Priscilla Presley, ex-wife of Elvis Presley, filed court documents Friday challenging Lisa Marie Presley’s daughter’s access to Lisa Marie’s $35 million life insurance policy.
Lisa Marie is survived by three of her children — Riley, Finley, and Harper — who are believed to have been named equal beneficiaries of her policies, according to TMZ. The twins are minors, and their fortune has been held in trust since 2010. It reportedly listed Priscilla as the trustee at first, but documents filed in 2016 removed Priscilla, who was named as the trustee of one of the policies. She was replaced with Riley.
Priscilla filed legal documents Friday, challenging the validity of the amended document and her grand-daughter’s rights to the fortune, according to TMZ.
Lisa Marie Presley had $35 million in life insurance, was in debt: report https://t.co/WeyApRTweD pic.twitter.com/RSjKMxYutL
— New York Post (@nypost) January 30, 2023
Presley reportedly took out two life insurance policies prior to her passing, totaling $35 million, and rumors have surfaced suggesting there may be an additional $10 million policy that has not yet been confirmed, family sources said to TMZ.
Lisa Marie reportedly squandered the $100 million inheritance she received from her father, King of Rock Elvis Presley, and was millions of dollars in debt at the time of her death, according to TMZ. The life insurance policies are said to comprise the majority of her assets, according to TMZ. (RELATED: Lisa Marie Presley Became A Grandmother Shortly Before Her Death)
This news comes as Priscilla Presley is contesting the will. https://t.co/dke7xqfmqr
— iHeartRadio (@iHeartRadio) January 30, 2023
Sources close to the family reported that Lisa Marie faced $4 million in debt at the time of her death, of which $2.5 million was due to the IRS, according to TMZ. They reported that she had been trying to cash in one of the policies, valued at $25 million, in an effort to settle with creditors, and had notified her insurance company to process a $2 million payout. It is believed there was an error in the paperwork, so the policy was not cashed in, according to TMZ.
Presley died January 12 of suspected cardiac arrest at the age of 54.