Lisa Marie Presley's financial struggles were made public throughout her lifetime, but it was only revealed recently that she had multi-million debt before her death.
The late singer-songwriter wanted to fix her mess before the end of her life, with a news outlet recently reporting that she had a $4 million debt. The report disclosed that Presley took out two life insurance policies, with the third one reserved to pay off what she owed.
Page Six noted she got $25 million and $10 million from her policies. Meanwhile, the third one may have reportedly been estimated at $10 million.
Before her passing, she reportedly attempted to receive a lump sum of $2 million by filling out paperwork. However, she never received any amount because of an unmentioned issue.
The $2 million of her total debt was the amount she owed to the IRS. Aside from her liability, Presley also lost her $100 million fortune throughout her troubled and problematic life.
Meanwhile, Celebrity Net Worth estimated that Lisa Marie Presley's net worth at the time of her death was -$10 million. When she inherited her father's estate when she turned 25, her net worth reached $100 million - which could have been $220 million after adjusting for inflation.
Once her debts are cleared up, her family would need to face another crisis as they try to divide what's left from her insurance policies claims.
Priscilla Presley Wants To Be Lisa Marie Presley Estate's Trustee
While the debt is yet to be paid, Presley's mother already began a legal battle in pursuit of changing the amendment made to the singer's trust in 2016.
It turned out Lisa Marie added her daughter Riley and late son Benjamin as her estate's trustees. On the other hand, the matriarch challenged the changes as she wants to be a trustee in place of Riley instead.
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Priscilla insisted that she believes Lisa Marie's signature was forged in the amendment. Upon seeing the document, she noted that the signature "appears inconsistent with her usual and customary signature."
She further argued that even Lisa Marie's name was spelled wrong. On top of that, the document was reportedly never notarized and delivered to her as part of the 2010 trust arrangement.
The current financial battle between the Presley family members started immediately after Lisa Marie Presley died earlier this month following a cardiac arrest. She was laid to rest across Elvis Presley and beside her son Benjamin's remains at the King of Rock & Roll's Graceland.
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