After Elvis Presley died, Lisa Marie Presley received a sizable inheritance.
But she wasn’t permitted to use it until she was 25 in 1993, by which time it had increased to around $100 million.
It was discovered that she had a $4 million debt when she passed away.
What happened to the millions of dollars she received as an inheritance from the King of Rock ‘n’ Roll?
By engaging in dishonest business practices and hiring a dubious company manager, Lisa Marie Presley wasted the money. According to TMZ, it looked like she was attempting to clean up the situation by attempting to cash in on one of her $25 million life insurance policies.
The outlet reported that the troubled star owed the IRS $2.5 million and wanted to pay it off. She even submitted the paperwork to withdraw $2 million from the policy. The documentation had a mistake, hence it was never approved.
But Lisa Marie Presley, the most recent discovery, was characterized as a thrifty spender.
She reportedly also clipped coupons and sometimes bartered for a discount because her finances weren’t constantly in a shambles, according to Radar Online.
According to J. Randy Taraberrelli’s unofficial book on Lisa Marie Presley, the only child of Elvis and Priscilla Presley, had a humble existence. He claimed she spent time with her family, loved running around her neighborhood, and mostly watched soap operas.
Even the description of her as a coupon clipper who hoarded bottles and cans to exchange for cash was used.
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Even her ex-husband Michael Jackson called her a cheapskate. Per Radar, the King of Pop reportedly told one of his friends about his millionaire wife, “What a cheapskate she is.”
“She becomes happy if she gets two rolls of toilet paper for the price of one. To her, that’s a big thrill.”
The “Billie Jean” singer said, “She says she’s saving for a rainy day. What does she know about rainy days? I remember being poor in Gary, Indiana. When was she ever poor?”
Lisa Marie Presley didn’t think in wearing designer clothes and even had to commute in a $20,000 automobile. She even donned Priscilla’s hand-me-downs before going berserk.
She was apparently under pressure from her mother Priscilla to renovate her recently acquired California house.
According to a 1997 source, Lisa Marie didn’t want Priscilla interfering with her personal life or her relationships.
They said, “Recently, the two agreed that Priscilla should not go to the Hidden Hills house since it was too frustrating for both of them.”
“Instead, the two communicate daily over the phone and occasionally meet for lunch or dinner at a budget restaurant.”
READ MORE: Priscilla Presley Pushes Riley Keough To Become Co-Trustee of Lisa Marie’s $35M Trust – Battle Over?
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