Lisa Marie Presley She was millions of dollars in debt at the end of her life, but the moment she died, her estate was full of cash – as much as $35 million.
Family sources tell TMZ… Lisa took out two life insurance policies – one for $25 million, the other for $10 million. Our sources say there could be a third $10 million policy, but it’s unclear if it’s been crossed over.
What’s even more shocking… our sources say Lisa was trying to cash out $25 million in a policy to pay off some of the debt she owes, which totals $4 million. We are told that she notified the insurance company and completed the paperwork to only get a lump sum of $2 million. We were told there was an error with the paperwork so the policy was never cashed.
Our sources say Lisa was $4 million in debt when she died… of that amount she owed $2.5 million to the IRS. We’ve learned that Lisa ripped off $100 million during her adult years.
When the debt is settled, there will be about $30 million (assuming the third policy expires) to distribute. Lisa’s three children told us, Riley Keough and twins, aged 14, Finley And Harper Lockwoodare designated as beneficiaries and will receive equal amounts.
Since the twins are minors, the money will be transferred to a fund. This is where the family conflict began. As we reported, Lisa set up a trust in 2010, naming her mother and son Benjamin as guardians.
Lisa amended the trust in 2016, laying off Priscilla as trustee and naming her daughter Riley in her place. As we reported, Pricilla filed legal documents on Friday, challenge the validity from the modification. Presumably, she still wants to be regent for what now amounts to a fortune.
TMZ has put together a documentary – “TMZ Investigates Lisa Marie Presley: A Neverending Tragedy” – that breaks the news about the cause of death, money, and custody/visitation disputes. The Doc airs tonight, January 30, on FOX at 8 p.m.