Priscilla Presley Puts $3.6M Mansion On Market To Save Lisa Marie!

Priscilla Presley Sells LA Home To Save Lisa Marie
Source: Trulia (2); Coleman-Rayner; Getty

May. 15 2019, Updated 12:17 p.m. ET

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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!

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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

Priscilla Presley Sells LA Home To Save Lisa Marie
Source: Courtesy Of Trulia

Since filing for divorce in 2016, Lisa Marie revealed she had struggled with drugs.

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Legal Woes

Priscilla Presley Sells LA Home To Save Lisa Marie
Source: Coleman-Rayner

Then in 2018, she filed suit against her former business manager.

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Bye, Bye, Money!

Priscilla Presley Sells LA Home To Save Lisa Marie
Source: Courtesy Of Trulia

She stated her $100 million-plus trust had shrunk to $14,000!

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Desperate Measures

Priscilla Presley Sells LA Home To Save Lisa Marie
Source: MEGA

“Priscilla would never have done this if she didn’t believe it was her daughter’s last chance,” the source spilled.

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Mo’ Money, Mo’ Problems

Priscilla Presley Sells LA Home To Save Lisa Marie
Source: Courtesy Of Trulia

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.

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Not So Fast!

Priscilla Presley Sells LA Home To Save Lisa Marie
Source: Courtesy Of Trulia

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.

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In The Hole

Priscilla Presley Sells LA Home To Save Lisa Marie
Source: Courtesy Of Trulia

Stiegemeyer also said she has three outstanding American Express credit card debts totaling about $300,000.

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Last Ditch Effort

Priscilla Presley Sells LA Home To Save Lisa Marie
Source: Courtesy Of Trulia

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.

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It Gets Worse

Priscilla Presley Sells LA Home To Save Lisa Marie
Source: MEGA

Stiegemeyer said Presley found out just how much she was in the hole after she fired her previous business managers, Prudential Financial Management.

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SHAME

Priscilla Presley Sells LA Home To Save Lisa Marie
Source: MEGA

“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.”

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