Lisa Marie Presley Reportedly Was Millions of Dollars in Debt Before Her Untimely Passing
Lisa Marie Presley struggled with her finances throughout much of her life. After her $100 million Elvis Presley estate inheritance was squandered away by bad business dealings and a shady manager, Lisa Marie found herself in debt to the tune of $4 million at the time of her death at the age of 54.
It appeared she was trying to clear up that mess by trying to cash out on one of her life insurance policies worth $25 million, according to TMZ. She reportedly owed $2.5 million to the IRS and wanted to pay off that debt. Lisa Marie had already filled out the paperwork to withdraw $2 million from the policy , but there was an error in the documents, so it never went through.
More from SheKnows
Priscilla Presley Preps for a Fight Over Lisa Marie's Trust Which Puts Her at Odds With Granddaughter Riley Keough
Our thoughts go out to Lisa Marie Presley's family. https://t.co/BiVudXzKIw
— SheKnows (@SheKnows) January 13, 2023
The late daughter of Elvis also had another life insurance policy worth $10 million, so her estate would be worth about $30 million once her debts are cleared up. This is where things get even trickier because mother Priscilla Presley has already begun a legal fight to challenge the amendment made to Lisa Marie’s trust in 2016. Apparently, she replaced Priscilla and former business manager Barry Siegel and added daughter Riley and late son Benjamin Keough as the trustees — Priscilla wants to be added back as the trustee in place of Riley.
The family feud will play out in the courts where they decide the fate of Lisa Marie’s trust. It’s already a tragedy, but now, the finances are going make her passing even more difficult for her surviving loved ones.
Click here to read the full article.
Before you go, click here to see inside the famous Presley family.
Launch Gallery: All the Stars We've Lost in 2023
Best of SheKnows
Olivia Wilde, Florence Pugh, & More Stars Who Proudly Freed the Nipple
27 Times Stars Have Put Their Own Spin on the Little Black Dress Trend
21 Dreamy Red Carpet Photos of Jennifer Lopez & Ben Affleck, From 2002 to 2023
Sign up for SheKnows' Newsletter.
For the latest news, follow us on Facebook, Twitter, and Instagram.