Priscilla Presley Puts $3.6M Mansion On Market To Save Lisa Marie!
May 15 2019, Updated 12:17 p.m. ET
Desperate Priscilla Presley is selling her L.A. mansion to help bail out her debt-riddled, drug-challenged daughter, Lisa Marie, RadarOnline.com can exclusively reveal!
That’s the shocking charge made by Priscilla’s pals, who said Elvis Presley’s ex-wife is “willing to do anything” to save their only child!
Insiders said Priscilla, 74, put the property up for $3.6 million after Lisa Marie claimed to be flat broke!
As readers know, Lisa Marie, 51, is locked in a costly custody battle with estranged husband Michael Lockwood over their two kids.
Scroll through for more on the story and to see Priscilla's mansion on the market.
Troubled
Since filing for divorce in 2016, Lisa Marie revealed she had struggled with drugs.
Legal Woes
Then in 2018, she filed suit against her former business manager.
Bye, Bye, Money!
She stated her $100 million-plus trust had shrunk to $14,000!
Desperate Measures
“Priscilla would never have done this if she didn’t believe it was her daughter’s last chance,” the source spilled.
Mo’ Money, Mo’ Problems
In the court documents previously obtained exclusively by Radar, LMP's business manager Justin Stiegemeyer said she had sold 85 percent of her interest in Elvis Presley Enterprises back in 2005.
Not So Fast!
Although Lisa Marie receives about $100,000 per month from the trust that holds Elvis Presley Enterprises, Stiegemeyer said Lisa Marie cannot simply demand those funds at will.
In The Hole
Stiegemeyer also said she has three outstanding American Express credit card debts totaling about $300,000.
Last Ditch Effort
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The docs stated the troubled star was also trying to unload mounting debts she acquired after the purchase of her country home in the United Kingdom.
It Gets Worse
Stiegemeyer said Presley found out just how much she was in the hole after she fired her previous business managers, Prudential Financial Management.
SHAME
“At the tail end of PFM’s tenure, LMP learned that she was in massive debt, although at times she did not know the extent of that debt,” Stiegemeyer said in the affidavit. “She had not been provided with proper accountings or notices or been kept abreast of her finances by PFM.”
