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Late American singer Lisa Marie Presley's finances have come to light days after her untimely death on January 12 from a cardiac arrest.
According to a new report published by TMZ, Lisa was in debt amounting to millions of dollars at the time of her death. Sources close to the family revealed that the late singer had taken out two life insurance policies of $25 million and $10 million respectively, with her estate now receiving $35 million in total.
The outlet further stated that to pay off the $4 million debt, Lisa Marie had seemed to cash in one of her life insurance policies early, which would have gotten her $2 million. But apparently, the paperwork got mixed-up and the money was never cashed.
TMZ also reported that the late singer had spent over $100 million in her lifetime and she owed $2.5 million of her debt to the IRS.
Mother Priscilla Presley was removed as a trustee from Lisa Marie's trust
According to TMZ, after Lisa Marie's debts are cleared, an amount of around $30 million will be distributed equally amongst her three kids -- Riley Keough and twin daughters Finley and Harper Lockwood. Since the twins are currently aged 14, their money will go into a trust.
In 2010, Lisa Marie created a trust and announced her mother, Priscilla Presley, and former business manager, Barry Siegel, as trustees. However, in 2016, the singer removed her mother and Siegel as trustees and replaced them with her daughters Riley and Benjamin.
On January 27, Ok! reported that Priscilla Presley had legally challenged the validity of the amends, claiming that she had never been informed of the change and thinks that the amendment could have been falsified.
As per the documents, Priscilla came to the conclusion because her own name was misspelled in the docs and her daughter's signature "appeared inconsistent with her usual and customary signature."
"Difficult to have a relationship with": Lisa Marie once stated about difficulties in her and Priscilla Presley's relationship
Lisa Marie and Priscilla Presley had their share of ups and downs throughout the former's lifetime, however, the two were close at the time of the singer's death. Lisa suffered emotionally after her father, Elvis Presley, died due to a cardiac arrest at the age of 42.
While discussing her relationship with her mother, the Lights Out singer revealed that she began using drugs after entering her teenage years, which made things sour with Priscilla.
Appearing on an episode of The Talk in 2013, Lisa stated:
"My mom was really, really strict with me. Constrictive. I realized that is not going to work very well because it made us not get close for a very long time. We are now very close, but when I was younger, it was, like, difficult to have a relationship with somebody that's got you ... around the neck all the time.”
She added that Priscilla expected her to be "level-headed" just like her. Reportedly, Priscilla checked her into a scientology center called The Castle in Hollywood, however, the latter soon left the church. While speaking with USA Weekend about her decision to leave, she said:
“Uncovering the fact that I was surrounded by people who were not well-intended, for one. Confidants [who were] very, very intimately and closely involved with me and my life. And had been for years."
The late singer further added:
"Basically, it was a big sinister situation, where there was like, kind of intel and covert ops going on, and a whole effort to control me that I didn’t know about. … It was just too much for me.”
However, things started improving between the mother-daughter duo and soon, Priscilla helped her granddaughters, twins Finley and Harper Lockwood, move to her Calabasas residence while their father was being investigated for child abuse.
The duo also attended Elvis' premiere in 2022 and frequently shared pictures with each other on social media.
Lisa's death was confirmed via Priscilla Presley in a statement issued to various media houses.
