AceShowbiz - Lisa Marie Presley might have inherited a lifelong legacy from her father Elvis Presley, but she left behind a huge debt when she died. The 54-year-old was reportedly millions of dollars in debt at the end of her life.
According to TMZ, the singer owed a total of $4 million, including $2.5 million that she owed to the IRS. Of how she ended up in debt, sources say she blew through $100 million during her adult years.
Thankfully, Lisa Marie's children do not have to pay for her debts. She reportedly had taken out two life insurance policies, one for $25 million and another for $10 million. Sources say there may be a third $10 million policy, but it's unclear if it's lapsed.
Before her sudden passing, Lisa Marie allegedly was trying to cash in the $25 million policy to pay some of the debts she owed. She had notified the insurance company and filed out the paperwork to get a lump sum of just $2 million. However, there was a screw-up in the paperwork, so the policy was never cashed in.
Now, the $35 million insurance policies will be used to cover her debts. When the debts are cleared, there will be around $30 million that will be distributed equally to her three surviving children, Riley Keough and 14-year-old twins, Finley and Harper Lockwood, who were named beneficiaries. Since Finley and Harper are minors, the money will go into a trust which their mother created in 2010.
Lisa Marie had named her mother Priscilla Presley and her former business manager Barry Siegel as trustees in 2010, but she cut them out in a 2016 amendment, replacing her with her daughter Riley and her now-late son Benjamin Keough. Priscilla has filed documents questioning the "authenticity and validity" of her daughter's will, suggesting that the amendment is fraudulent.