1977 Almost bankrupt

[gast-20090821]

Below a financial overview of his assets when Elvis died.
As you can see he only had 1 million dollar left in his bank savings account.

That's why Vernon accepted the financial offer to do the CBS show.
And even if Elvis would like to take a rest, he really could not, he had to keep touring from going bankrupt.

It's so amazing to see that he trusted Vernon in doing the financial
administration, while he could have talked to financial advisors for
how to invest his money best.

The result of Elvis spending too much money, poor agreements with his
manager and Vernon who had no clue about investing money, resulted in
Elvis dying in relative poverty.

He could have had 100 m $ on the bank but only had 1 m $ left !

Sad actually.

[gast-20110818]

Off-Topic:

Auf ein Neues!

[Aleksandra]

Off-Topic:

Ich sehe es schon kommen

[marquardt72]

Greg wird sich freuen.

[crawfish]

What I always ask to myself is, where did the people get those information copies from?
If you ask me, where I have my bank statement from 1977, I can only answer: "right down the drain!"

[TheKing]

What I always ask to myself is, where did the people get those information copies from?
If you ask me, where I have my bank statement from 1977, I can only answer: "right down the drain!"

You`re not Elvis Presley. Nobody cares about your bank account. In Elvis Case a lot of people wanted to know and still want to know, what was going on.

We had a very long discusion on this topic and it was said (mainly from Praytome) that there was much more than whats listed here.

I must say, that I don`t know. I just follow the arguments and try to get a picture.

Greg from Praytome mentioned that the rights from the songmaterial and the companies Elvis held shares from, would earn much more money than was mentioned here.

I personaly can imagine that it was possible, that the late Elvis and Vernon didn´t control the whole thing very good in the end, and that there were others who filled thier pockets better...but this is a hot topic here...can you read german? E-Cat?

[gast-20110615]

Damn right, Nigga

[gast-20090821]

We had a very long discusion on this topic and it was said (mainly from Praytome) that there was much more than whats listed here.

Well the whole inventory list is like 70 pages, but the bank account details is only 1 page.

I personaly can imagine that it was possible, that the late Elvis and Vernon didn´t control the whole thing very good in the end, and that there were others who filled thier pockets better...but this is a hot topic here...can you read german? E-Cat?

Hi - The King - Yes I can read German, thanks for asking (just my writing is very poor !). Not sure why this topic was so hot ?

[brandalarm]

Ich glaube hier wurde mal sehr hitzig über das Thema debattiert , zumindest ausführlich, wenn man sich die Länge des Threads anschaut:

https://www.elvisnachrichten.de/showthread.php?t=13233&highlight=pleite

[TheKing]

Cat, this (the link our hotchick Brandy just posted) is the thread we had..this was a heavy one...there you find the whole headake we had with this...we tried to find out what Elvis earned, where the money went and so on...I´d rather would think that maybe it really was like you just mentioned in your Posting...maybe he was nearly broke....I think it could fit in the picture quite good...

But I can`t proove my thoughts with hard facts and so I learned to keep more or less my mouth shut. One could think that the document you showed here would be proove enough, but this list was part of the monsterthread and and it didn´t end the topic...very much dynamite in this one...

[brandalarm]

Off-Topic:

hotchick Brandy

oller Plödmann.

[praytome]

Cat, this (the link our hotchick Brandy just posted) is the thread we had..this was a heavy one...there you find the whole headake we had with this...we tried to find out what Elvis earned, where the money went and so on...I´d rather would think that maybe it really was like you just mentioned in your Posting...maybe he was nearly broke....I think it could fit in the picture quite good...

But I can`t proove my thoughts with hard facts and so I learned to keep more or less my mouth shut. One could think that the document you showed here would be proove enough, but this list was part of the monsterthread and and it didn´t end the topic...very much dynamite in this one...

spitze das rechtfertig jede mühe..danke...
übrigens hatte ich überlegt wie ich drauf antworten sollte
hätte ich nicht besser gekonnt ...genauer gesagt hätte ich es gar nicht so gekonnt

[TheKing]

I do not know nothing about Elvis, but damn shure I would like to know...

[gast-20090821]

Cat, this (the link our hotchick Brandy just posted) is the thread we had..this was a heavy one...there you find the whole headake we had with this...we tried to find out what Elvis earned, where the money went and so on...I´d rather would think that maybe it really was like you just mentioned in your Posting...maybe he was nearly broke....I think it could fit in the picture quite good...

But I can`t proove my thoughts with hard facts and so I learned to keep more or less my mouth shut. One could think that the document you showed here would be proove enough, but this list was part of the monsterthread and and it didn´t end the topic...very much dynamite in this one...

I apologise that a similar topic had been posted, and tried to read some pages of this thread, but (if my German is good enough) it seems that no questions were answered with substantial proof.

But it is not that difficult to realise that Elvis was nearly broke, let me give you some examples:

Elvis had to sell his royalties of his back catalogue to RCA (to settle the divorce). Really, why would he ever do this if he had sufficient cash in the bank...I even think Ernst mentioned this in his book that Elvis was short of money already in 1973...

1977 - Vernon had to accept an offer for a live CBS TV special .. because they needed the money badly....and that was only a few months before Elvis died.

Anyone realized how awful it must have been for Elvis to be on National TV since his Aloha Show and felt and looked real bad....

Money was not the only answer, because Elvis just love to perform for a live audience. However, to do so and to keep on going, was getting more diffiicul....he had so many people to support at Graceland, it just got too much.

But to come back to the original question, yes..look at the bank statement, he was nearly broke.

Why do you think that EPE went after Ginger's mother (mortgage) and other people's financial "arrangements" who got money from Elvis. The main reason was because there was not enough money to rescue Graceland from bankruptcy. They needed to collect EVERY penny they could get.

And to answer the question : how much money did Elvis make - is not easy because 1 million $ in 1956 is much more than 1 $ m in 1977, so if you use the correction for consumer inflation (price consumer index) and extrapolate his earnings through all the years it has been estimated that he earned in total approx 240 m $ - this estimation is befor tax.

Seems like a lot of money - and it sure is - but if you look at what Elvis fans are spending in total at Graceland and Memphis on a yearly base - they spend like 170 M $ a year (split: Graceland 40-45 m $ / Memphis City: 125 m $ yearly)...

Now how much did Elvis spent...well pretty much all he earned !

[praytome]

you don´t have to apologise

but i have to apologise that we have discussed that deeply and flaming a few times.... search for the pleite thread....