Lisa Marie Presley: How Elvis’ Daughter Blew Through A Billion Dollars

Lisa Marie Presley has blown through the $1 billion fortune she inherited from Elvis Presley — and now she's had to admit that she's penniless after selling off the heritage of her legendary father!

In shocking court papers filed as part of her ugly divorce from fourth husband Michael Lockwood, Lisa Marie has had to admit that she’s never worked a day in her life — and that her years spent chasing fame as a would-be rock star ultimately cost her big bucks. She was further milked dry by Scientology and bad financial advice.

Lisa Marie (here with daughter Riley Keough) has also had to admit how the rest of Elvis' fortune was thrown away on a jet-set lifestyle. According to the documents, she now owes creditors “hundreds of thousands of dollars,” plus $1.5 million in back taxes to Uncle Sam. Her lavish life also has her owing $5.5 million to the English taxman!

The papers even have Lisa Marie claiming to be homeless, and forced to get around on a $3,500 Vespa scooter! Lisa Marie has also had to admit that — like her tragic father — she's battled a lifelong addiction to drugs. Insiders claimed that she finally had to sell a large chunk of her holdings in Elvis Presley Enterprises after blowing huge amounts of cash on illicit substances.

But the rock 'n roll heiress still blames others for her troubles, said sources, adding she’s set to file a massive lawsuit charging that a financial advisor mismanaged $100 million of her money! A judge has also ordered her to get clean. Recent shocking photos, however, show Lisa Marie looking gaunt and confused at events — sparking fears she's still hooked on prescription pills!

Her mother, Priscilla Presley, still has custody of Harper and Finley, her nine-year-old twin daughters with Lockwood. “Lisa Marie is out of control,” said a source. “She’s going down the same road as Elvis — and she knows how that story ends!”