[53] Streisand's production company, First Artists, offered Presley a salary of $500,000 ($2,517,934 in 2021 dollars[11]) and 10% of the profits. Elvis Was Not Nearly As Rich As You Might Guess When He Died. He realized that by keeping RCA Victor, and more importantly the public, hungry for more Presley material, he would be able to negotiate a better contract when Presley returned from active service. Net Worth: $1 Million. He left the estate to his father, Vernon Presley, and Lisa Marie. [50] This would be successful for a short time, but when Presley discovered the trick, he simply found himself other doctors. Nash said of Elvis' late manager: "The Colonel is a complicated character, and while he always took too much of Presley's money, he made some very sound decisions for him. Parker's net worth when he died was $1 million. [46], On July 8, 1972, inspired by the visit of President Richard Nixon to China a few months earlier,[47] Parker announced that there would be a worldwide satellite broadcast from Hawaii to allow the whole world the chance to see a Presley concert, "since it is impossible for us to play in every major city". [15] Presley had been at Sun Records since the beginning of his career, but Sam Phillips, the owner of Presley's current label, was aware that to have any kind of a successful future Presley would need the backing of a much larger label. He was subsequently in "Loving You," "Jailhouse Rock," and "King Creole." Colonel Tom Parker Net in death: Despite earning more than $ 100 million during his lifetime, at the time of his death Colonel Tom Parker was worth less than $ 1 million. Snow attended the signing, thinking that Elvis had signed a management contract with Jamboree Attractions, which he owned with Parker. [53], From 1974 onward, Presley's weight gain and prescription drug abuse became too much to be controlled. Colonel Tom Parker was astonished to hear that Elvis Presley was a white man. [54] Vernon also threatened to find a new manager if Parker wouldn't continue to tour Presley. Parker continued to manage the Presley estate, but he had sold the rights to Elvis's early recordings, which would have ensured a steady income. His immigration status wasn't revealed for years. Mourners recall being surprised at his wearing a Hawaiian shirt and baseball cap, smoking his trademark cigar, and purposely avoiding the casket. [52], Although many around Presley were worried about his worsening drug dependency, Parker appeared to ignore the problem. [50] However, it wasn't long before Presley was able to find other doctors to meet his demands. [4][5] Parker's final years were spent living in Las Vegas, in increasingly poor health before his death in 1997. . It was also reported that he had up to $ 30 million in gambling debts several times in his life. [14] Parker decided against registering, possibly to prevent his previous Army record from becoming public. Parker enlisted in the US Army shortly after his return to America. However, after his re-enlistment, he went AWOL and was charged with desertion. By 1984, with his gambling debts reportedly rising again, he was evicted. Potomac, was going to be salvaged. Last edited on 26 February 2023, at 02:32, Learn how and when to remove these template messages, Learn how and when to remove this template message, "Tom Parker Is Dead at 87; Controlled Presley's Career", "Colonel Parker Managed Elvis' Career, but Was He a Killer on the Lam? However, it would be a quiet wedding. [44] At the time, Presley's back catalog was not considered very important and RCA initially calculated it at being worth much less, but in later years it would become one of the most valuable record catalogs in the music business. His mother was giving him a pep talk to calm his nerves. [5] During a second, more detailed investigation, Tual discovered that all earnings were paid directly to the Trust instead of Parker. Despite the shady financial dealings Parker maintained with Presley, his net worth when he died was much less than that of Elvis, who died with a net worth of $5 million - around $20 million when adjusted for inflation. [48] Two weeks after the Las Vegas press conference Parker received a letter from Honolulu Advertiser columnist Eddie Sherman. [33], Presley had been showing signs of rebellion against Parker, and Parker believed that a stint in the Army would cure him of this. In reality, Nash told USA Today that Presley would "never do that." Presley apparently never knew that Parker wasn't . [citation needed], For the remainder of Presley's life, Parker saw little of him. "[27][28], Parker signed a deal with Beverly Hills film merchandiser Hank Saperstein for nearly $40,000 to turn Presley into a brand name. Elvis was given a spot in the Louisiana Hayride, a radio show, and Colonel Parker knew that this young lad could prove to be a dark horse. Parker appeared at posthumous events honoring Presley, such as the 1993 issuing of a U.S. postage stamp with Presley's likeness. [15] However, Parker remained involved in many of Arnold's live tours and demanded a buyout of $50,000 (US$506,405 in 2021 dollars[11]) to settle their contract. Elvis had just as many white influences and announced as early as seventh grade that he was going to sing at the Grand Ole Opry . When provided, we also incorporate private tips and feedback received from the celebrities or their representatives. He wasn't a colonel and he wasn't even born in America. [4] He enlisted in the United States Army a few months later, taking the name "Tom Parker" from the same name of the officer who interviewed him, to disguise the fact he was an illegal alien. [4] It is believed that Parker lost at least $1 million a year from gambling. The Colonel: The Extraordinary Story of Colonel Tom Parker and Elvis Presley by Alanna Nash Aurum 19.99, pp394. [54] He phoned Presley's father once to suggest taking time off, but Vernon Presley told him they couldn't afford to stop touring due to Presley's constant and lavish spending of money. Elvis' estate, on the other hand, reportedly owed the Las Vegas . That's $35 million (28m) today and considerably less than what they were actually worth. [53] Presley was beginning to consider new management, with Concerts West co-founder Tom Hulett being the clear favorite for the job. Colonel Tom Parker was a Dutch-American talent manager and music businessman. The premises had been ransacked in search of money. [15] The rank was honorary, since Louisiana had no organized militia, but Parker used the title throughout his life, becoming known simply as "the Colonel" to many acquaintances. There were no witnesses and almost no evidence, except that the killer spread pepper on and around the body before fleeing in hopes that police dogs would not pick up the scent. [37] He envisioned him as an entertainment machine, pumping out three films and soundtracks a year, until the end of the decade. Tom Parker. I said, 'Yeah, you rubbed my head.' On January 20, 1997, Parker's wife heard a crashing sound from the living room, and found him slumped over in his chair after having a stroke. During this part of Presley's career, Parker and Presley agreed to a 50/50 "partnership", which, with Parker controlling merchandising and other non-music related items, resulted in Parker earning more than his client. Allegedly $1 Million, more or less. Compare Colonel Tom Parker's Net Worth. He was mysterious and colorful, and, under his guidance, his one and only client -- Elvis -- reached unimaginable heights. [53] Seeing it as a chance to finally be taken seriously as an actor, Presley agreed to take the role if the contracts could be worked out. He would call his flamboyant manager, Col. Tom Parker, and ask Parker to book another tour (Presley's average concert gross in the mid-'70s was $130,000 a night) or schedule another recording . [33] Parker had seen many acts come and go during his earlier years in management, and felt that it would be foolish to believe that Presley, despite being Parker's most successful act to date, would be any different. In any case, Parker remained Presley's manager without a break until Presley's death in 1977. Later in 1975, the government of Saudi Arabia offered Parker $5 million for Presley to perform there. Part biography, part murder mystery and perhaps the most thoroughly researched . [14], Through the fundraising, Parker headed to Tennessee to find acts to perform at his charity events,[14] among them stars such as Minnie Pearl and Eddy Arnold. [15] Despite this, Phillips was not keen to let him go easily, advising Parker that he would require $40,000 (US$404,621 in 2021 dollars[11]) to secure the release of Presley's contract, a completely unheard-of sum at the time. The 30th Anniversary of the revelation to Elvis' estate that Colonel Parker was still fleecing his client. . Colonel Tom Parker was best known as Elvis Presley 's manager. [37] After that, until 1968, Presley gave no live performances, and had very little contact with his fans. 4. [45], By 1972, Parker had managed to increase Presley's weekly wage in Las Vegas to $150,000 ($971,718 in 2021 dollars[11]), and secured $50,000 a year ($323,906 in 2021 dollars[11]) for himself as a "consultant to the hotel chain". [52], In February 1975, during his engagement in Las Vegas, Presley, along with Parker, met with Barbra Streisand and Jon Peters. [15] Both Mercury Records and Columbia Records showed interest, although their initial offers were nowhere near the $40,000 requirement. Answer (1 of 2): The gravy train for Col. Parker ended after Elvis died, and the executor that was appointed for Lisa Marie Presley's interests began to go over Parker's deals with Elvis, was appalled, and the estate threatened to take Parker to court, and paid him 2 million dollars to end his as. Elvis Presley was only 42 years old when he died on August 16, 1977 (via History). Memorial ID. Parker began 1956 intending to bring his new star to the national stage. In 1956, Presley was launched to superstardom with the release of his first single for RCA Victor, "Heartbreak Hotel." He is also said to have had gambling debts of up to $30 million at different times. At the time of his death, Elvis was only worth . Alanna Nash's biography of Parker, The Colonel, claims he may have been trying to avoid passport scrutiny because he might have been a suspect in a murder in Breda. No, he didn't. That's the kicker. For a time, Parker lied about his childhood, claiming to have been born in Huntington, West Virginia, in the early 1900s to explain his Dutch accent as being a Southern accent, and to have run away from home at an early age to join a circus owned by an uncle before serving in the U.S. Army prior to his involvement with being a music manager. [41], To make up for lack of earnings, Parker arranged for Presley's gold Cadillac to go on tour.