According to a new claim, Lisa Marie Presley was millions of dollars in debt at the end of her life.
TMZ said on Monday that the late singer-songwriter cashed out two life insurance policies and planned to cash out a third to pay off her $4 million debt.
Presley took out one for $25 million and another for $10 million; according to family sources, he may have taken out a third for $10 million.
TMZ stated that the only daughter of Elvis and Priscilla Presley filled out papers to collect a $2 million lump sum, but the policy was never cashed in due to a paperwork error.
At least half of the $4 million debt she had accumulated was owed to the IRS. She supposedly squandered through her $100 million wealth over her tumultuous lifetime.
The deceased star’s representatives did not immediately respond to Page Six’s attempts for comment.
Priscilla Presley, the mother of Lisa Marie, is fighting the will of her deceased daughter.
Following the payment of Lisa Marie’s obligations, the remaining fortune will be shared between daughter Riley Keough and twins Finley and Harper Lockwood. Priscilla is appealing the 2016 will of her deceased daughter, which removed her as a beneficiary.
Page Six has received court records in which Priscilla asserts that her daughter’s signature on the 2016 form “appears inconsistent with her usual and customary signature” and that Lisa Marie’s name was misspelled.
In addition, she claimed that the document had never been notarized and had not been provided to her during Lisa Marie’s lifetime, as required under the 2010 trust agreement.
Lisa Marie passed away earlier this month due to cardiac arrest. She was 54 years old. She was laid to rest alongside her late son Benjamin at a ceremony attended by celebrities at Graceland, the estate of her late father.
»Lisa Marie Presley was in debt and had $35 million in life insurance«