Priscilla Presley sells LA mansion to help daughter Lisa Marie cope with mounting debt

Priscilla Presley and her daughter Lisa Marie Presley. Photo / Getty Images

Priscilla Presley has sold her Los Angeles mansion to help out daughter Lisa Marie Presley, who continues to face mounting debt.

Presley, the widow of Elvis Presley, listed the Brentwood, California estate for $5.3 million, popculture.com reported.

Variety said that the home sold for even more than that, with a buyer agreeing to pay $5.5 million. That's not only over the asking price, but far more than the $245,000 Presley paid for it in 1976.

The home covers 232 square metres, with four bedrooms and three bathrooms. It was built in the late 1940s and billed as a "major fixer" in the listing because it is considerably outdated.

Presley reportedly never lived in the home herself. Instead, her mother, Ann Lillian Wagner-Beaulieu, called it home, while Presley lives in a gated Mediterranean-style home in Beverly Hills.

As for why Presley chose to sell the home now, a source told Radar Online her daughter's financial struggles were the impetus behind the decision.

"Priscilla would never have done this if she didn't believe it was her daughter's last chance," a source told Radar.

Lisa Marie is in the middle of a divorce from her fourth husband, Michael Lockwood, whom she married in 2006. In March 2018, she was ordered to pay him $144,000 in attorney's fees, but filed court documents a month before claiming she was $24 million in debt. The 51-year-old has alleged poor financial advice is to blame for the debt.

Meanwhile, Presley, 74, will also have to take care of her mother, who is reportedly in poor health.

"Ann is moving in with Priscilla any day now and she'll have every possible need met by Priscilla's staff and by health care workers who will be on call for her 24/7," a source told Closer Weekly.

"It breaks Priscilla's heart because Ann was always very strong-willed and independent, and she misses Paul, who died last year, dearly. It's very bittersweet."

Presley also took a role in the upcoming Hallmark Channel move Wedding at Graceland, her first acting role in two decades.