Elvis, played by Austin Butler and Hollywood icon Tom Hanks, opens today and tells the story of the king of rock ‘n’ roll who has become a music icon.
A new biopic about Elvis tells the story of the king of rock ‘n’ roll, whose tragic death in 1977 shocked the world.
Starring Austin Butler as the singer and Tom Hanks as his manager, Colonel Parker, the highly anticipated film hits theaters today (June 24, 2022).
More than 45 years after Elvis’s death, his music and legacy continue to be loved by fans around the world, with his records brought to life in the new biopic.
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However, despite his great fame, it is reported that Elvis left only a small fortune in his will after his death, and revelations about his copyrights will soon come to light.
Lifetime income and huge tax debt
Elvis Presley was the undisputed king of rock ‘n’ roll, and as such he made a lot of money from his hit singles, concerts, including his famous Las Vegas residency, and movies.
It is not surprising, therefore, that the king has earned over £ 762 million in his career.
However, Elvis was known to be a very generous man and regularly spent his money on his family and friends.
It was reported that if he ran out of money he would book another tour or schedule a recording session, with the singer earning around £ 250,000 on a new album, as well as concerts bringing in an average of £ 130,000 a night according to THE Times. .
However, despite her incredible earnings in life, the star would only have had £ 3.8 million in her bank account at the time of her death.
In addition, the family also had to pay an inheritance tax of £ 7.6 million in 1981, after the IRS devalued the Elvis estate, which was worth £ 22.5 million instead of the first estimate of 4.9. millions of pounds.
The sole heir of fortune
After Elvis’ tragic death on August 16, 1977, the singer’s last will revealed that his fortune had been left to his daughter Lisa Marie-Presley, who was only nine when her father died.
Due to Lisa’s age, she was unable to inherit her fortune until the age of 25, and her father Vernon and ex-wife Priscilla Presley were appointed executors of her estate.
In addition to Elvis’s fortune and the rights to publish his work, Lisa Marie also inherited the image rights of Elvis and his Graceland home.
Lisa Marie is also the sole owner of Graceland, which is now a tourist attraction, as are many of her father’s personal items found in the singer’s former home.
He also held shares in Elvis Presley Enterprises (EPE), which Priscilla Presley founded to manage the Elvis estate.
Speaking in 1989 to the LA Times, Priscilla Presley said that one of her first concerns was that there would be nothing left in Elvis’ estate for Lisa Marie to inherit, saying, “A million things went through my mind for me. .
“I was worried about the future of my daughter, Graceland and the people who have worked for us for 20 years.
“I couldn’t understand that they didn’t have a job or a place to live. The question I kept asking myself was, ‘What are we going to do?’
After Priscilla founded EPE, she helped Elvis’ estate reach a £ 100 million value in 1993, following Graceland’s revenue, merchandising, image offerings and copyright songs recorded after the 1973.
Disclosure of royalties
Although Elvis sang on some of the greatest records in history, including Jailhouse Rock, Suspicious Minds, The Wonder Of You and Devil In Disguise, Forbes reported that the vast majority of Elvis’s music royalties belonged to the record company. RCA. .
Sun Records, with whom Elvis signed a contract in 1954, also sold his catalog of songs made for the label to RCA.
However, in March 1973, Elvis and his manager, Colonel Tom Parker, negotiated a lump sum in lieu of all future artists’ royalties for everything recorded up to that point, which included a sizable catalog at the time. .
Elvis and Colonel Tom received £ 4.2 million at the time, which was split equally between them.
However, this deal meant that Lisa Marie Presley did not receive the royalties for Elvis’s music recorded between 1954 and 1973, during which time some of the singer’s greatest hits were released, but she received the royalties for music released between 1973 and 1977.
Colonel Tom Parker
Throughout his career, Elvis has been run by Colonel Tom Parker, who discovered the unknown singer in the early 1950s.
The manager brokered Elvis ‘merchandising, television appearances and acting roles, becoming a central part of Elvis’ career, signing multimillion-dollar deals in the process.
However, Colonel Tom Parker also reportedly received a 50% commission for his work with Elvis, meaning the singer earned even less for his work and royalties during his lifetime.
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After entering into the royalty deal with RCA in 1973, Colonel Tom Parker was entitled to a 50% commission on Elvis’ haircut, as well as compensation for his work, leaving Elvis with just $ 1.5 millions of pounds from the deal.
After Elvis’ death, the probate judge appointed a Memphis attorney named Blanchard Tual, whose report accused the colonel of “selfishness and excesses” and “violation of his duty to Elvis and the succession.”
Colonel Tom Parker was reportedly taken to court and removed from his role as the recipient of future earnings related to Elvis’ work.
More than 20 years after Elvis died on January 20, 1997, Colonel Tom Parker suffered a stroke and died the following morning in a hospital in Las Vegas, Nevada at the age of 87.
Colonel Tom is currently played by Hollywood actor Tom Hanks in the upcoming Elvis biopic. make sure you get all those fives and tens.
However, the actor also added that Priscilla Presley defended the Colonel when he met her, adding, “I was hoping to hear stories about the distrust she had towards Colonel Tom Parker all these years.
“No. He was a wonderful man and I wish he were alive today. He took care of us so well,” but added, “He was a villain in his own way.”
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Source: Dailystar
Lloyd Grunewald is an author at “The Fashion Vibes”. He is a talented writer who focuses on bringing the latest entertainment-related news to his readers. With a deep understanding of the entertainment industry and a passion for writing, Lloyd delivers engaging articles that keep his readers informed and entertained.
