Why Lisa Marie Presley failed to cash in $25M insurance policy before death to pay off debts
Lisa Marie Presley (Photo Credit: Instagram/ isampresley)
- Elvis Presley's daughter, Lisa Marie Presley was knee-deep in debt before her death on January 12
- She had taken out in her name one for $25 million, and another for $10 million
- Lisa was trying to cash in the $25 million policy to pay some of the debts she owed
Although it seemed like all was glitz and glam, Elvis Presley’s daughter, Lisa Marie Presley was knee-deep in debt before her death on January 12.
According to TMZ sources, the singer and songwriter were living in debt just before her death but the moment she died, her estate became worth $35 million again. This is due to two separate life insurance policies that she had taken out in her name one for $25 million, and another for $10 million. Although there are rumors of a third $10 million policy, it might have lapsed.
As a result, she was never able to repay the $4 million debt that she owed before her death. $2.5 million out of that is reportedly owed to the IRS. Lisa has a $100 million net worth after Elvis’ death. However, she splurged all of that away during her adult years.
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However, the children have to face a fair bit of family drama before they can claim their mother’s insurance money. Lisa created a trust in 2010, which initially had her mother Pricilla Presley and son Benjamin as trustees. However, the same was amended in 2016, which effectively cut out Priscilla’s name and named her daughter Riley in her place.
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Pricilla has challenged the amendment, saying that the signature in it did not belong to Lisa. She filed legal documents on Friday.
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