Lisa Marie Presley died too young at age 54 last month, and a new documentary about the singer's life reveals details about her estate. "Lisa Marie Presley: Unending Tragedy," the latest installment of the "TMZ Investigates" documentary series, claims that Presley took out as many as three life insurance policies which have now left her estate potentially debt-free and "flush with cash."
The documentary reports that Presley took out "up to three" life insurance policies at various points before her untimely death. According to TMZ's Harvey Levin:
"Sources tell us Lisa had taken out life insurance policies. One for $25 million dollars, and one for $10 million dollars…And there may have been a third $10 million policy but they're not sure if it lapsed. Bottom line, there's more than $30 million dollars to be divided among the three kids."
That would be Presley's 14-year-old twin daughters Harper and Finley and 33-year-old actress Riley Keough, who are also inherited the famous Graceland mansion in Memphis that was once owned by Lisa Marie's famous father Elvis, and which still stands as a tourist attraction for Elvis fans all over the world. That money will also go towards paying the reported millions in debt that Presley left behind when she died, including a $2.4 million tax bill.
Bryan Steffy/WireImage/Getty Images
Presley's financial woes were well publicized throughout her life. The $100 million fortune she inherited from her father in a trust fund held for her until her 25th birthday was infamously burned through thanks to some poor money habits and bad investments. As TMZ's Katie Hayes explained:
"Lisa was never disciplined about money…She was a big spender, and she made some bad investments. She basically blew through $100 million dollars in 25 years."
That would have been the end of the story, but Lisa Marie's mother Priscilla Presley is going to court to try and get what she says is her rightful share of her daughter's estate. The is disputing the authenticity and validity of an amendment made to Lisa Marie's trust in 2016 which transferred trustee status away from Priscilla and business manager Barry Siegel and to Keough (and her husband Ben, who has also since passed away). In a legal filing, Priscilla says that the amendment was never delivered to her, and that the dates and signatures on it are suspicious, citing in particular Lisa Marie's signature which she claims is "inconsistent with her usual and customary signature."
Unfortunately, the legal battle over Lisa Marie's estate is all part of a pattern of various financial disputes and financial mismanagement throughout her life. She was sued by ex-husband Michael Lockwood in 2016 over their prenuptial agreement, and again in 2021 over allegedly unpaid child support. She also sued business manager Siegel over allegedly mishandling the Elvis estate that had dwindled from $100 million at its peak to $14,000 in cash in 2016. Siegel countersued, saying it was Lisa Marie's "out of control spending" that led to her dire financial straits.
The courts and Lisa Marie's insurers will eventually determine exactly how much her kids will inherit.
