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Elvis worth at time of death

Thu Apr 05, 2012 3:13 am

Sorry if this has been discussed before, but how much was Elvis worth at the time of his death?

Re: Elvis worth at time of death

Thu Apr 05, 2012 3:38 am

From WikiAnswers:
At the time of Elvis Presley death on August 16, 1977:
Elvis' "gross" wealth was estimated to be (approximately) $ 5,000,000.00 (five millions dollars.)
Elvis' "net" wealth (i.e. gross wealth minus debts) was estimated to be (approximately) $ 1,000,000.00 (one million dollars.)
Note: This does not include the value of any life insurance policies.

Re: Elvis worth at time of death

Thu Apr 05, 2012 3:51 am

Thanks! that was fast but how accurate 1s wikianswer?

Re: Elvis worth at time of death

Thu Apr 05, 2012 4:05 am

I am a Financial Advisor, and Elvis is a textbook case for poor financial planning (he had none) and lousy estate planning (ex-wife gets the keys to the kingdom).

He had no choice but to continue working. His lifestyle would not hold up if he took a year off to concentrate on his health.

Re: Elvis worth at time of death

Thu Apr 05, 2012 3:58 pm

I guess Elvis could have owned more than a hundred million dollars, if his taxes and finances would have been managed well. But according to several sources, Vernon just took all the income statements he got from the Colonel, showed them to the tax authorities and had them calculate the tax. Besides that, Elvis never really invested his money in a constant and planned way. I have read that the INTERNATIONAL HOTEL offered him shares instead of dollars at first. So this would have been a good way to enter the hotel business in Las Vegas. Another reason for his poor financial state was his spending habit. If he earned a million, he spent a million. If he earned two million, he spent two million. This lifestyle cannot lead into anything else but a disaster. It very unlikely that a person earns the amounts Elvis made throughout his whole life.

Re: Elvis worth at time of death

Thu Apr 05, 2012 5:56 pm

He owned no stocks. He owned no bonds (especially Municipal Bonds, which would have afforded him a tax shelter). He owned no annuities.

He earned money, and then either spent it or gave it away. He'd then go back out and earn more.

On occassion, his spending became excessively reckless (The Ranch, The Planes). As a result of the airplane buying spree, he was forced to take out a mortgage on Graceland. He died with just $1 million dollars in the bank. For a man with his earnings history, that was next-to-nothing.

Re: Elvis worth at time of death

Thu Apr 05, 2012 7:54 pm

I'd say it went downhill after 1973... After Aloha special, Parker made an offered to RCA they couldn't refuse...the opportunity to buy Elvis's entire back catalog for a mere $5.4 million.

Parker wasn't any better, at the time of Elvis's death it was suspected that Parker owed the Las Vegas Hilton $30 million. In a lifetime that saw him earn in excess of $100 million, Parker's estate was barely worth $1 million when he died.

I think the only person that did very well was Tom Diskin. When he died, I read he was worth millions from investing in Real Estate. Maybe a good topic, who was worth the most $$

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Re: Elvis worth at time of death

Thu Apr 05, 2012 8:01 pm

I read, when he died, Elvis had $1 Million in his checking account. This is amazing and again, not good use of your assets. With some equity in his planes and properties, his net worth must have been something more than the million, but surprisingly little.

Re: Elvis worth at time of death

Fri Apr 06, 2012 3:05 am

One thing about our boy, he kept the money circulating!

Re: Elvis worth at time of death

Fri Apr 06, 2012 4:58 am

one thing everybody forget's , elvis lived life the way he wanted and spent and bought what he wanted , even tho that was not the right thing to do i do not think elvis ever forgot being poor and his familey being broke . being able to do what he done was the ultimate american dream , regrets i am sure he had a few but to few to mention when it came to his spending .

Re: Elvis worth at time of death

Fri Apr 06, 2012 5:46 am

Joe Car wrote:One thing about our boy, he kept the money circulating!

I haven't heard this phrase for a while and it best describes it!


elviscollector101 wrote:one thing everybody forget's , elvis lived life the way he wanted and spent and bought what he wanted , even tho that was not the right thing to do i do not think elvis ever forgot being poor and his familey being broke . being able to do what he done was the ultimate american dream , regrets i am sure he had a few but to few to mention when it came to his spending .


And another thing forgotten, Elvis gave out a bunch of money to various charities around Memphis and some others that were important to him. He did this many many times year after year. His favorite thing to do once he came into money was to give back to others. Nothing pleased him more. One of the many reasons I admire Elvis.

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Re: Elvis worth at time of death

Fri Apr 06, 2012 1:08 pm

If anything Elvis should have owned RCA .

Re: Elvis worth at time of death

Fri Apr 06, 2012 3:45 pm

He should have established his own label and taken care of the material, the production and the presentation of the final product himself. But instead he just relied on what the producer gave him and left it to RCA how the recordings were released. Every now and then he decided upon a song or made a decision how a certain recording should be released, but in general he didn't care too much about the product. He just compained if the result was not what he expected - but even then he never made it into some RCA managers office to tell them. Looking back it always seems to me that Elvis was some kind of employee of Colonel Parker.

Elvis Presely just wasn't the guy, who took his buisness into his own hands. He acted like a child, destroyed himself and threw it all away.

But fortunately he had the greatest male singing voice I have ever heared and recorded a lot of good stuff along the way. A person like Elvis Presley surely wouldn't be someone who I'd welcome as a friend, but as a singer he was just damn great!

Re: Elvis worth at time of death

Fri Apr 06, 2012 4:08 pm

Yeah, it's pretty staggering at just how bad Elvis was with managing his money. Having ony recently got into the more indepth side of Elvis (I used to shy away from the books/personal accounts) and currently reading Elvis and The Memphis Mafia with Marty Lacker, Billy Smith and Lamar Fike, I was almost blue with rage when I read about how mismanaged Elvis was and inparticular regarding his money. It's just incredible to think that no real investments were made and nothing was done to try and alleviate the amount of tax paid to the IRS. And as for the Colonel, he makes me even more sick with rage than ever, what a greedy, swindling swine he was. Why was Elvis so meek towards the Colonel, why why why!!!

I've got to stop writing because it p-----es me off so much, I hate seeing people cheated and I've even found myself shouting at the book. If there's ever an advert for how evil managers can be, the Colonel is the epitome!

Re: Elvis worth at time of death

Fri Apr 06, 2012 4:11 pm

The Welz wrote:He should have established his own label and taken care of the material, the production and the presentation of the final product himself. But instead he just relied on what the producer gave him and left it to RCA how the recordings were released. Every now and then he decided upon a song or made a decision how a certain recording should be released, but in general he didn't care too much about the product. He just compained if the result was not what he expected - but even then he never made it into some RCA managers office to tell them. Looking back it always seems to me that Elvis was some kind of employee of Colonel Parker.

Elvis Presely just wasn't the guy, who took his buisness into his own hands. He acted like a child, destroyed himself and threw it all away.

But fortunately he had the greatest male singing voice I have ever heared and recorded a lot of good stuff along the way. A person like Elvis Presley surely wouldn't be someone who I'd welcome as a friend, but as a singer he was just damn great!


Elvis had different beliefs about the money he made and always figured he'd make more. Also, had he not been screwed over by Parker, he would have had much more money, then he ended up with. As far as a friend goes, he could have been mine in a heartbeat.

Re: Elvis worth at time of death

Fri Apr 06, 2012 10:14 pm

Does anyone actually believe that Elvis cared two hoots about money? He never had to worry about money from early in his adult life. If money got low, he could just earn more.

Elvis spent what he wanted, when he wanted, no-one could tell him what to do.

No money in the world could buy what Elvis truly wanted though.

elvisonline

Re: Elvis worth at time of death

Sun Apr 08, 2012 10:12 pm

Joe Car wrote:Elvis had different beliefs about the money he made and always figured he'd make more. Also, had he not been screwed over by Parker, he would have had much more money, then he ended up with. As far as a friend goes, he could have been mine in a heartbeat.

Elvis had different believes about money? Is this the political correct way to say that he didn't act like an adult and had no clue of the financial side of the business he was working in for more than two decades

The King was not screwed over by Parker. The Colonel took the percentage that was agreed upon in the contracts he made with Elvis. Parker received 25% of the earnings from the recording and movie business, from 1967 onwards he received 50% of all other projects and from 1976 onwards he also received 50% of the concert business (which should have been one of the joint-ventures anyway). Was he worth the money? I wouldn't have agreed to the 50% arrangements, but to me Parker surely was worth the 25%. He had no other clients and did the Presley-Business 24/7. He practically invented the merchandising business, turned Elvis into one of the highest paid movie stars in the world and staged huge events like ALOHA FROM HAWAII. It surely wasn't Parkers vault that Elvis spent all his income and never looked for tax shelters.

I certainly don't have the desire to have friends like Elvis. Somehow I am not at ease with armed junkies around.

Re: Elvis worth at time of death

Mon Apr 09, 2012 12:07 am

promiseland wrote:If anything Elvis should have owned RCA .


I think it was Jerry Schilling who said it, but Elvis really should have had his own record label. And the idea of having his own state-of-the-art recording studio, built at Graceland (first touted in 1961 I believe), should have come to fruition. Surely it would have only helped in Elvis spending more time in the studio and perfecting his music - perhaps even experimenting more. The way he recorded music became a tad stale and outdated as his career progressed. The idea of just going in and doing all night sessions for a couple of days and recording a whole album was unheard of by the late 1960s and 1970s. Perhaps if he had a studio at home, he could have worked on songs over a period of days instead of hours or even minutes.

Also, the way I see it, those times in the mid-60s when Elvis really got into recording at home, he could have done this professionaly at Graceland.

Re: Elvis worth at time of death

Mon Apr 09, 2012 4:07 pm

The Welz wrote:
Joe Car wrote:Elvis had different beliefs about the money he made and always figured he'd make more. Also, had he not been screwed over by Parker, he would have had much more money, then he ended up with. As far as a friend goes, he could have been mine in a heartbeat.

Elvis had different believes about money? Is this the political correct way to say that he didn't act like an adult and had no clue of the financial side of the business he was working in for more than two decades

The King was not screwed over by Parker. The Colonel took the percentage that was agreed upon in the contracts he made with Elvis. Parker received 25% of the earnings from the recording and movie business, from 1967 onwards he received 50% of all other projects and from 1976 onwards he also received 50% of the concert business (which should have been one of the joint-ventures anyway). Was he worth the money? I wouldn't have agreed to the 50% arrangements, but to me Parker surely was worth the 25%. He had no other clients and did the Presley-Business 24/7. He practically invented the merchandising business, turned Elvis into one of the highest paid movie stars in the world and staged huge events like ALOHA FROM HAWAII. It surely wasn't Parkers vault that Elvis spent all his income and never looked for tax shelters.

I certainly don't have the desire to have friends like Elvis. Somehow I am not at ease with armed junkies around.


The Colonel took advantage of an ill man. He also made side deals with the Hilton to keep Elvis' salary the same, because of his gambling debts. No way Elvis shouldn't have been the highest paid performer, especially in Vegas. As far as junkie goes, my sister had a prescription meds dependency problem as did many people during the seventies, doesn't mean I disowned her or any of my friends who had this problem. To each his own I guess, but to deny that the Colonel didn't cheat Elvis, financially and artistically as well, is incorrect. He was robbing him blind to feed his own addiction!

Re: Elvis worth at time of death

Mon Apr 09, 2012 9:55 pm

The Welz wrote:The King was not screwed over by Parker. The Colonel took the percentage that was agreed upon in the contracts he made with Elvis. Parker received 25% of the earnings from the recording and movie business, from 1967 onwards he received 50% of all other projects and from 1976 onwards he also received 50% of the concert business (which should have been one of the joint-ventures anyway). Was he worth the money? I wouldn't have agreed to the 50% arrangements, but to me Parker surely was worth the 25%. He had no other clients and did the Presley-Business 24/7. He practically invented the merchandising business, turned Elvis into one of the highest paid movie stars in the world and staged huge events like ALOHA FROM HAWAII. It surely wasn't Parkers vault that Elvis spent all his income and never looked for tax shelters.

That is a baffling statement. A manager taking 50% is unconscionable; and 25% was without a doubt on the high-end of the spectrum. The best music managers in the business worked 24/7 for their client(s) - and plenty were involved with helping their clients look for tax shelters and other scenarios to maximize net dollars. Additionally, as the years progressed, he hardly got Elvis the most lucrative deals - particularly in the 1970s. You greatly overrate Tom Parker's sophistication as a contemporary deal-maker. Elvis made bad deals with Tom Parker - and clearly never sought outside legal representation to review the documents. Tom Parker became a huge liability.

Re: Elvis worth at time of death

Tue Apr 10, 2012 2:24 am

Parker certainly didn't invent the merchandising industry, this being something that was long in effect prior to Elvis finding fame. But the money he took in his role as Elvis's manager undermined which one of the two actually had a terrific earning potential. And although hindsight is easy to come by and we are in a position to be readily judgemental, from a creative standpoint and appreciating how much wider Elvis's net could have been cast, scrutiny must fall on Parker from several angles.

Interestingly, I've read that Elvis earned $12 million in 1976. How accurate this is, I can't say -- and Parker's cut would, of course, have been substantial. But Elvis would surely have been due money after August '77 had he lived -- and that may have been in the millions. But it seems as though his cash flow was very poorly managed, because his actual income was never in danger.

Re: Elvis worth at time of death

Tue Apr 10, 2012 12:00 pm

elvisjock wrote:He earned money, and then either spent it or gave it away
Yeah, that's the spirit! Hey, after all, in the end you can't take anything with you, right? :wink:

Re: Elvis worth at time of death

Tue Apr 10, 2012 1:01 pm

greystoke wrote:Parker certainly didn't invent the merchandising industry, this being something that was long in effect prior to Elvis finding fame.

Of course there was a merchandising industry before Parker came along, but he was the first who built a merchandise industrie around a pop singer. Before the Colonel came along, there may have been some posters or bubble gum collecting cards, but certainly nothing close to what Parker established around the King.

Re: Elvis worth at time of death

Tue Apr 10, 2012 8:59 pm

No manager is worth 50% of their clients income i don't care who it is.

Elvis wasn't interested in having his own record label.

Most artists don't own their own label.

Re: Elvis worth at time of death

Tue Apr 10, 2012 10:20 pm

brian wrote:No manager is worth 50% of their clients income i don't care who it is.

Elvis wasn't interested in having his own record label.

Most artists don't own their own label.


that, I totally agree with