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.
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.
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.
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.
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.
“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.