Elvis Presley stars in trailer for Double Trouble in 1967
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Elvis Presley was an American musician and singer who became the best-selling artist of all time. He has the record for the most Number One albums and Number One singles in history. Therefore, many may assume The King had an incredible fortune, but there is a sad truth behind his wealth.
According to CelebrityNetWorth, Elvis Presley had a net worth of $20million (£15million) at the time of his death but technically his net worth was only $5million (£3.5million), before adjusting for inflation.
How did Elvis make his fortune?
The King made most of his earnings from his professional career.
The artist sold 600 million copies worldwide and made $1million per performance.
He had 21 number one albums and 35 singles which reached number one worldwide.
When he passed away in 1977, he had only $5million (£3.5million) in his bank account, which although it is a big sum, is way less than what the King actually made during his career, which is believed to be around $100million (£86million).
But what happened to all the money?
Elvis spent much of his money on real estate and a lot was given away in his divorce.
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He spent several million on his property and family home Graceland.
More money was reportedly spent on parties while he was touring.
As well as this, he also had to pay his ex-wife, Priscilla Presley, a substantial amount in a settlement, as well as giving her a percentage of his publishing rights.
Elvis Presley died on August 16, 1977, of a cardiac arrest. He was found dead in his home by his fiancée Ginger Alden.
After his death, the $5million were left to his ex-wife, Priscilla Presley, along with an enormous debt.
Priscilla had to pay IRS estate tax fees worth around $10 million (£7.6 million).
This debt was reportedly due to the value of Elvis’ estate, which was worth more than the amount first presumed.
Is Elvis worth more now than before his death?
Indeed, the King would today be worth far more than when he was alive, despite not being able to perform or release new singles.
According to Forbes, Elvis’ net worth is now $23million (£16.2million) and he still makes money every year.
In 2019, Elvis earned $39million (£30.5million) and in 2020, Elvis was named one of the highest-earning celebrities of the year, bringing in around $10million (£7million).
Elvis’ estate was inherited by his daughter, Lisa Marie, who turned Graceland into a tourist attraction.
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