Priscilla Presley finds herself at the center of explosive allegations that she concealed a treasure trove of jewelry and Elvis memorabilia from tax authorities while pleading poverty to the IRS. The former wife of the King of Rock and Roll allegedly underreported her assets by millions, according to a bombshell lawsuit that adds another chapter to her increasingly contentious legal saga.
According to People, former business partners Brigitte Kruse and Kevin Fialko claim the 80-year-old actress submitted documents to the IRS in May 2023 stating she owned only $6,000 in jewelry.
The reality, they allege, was starkly different.
Court filings obtained by the media outlet assert Presley actually possessed a collection valued at approximately $25 million, stored at an off-site facility managed by Angie Marchese, who oversees the Graceland Archives at Elvis Presley’s legendary Tennessee mansion.
The lawsuit paints a picture of deliberate deception, suggesting Presley knew exactly what she owned while negotiating with federal tax authorities to reduce her obligations. According to the claim, when Kruse and Fialko indicated they planned to inform the IRS about the actual value of the collection, Presley allegedly orchestrated their immediate termination.
Her attorney Marty Singer fired back with a forceful denial, calling the accusations absurd and without merit. He characterized the jewelry claim as a vicious attempt to damage an elderly woman’s reputation, adding that Kruse and Fialko themselves face substantial liability for allegedly misappropriating funds from Presley and engaging in elder abuse. The legal counterpunch suggests a deeply personal battle between former allies turned adversaries.
This isn’t Presley’s first rodeo in the courtroom. Her recent legal troubles stretch back to the aftermath of her daughter Lisa Marie’s sudden passing in January 2023, according to Rolling Stone.
The 54-year-old’s death triggered a fierce inheritance dispute when Priscilla discovered she’d been removed from her daughter’s trust in a 2016 amendment. Lisa Marie had replaced her mother with her children Benjamin and Riley Keough as sole trustees, who have been working overtime to protect their grandfather’s legacy. Priscilla challenged the change, pointing to spelling errors in her name and questioning the signature’s authenticity.
That family feud eventually settled out of court in mid-2023, with Priscilla receiving $1 million lump-sum payment “off the top” of Lisa Marie’s irrevocable trust (funded via the life insurance trust), $50,000 to resign as co-trustee of the irrevocable trust, and a $100,000 annually for 10 years (or until death) as a “non-fiduciary special advisor” on a trust related to Elvis Presley Enterprises, according to Rolling Stone.
The pattern continued when Priscilla sued Kruse and Fialko in July 2024, claiming they had financially exploited her through elder abuse, allegedly robbing her of over $1 million while controlling her finances, USA Today reports.
A February 2024 lawsuit from another former business associate painted Presley as financially desperate, facing $700,000 in unpaid taxes in 2022 with no reliable income stream, according to Rolling Stone.
Yet court records seen by the Los Angeles Times also show she sold a Beverly Hills home in 2020 for $13 million and purchased a Los Angeles penthouse for $4.8 million shortly after in 2021.
Now her former partners have countersued for more than $50 million, accusing her of fraud and failing to disclose prior business deals, according to the Hollywood Reporter.
The August 2025 filing also resurrected disturbing allegations that Presley ignored her daughter’s health problems while scheming to control Elvis’ estate, even claiming she pressured Elvis himself to the point of his 1977 demise. Priscilla and granddaughter Riley Keough issued a joint statement calling these claims untrue and deeply hurtful, emphasizing their united family front.
“We are aware of the latest allegations from Brigitte Kruse. These claims are not only untrue but also deeply hurtful. Our family is, and always has been, united in love and respect for one another,” their statement to People read.
The mounting legal battles raise uncomfortable questions about whether Presley is a victim of opportunistic business associates or someone whose financial dealings merit scrutiny. We’ll have to find out when the courtroom drama plays out.