Priscilla Presley’s $4-Million Sacrifice to Save Her Cash-Stripped Daughter from Going Broke
Anyone who knows Elvis Presley is familiar with Priscila Presley, the woman who fell in love with the rockstar at the age of only 14 and went on to marry him at 21. At his prime, Elvis was dominating the music industry with his chart-topping songs and sold-out concert tours that earned him millions of dollars.
His worldwide popularity enabled him to splurge on extravagant hobbies like fancy clothes, mansions, and private jets. So when he passed away in 1997, his fans assumed his bereaved family would inherit his massive fortune and live a prosperous life.
But it turned out that the late singer’s family has been plagued with financial woes, especially his ex-wife, Priscila Presley and daughter, Lisa Marie, who’re ever in the news for their mounting debt.
In a shocking interview, Priscila revealed that she was forced to sell her mansion in Los Angeles for an astounding $3.8 million to ease her daughter’s financial woes.
In a heart-wrenching interview, Priscilla Presley reveals she put her Brentwood mansion in Los Angeles for sale to bail out her daughter, Lisa Marie. The renowned singer is currently facing a huge financial debt following her divorce with her fourth husband, Michael Lockwood.
Aside from the painful separation, Lisa Marie is also battling substance abuse, according to Priscilla. Furthermore, her daughter’s funds were depleted in a legal battle against her business partner, who allegedly squandered her father’s massive fortune. It caused Lisa Marie to lose $100 million in process, which triggered her financial woes.
Seeing her daughter so troubled, broke, and depressed, Priscilla couldn’t help but feel bad for her; after all, she is her mother. Priscilla swore to her late ex-husband, Elvis Presley, to take care of their only daughter when he passed away and in her attempt to keep that promise, she sold off her mansion and lend the money to Lisa.
Seeing Lisa struggle with mounting debt to fund her life and her legal battles, Priscilla was left with no other option but to step in and help. While the actress initially listed her home for $3.6 million, she ended up earning $200,000 more as she sealed the deal.
Her Daughter’s Woes
Priscilla learned of her daughter’s financial troubles after Radar exposed the documents filed by the singer-songwriter in court. In these documents, Lisa Marie claimed she only had $14,000 left in her bank account. What’s worse, Lisa Marie only learned of her former business manager’s years of deception after it was too late, and most of her funds were already depleted.
In desperation to help her daughter, Priscilla put her home on auction last month. Fortunately, it sold pretty quickly, thanks to its state-of-the-art features and real-estate value. Priscilla’s friends also believe the actress did it since it was her last resort to save her daughter.
Accessing the Trust Funds
While Lisa Marie still receives a $100,000 monthly subsidy from her trust fund in Elvis Presley Enterprises, the singer reveals it’s not easy for her to access it. There’s a lot of paperwork involved and she still has to wait for a couple of days (if not weeks) to get the money.
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