Lisa Marie Presley was millions of dollars in debt at the end of her life, according to a new report.
The late singer-songwriter allegedly cashed out two life insurance policies and intended to take out a third to pay off her $4 million debt, TMZ reported Monday.
Presley took out one for $25 million and another for $10 million, with family sources telling the outlet that a third may have been valued at $10 million.
The only daughter of Elvis and Priscilla Presley reportedly filled out paperwork to receive a lump sum of $2 million, but the policy was never cashed in because of a paperwork screwup, TMZ reported.
Of the $4 million debt she had accrued, at least half of it was meant for the IRS. She allegedly blew through her $100 million fortune throughout the course of her troubled life.
Reps for the late star didn’t immediately return Page Six’s requests for comment.
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After Lisa Marie’s debts are paid, the remaining fortune will be divided among daughter Riley Keough and twins Finley and Harper Lockwood. However, Priscilla is already contesting her late daughter’s will, which ousted Priscilla as a beneficiary in 2016.
In court documents obtained by Page Six, Priscilla claims that her daughter’s signature on the 2016 document “appears inconsistent with her usual and customary signature,” and further argues that Lisa Marie’s name had even been spelled wrong.
She also claimed that the document was never notarized, and had not been delivered to her during Lisa Marie’s lifetime, as laid out in the terms of the 2010 trust arrangement.
Lisa Marie died earlier this month after suffering cardiac arrest. She was 54. She was laid to rest next to her late son, Benjamin, at a star-studded memorial at her late father’s estate, Graceland.
