It has been more than two weeks since Lisa Marie Presley died unexpectedly at the age of 54.
As her loved ones continue to try and come to terms with the tragedy, we are receiving new information about the circumstances surrounding Lisa Marie’s final days.
Although she earned an estimated net worth of more than $100 million, Lisa Marie reportedly struggled financially toward the end of her life.
According to a new report from TMZ, the only child of Elvis and Priscilla Presley is working to clear more than $4 million in personal debt.
The outlet reports that Lisa Marie owes $2.5 million to the IRS, and another $1.5 million to various creditors.
But while it’s unclear how she managed to get through the difficult situation, there is evidence to suggest that the mother of four is taking steps to balance her accounts.
It seems as if he was unable to carry out the plan before his death – and the clerical error that prevented him from doing so was a blessing in disguise.
Here’s what happened:
Lisa Marie has three life insurance policies, which cover her for up to $35 million.
(TMZ reported that one of the three policies may have lapsed in the months before his death, but at least two are still valid.)
By the end of 2022, they are trying to implement the policy so they can use the money to pay off their tax and credit card debt.
Due to insufficient documentation, he was unable to do so, meaning the policy was still intact when he died.
So, his debts will be eliminated, and there will be some leftovers so that the three surviving children of Lisa Marie will receive more than $30 million in compensation.
A substantial amount of money will be placed in trust for Lisa Marie’s 14-year-old twin daughters.
The trust was originally to be controlled by the eldest daughter Lisa Marie, actress Riley Keough, and her mother, Priscilla Presley.
The situation has been complicated by a 2016 amendment to the trust that 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 committed suicide in 2020.
Priscilla contested the decision to remove him from the board of trustees, saying the move was made under suspicious circumstances.
“The signature page of the Purported 2016 Amendment does not contain the text of the amendment, which may result in a higher risk of fraud,” said a new filing from Priscilla’s legal team.
“Meanwhile, the Decedent’s signature appears to be inconsistent with the Decedent’s signature and customs. Finally, the original version of the recognized 2016 Amendment has not been found,” the document continued.
“Since the original 2016 Amendment has not been found, it is presumed to have been destroyed.”
Needless to say, it’s a complicated situation, and like so much of the Presley family’s past drama, it’s sure to play out on the public stage.