Hollywood

Lisa Marie Presley Was $4 Million In Debt When She Died; What Happened to Her $100 Million Fortune?


It’s been just over two weeks since Lisa Marie Presley died unexpectedly at the age of 54.

As her loved ones continue to try and make sense of the tragedy, we’re receiving new information about the circumstances surrounding Lisa Marie’s final days.

Though she inherited a fortune that was estimated to be worth upwards of $100 million, Lisa Marie was reportedly struggling with financial issues toward the end of her life.

According to a new report from TMZ, the only child of Elvis and Priscilla Presley was working to clear more than $4 million in personal debt.

US actress and singer Lisa Marie Presley arrives for the premiere of ‘Mad Max: Fury Road’ at the Chinese theatre in Hollywood, California, on May 7, 2015. (Photo by Chris Delmas / AFP) (Photo by CHRIS DELMAS/AFP via Getty Images)

The outlet reports that Lisa Marie owed $2.5 million to the IRS, and another $1.5 to various creditors.

But while it’s unclear how she wound up in such dire straits, there’s evidence indicating that the mother of four was taking steps to balance her accounts.

It looks as though she was unable to carry out that plan before she died — and clerical error that prevented her from doing so turned out to be a blessing in disguise.

Lisa Marie Presley attends the Elton John AIDS Foundation’s 12th Annual An Enduring Vision Benefit at Cipriani Wall Street on October 15, 2013 in New York City. (Photo by Larry Busacca/Getty Images)

Here’s what happened:

Lisa Marie had three life insurance, which covered her to the tune of $35 million.

(TMZ reports that one of the three policies might have lapsed in the months before her death, but at least two were still valid.)

In late 2022, she attempted to cash these policies in so that she might use the money to pay off her tax and credit card debts.

Singer Lisa Marie Presley attends the premiere of Warner Bros. Pictures ‘Mad Max: Fury Road’ at TCL Chinese Theatre, in Los Angeles, California, May 7th, 2015. AFP PHOTO / Valerie Macon

Because of insufficient documentation, she was unable to do so, which means the policies were still intact at the time of her passing.

As such, the debts will be wiped out, and there will be enough left over that Lisa Marie’s three surviving children will receive upwards of $30 million in compensation.

A substantial amount of the money will be placed in a trust for Lisa Marie’s 14-year-old twin daughters.

The trust was initially was supposed to be under the control of Lisa Marie’s eldest daughter, actress Riley Keough, and her mother, Priscilla Presley.

Riley Keough and Lisa Marie Presley attend ELLE’s 24th Annual Women in Hollywood Celebration at Four Seasons Hotel Los Angeles at Beverly Hills on October 16, 2017 in Los Angeles, California.

The situation has been complicated by a 2016 amendment to the trust would remove Priscilla as co-trustee and leave the money solely under the control of Lisa Marie’s daughter, Riley Keough.

Riley’s brother, Benjamin, was named as one of the trustees, but sadly, he took his own life in 2020.

Priscilla is fighting the decision to remove her from the board of trustees, alleging that the move was made under suspicious circumstances.

MEMPHIS, TENNESSEE – JANUARY 22: Priscilla Presley speaks at the public memorial for Lisa Marie Presley at Graceland on January 22, 2023 in Memphis, Tennessee. Presley, 54, the only child of American singer Elvis Presley, died January 12, 2023 in Los Angeles. (Photo by Jason Kempin/Getty Images for ABA)

“The signature page of the Purported 2016 Amendment does not contain any text of the amendment, which can present a higher risk for fraud,” reads a recent filing from Priscilla’s legal team.

“Also, the Decedent’s signature appears to be inconsistent with the Decedent’s usual and customary signature. Lastly, the original version of the Purported 2016 Amendment has not yet been located,” the document continues.

“Since the original Purported 2016 Amendment has not been located, it is presumed that it was destroyed.”

Needless to say, it’s a complicated situation, and like so many of the Presley family’s past dramas, it will likely play out on the public stage.

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