to hire a professional manager to run the operation. One that would keep her on a tight money leash.
I give Priscilla credit for turning Elvis's estate into a successful business for Lisa. Lisa had too many troubles to keep it up. I guess we'll see what Riley does with it.
At some point the younger generation will not care about Elvis or any of the big celebrities who have passed away. They live in a disposable world where they have no use for things like nick nacks or photo albums. At some point they will throw away books that right now are collectible. They won't care as long as it has been backed up to a digital file to read.
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Originally Posted by calgirlinnc
I don’t disagree with you…but for perspective $2 million in 1977 is the equivalent to almost $10 million today. Money didn’t mean much to Elvis because from the time he was 21, it came so easily. He wanted to give his money away. He would have his jeweler make rings and other items just so he could give them away during concerts. Even if he lost that last $2 million, he would give you the jumpsuit off his back.
Then maybe she shouldn’t have left him.
I don't doubt her biggest regret is divorcing him.
His last name was important to her image, she never married after that, only living with the father of her son who turned out to not be who he said he was, claiming to be an Italian when he was actually Mexican.
Considering Elvis’s parents were functionally illiterate and didn’t have so much as a high school education, that’s understandable.
Graduating high school doesn't give people business sense, it's usually an innate skill.
I recently read the book Elvis and Gladys.
After Lisa Marie's passing I wanted to know why this talented good-looking family has such problems with mental health and substance abuse.
Turns out there is eccentricity, alcoholism, bizarre behavior, very good-looking people on both sides of the family. Plus singing and performance ability. It didn't just start with Elvis.
And while EP's great uncle was mayor of East Tupelo his grandfather, J.D. Presley, was the town drunk and ne'er-do-well. And even better looking than Elvis according to family members.
Riley seems to have some of Priscilla's grit and focus. Wishing her well.
I drank beer at the apartment pool afternoons with Barbara Klein, wife of Elvis' best friend George Klein. She traveled with The King and had many tales about him.
A fraternity buddy did the maintenance on Elvis' planes, and he even rode back to LA in the Convair the night they buried Elvis with Priscilla, Lisa, George Hamilton and Ann Margaret. He still has a bunch of Elvis' famous show clothes.
And I ate lunch most days in college with Linda Thompson who later became his #1 girl. She ended up marrying Bruce Jenner and later David Foster. And she was a very nice girl.
A very close friend was a doctor, and he ended up in pain management. He was close friends with Dr. Nichopolis and was trusted with all of Elvis' medical records because Dr. Nick was afraid someone would steal them. The records are in my friends' attic.
Another close buddy was a forensic toxicologist, and he worked for Dr. Jerry Francisco who did Elvis' autopsy. He once asked Dr. Francisco is all the talk about Elvis still being alive bothered him. All Dr. Francisco said was "Well, he sure looked dead to me." I thought that was amusing.
Graduating high school doesn't give people business sense, it's usually an innate skill.
Elvis’ parents were supposed to have read his contracts before signing them because he was underage. That didn’t happen. So yes I would say education matters. Although to be fair, Gladys didn’t trust Col. Parker and didn’t want Elvis to sign with him.
Quote:
I recently read the book Elvis and Gladys.
After Lisa Marie's passing I wanted to know why this talented good-looking family has such problems with mental health and substance abuse.
Turns out there is eccentricity, alcoholism, bizarre behavior, very good-looking people on both sides of the family. Plus singing and performance ability. It didn't just start with Elvis.
And while EP's great uncle was mayor of East Tupelo his grandfather, J.D. Presley, was the town drunk and ne'er-do-well. And even better looking than Elvis according to family members.
Riley seems to have some of Priscilla's grit and focus. Wishing her well.
Given Elvis’s genetic and other health problems, it’s actually a amazing he lived as longbow as he did. I just finished “Last Train to Memphis” and am debating reading the sequel.
There's absolutely no reason an ex-wife should control an estate after the inheriting child passes. Priscilla shows her true money grubbing nature. Hopefully Riley can manage things well enough and without interference from her grandmother.
Elvis’ parents were supposed to have read his contracts before signing them because he was underage. That didn’t happen. So yes I would say education matters. Although to be fair, Gladys didn’t trust Col. Parker and didn’t want Elvis to sign with him.
Given Elvis’s genetic and other health problems, it’s actually a amazing he lived as longbow as he did. I just finished “Last Train to Memphis” and am debating reading the sequel.
I've read several books on Elvis and Priscilla's too. While she was obviously still resentful of Elvis when she wrote it, early 90s if I remember correctly, she was honest and in-depth in telling her story of life with Elvis.
Priscilla has what might be called a disapproving personality. She very much disapproved of the Presleys including Elvis. She didn't know Gladys of course.
Before Elvis began his career the Presley lifestyle was Vernon holding low skill jobs, quitting or getting fired, drifting into fast buck illegal activities. For which he was either caught or the deal went bad and he got the blame.
Gladys worked off and on sewing for clothing manufacturers. She was determined Elvis finish high school and it was her determination that made it happen. Vernon couldn't have cared less.
Both parents were incredibly passive, letting life happen without taking control of their lives and driving the outcome. Gladys had severe anxiety all her life and especially when it came to Elvis, she was overly attached to him emotionally.
It seems Elvis and Lisa Marie inherited some of her mental anxiety sadly.
I suspect that Priscilla, after seeing how Lisa Marie handled her inherence, is concerned that history will repeat with Riley and she wants to make sure it won't.
She's being heavy handed though and going about it the wrong way. Riley is her granddaughter after all.
I think of how unprepared for life Priscilla and Lisa was. And I wouldn't be surprised if Riley's the same exact way.
Chances are she needs help making good day to day decisions--for the good of Riley and her brother and the twins.
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