Lisa Marie Presley says she's $16 million in debt amid divorce

Lisa Marie Presley says she doesn't have the money for her ex-husband's lawyer fees. Photo / Getty Images

Lisa Marie is massively in debt amid divorce from Michael Lockwood according to a new report.

TMZ reported this week that the 50-year-old daughter of Elvis Presley is drowning in debt to the tune of US$16 million ($21.7 million).

The discovery was made as the publication obtained divorce documents which detailed her financial deficit, the Daily Mail reported.

According to the documents, most of Presley's debt is from unpaid taxes from 2012 to 2015 which totals more than US$10 million.

TMZ also reports that she has a house in the UK which she has been trying to sell because she is defaulted in the mortgage.

The legal filing states that because of this that is another $6million owed.

The former wife of Michael Jackson stated that the rest of the debt comes from credit cards and unpaid lawyer fees.

This has all been brought to light as her estranged husband Michael Lockwood, 56, is demanding that she pay US$450K for his attorney fees which she is claiming not to have.

Last month TMZ reported that Lisa Marie, who is the only daughter of Elvis Presley, earns US$4.2 million each year, which is about US$350,000 per month.

Singer Lisa Marie Presley and musician Michael Lockwood in 2015. Photo / Getty Images

Lisa Marie filed for divorce in June 2016 after 10 years of marriage.

They tied the knot in January 2006 in Kyoto, Japan; the former flames are parents to fraternal twin girls: Harper and Finley, nine.

Lisa Marie is mom two kids - Riley Keough, 28, and Benjamin Keough, 25 - with ex husband Danny Keough.

According to The Wrap, she has already paid five installments from March until July of US$10,000 to pay for his legal expenses - which was court ordered.

She does not have to pay spousal support.

They had signed a post nuptial agreement in 2007, which in January, Michael asked to get torn up.

The document said that neither party, in the event of a divorce, will lay claim to the other person's assets.

One month after his request, Lisa Marie claimed that he "was discovered to have hundreds of inappropriate photos" allegedly on his computer and facing "allegations of sexual abuse and neglect." His lawyers have denied all of the allegations, according to People.

The website adds that The Tennessee Bureau Of Investigation investigated the claims but didn't file any charges or open an official case.