The 77-year-old cleared the air surrounding the so-called gifts as she grieved the loss of her and Elvis' only child together, Lisa Marie Presley, as well as her grandson, Benjamin Keough, who died from a self-inflicted gunshot wound in 2020.
Last week, Margera raised eyebrows when he posted photos of himself and Priscilla hanging out together.
She denied being friends with Bam — claiming he betrayed her and her son, Navarone Garcia's trust. Priscilla told TMZ that she met Margera after her son asked her if a "new friend" was welcome to their home.
Priscilla claimed she had no prior knowledge that Margera was her son's "new friend," nor was she aware "that later he would choose to post photos and false stories."
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Margera claimed he gave Elvis' alleged ring to Yelawolf, who he considered to be at the helm of the next generation of rockers.
Priscilla's rendition of their meeting was far different than Margera's previous claim. Priscilla said that Margera "came over, talked non-stop about his new ventures and personal struggles, and asked for a photo with me for his father, who is a big fan."
"Unbeknownst to us at the time, Bam chose to circulate those photos accompanied by false information and storytelling," Priscilla continued as she called out Margera's alleged dishonesty. "After what Bam has chosen to do, my son and I want no further communication with him."
"I consider him a dishonest and unstable individual. I had no idea who he was or that he was filming in my home without my consent," she added.
Priscilla co-founded Elvis Presley Enterprises. She had also served on its board. The company turned Elvis' former estate, Graceland, into one of the country's top tourist attractions.