Lisa Marie Presley Passed Away With $35 Million in Life Insurance and $4 Million in Debt
Lisa Marie Presley, the only child of the King of Rock, Elvis Presley, passed away unexpectedly on January 12 due to a cardiac arrest. She was 54 years old and she was buried at the family estate - Graceland. It is now being reported that the singer had accumulated millions in debt at the time of her death. According to Page Six, she cashed out life insurance policies worth $25 million and $10 million to get rid of the debt. Family sources mention that another insurance valued at up to $10 million is pending. Lisa had filed the paperwork to cash out $2 million but couldn't receive the amount due to paperwork errors.
The amount from the alleged $35 million life insurance will be used to pay off the $4 million in debt, mainly $2.4 million in tax bill. The remaining amount will be divided between her daughters, Riley Keough and twins Finley and Harper Lockwood. According to DailyMail, Lisa was spending $92,000 a month, which included $23,500 for rent and $1078 for a Maserati. She was earning $104,000 a month from the Elvis Presley Enterprise and $4,400 from the Graceland estate as an employee.
In 1993, at the age of 25, she inherited the family estate in Memphis for an estimated $100 million. The fortune was squandered within a short span due to bad business investments and legal woes.
In 2018 she sued her high-profile business manager, Barry Siegel, for making wrong investments, committing fraud, and forcing her to sell an 85% stake in her late father's legacy. According to New York Post, Barry retaliated by saying "The deal to sell off the 85% stake “cleared up over $20 million in debts ” He also claimed it “netted her over $40 million cash and a multimillion-dollar income stream, most of which she managed to squander.” It has also been reported that her mother, Priscilla Presley, is gearing up to challenge the $35 million life insurance policies and the Graceland estate. According to E! News, the wife of the late Elvis Presley has raised suspicion over her late daughter's will.
Priscilla claims that there are valid disparities in the authenticity and validity of a 2016 amendment to the will that handed her initial position of co-trustee to Lisa Marie's two oldest kids: Riley Keough and Benjamin Keough, who died by suicide in 2020.
In the original will drafted in 1993, Priscilla, her brother, and business manager Barry Siegel are entrusted as co-trustees of the Graceland estate. In the updated will handed to her in 2016 she has been replaced by her grandchildren. Priscilla states her name has been misspelled in the 2016 document and a copy of the same hasn't been received while Lisa Marie was alive. She has initiated legal proceedings to deem the updated will as invalid. The legal battle will continue till the dues have been paid and the debts have been cleared. At present, Lisa Marie Presley is still the rightful owner of the iconic Graceland estate. The Memphis mansion attracts millions of visitors per year, and the income generated per year can become one of the sources to rid Lisa of her current debts.