Lisa Marie Presley Used To Clip Coupons Before Wild Spending Led To Her Squandering $100 Million Elvis Fortune, Michael Jackson Once Called Her A ‘Cheapskate, Sources Claim
Jan. 30 2023, Published 8:30 p.m. ET
Lisa Marie Presley squandered her $100 million fortune left by her father Elvis years before her death and was drowning in $3 million worth of debt — but years before her wild spending spiraled out of control, she was cutting coupons and haggling for a discount, RadarOnline.com has learned.
Sources close to the situation revealed that Lisa Marie’s finances were not always a mess.
In 1997, author J. Randy Tarabrrelli, who wrote an unauthorized biography on Lisa Marie, said insiders told him that Elvis’ daughter lived a simple life. At the time, he said she enjoyed jogging around her neighborhood, watching soap operas at home, and spending time with her family.
At the time, another source said Lisa Marie was a known coupon clipper who even saved cans and bottles to redeem for cash.
“What a cheapskate she is,” Michael Jackson allegedly said to one associate of his millionaire wife. “She becomes happy if she gets two rolls of toilet paper for the price of one. To her, that’s a big thrill.”
“She says she’s saving for a rainy day,” Jackson was quoted as saying to a friend. “What does she know about rainy days? I remember being poor in Gary, Indiana. When was she ever poor?” he asked.
Another insider said Lisa Marie was once known for driving around in a $20k Pontiac and didn’t believe in extravagant clothing. Before she started spending wild, Elvis’ only child was keen on wearing her mom Priscilla’s hand-me-downs.
One source said that Lisa Marie had resisted pressure from her mom Priscilla to spend money to upgrade her then-newly purchased home in Hidden Hills, California.
“Lisa has made it clear she does not want her mother meddling in her life and affairs,” said a source in 1997. “The two reached a mutual decision recently that Priscilla not visit the Hills home because it was too frustrating for both of them. Instead, the two talk on the phone every day and have dinner or lunch a few times a week at the cheap restaurant of Lisa’s choice.
As RadarOnline.com first reported, at the time of her death, Lisa Marie had over $3 million in debt with millions owed in back taxes.
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Last week, Priscilla rushed to court demanding she is named the co-trustee of Lisa Marie’s trust, which is worth an estimated $35 million now that life insurance policies have been collected.
Priscilla and Lisa Marie’s daughter Riley Keough are set for a battle after Elvis’ former wife said a 2016 amendment appointing Riley as sole trustee is invalid. Riley has yet to comment on the petition filed by her grandmother.
