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Priscilla Presley, the 80-year-old widow of Elvis Presley, has found herself at the center of a high-profile legal dispute. Former business partners Bridget Cruise and Kevin Fialko claim in a lawsuit that she concealed jewelry and collectible items valued at over $25 million from the U.S. Internal Revenue Service (IRS).

According to court documents obtained by PEOPLE, Presley filed IRS Form 433-A, declaring her jewelry holdings to be worth only $6,000. However, the plaintiffs allege that the actual collection is worth tens of millions of dollars, with some pieces stored at Graceland’s archival center and others in a separate warehouse managed by Elvis Presley’s estate archivist, Angie Marchese.

Cruise and Fialko claim they helped mediate a financial dispute between Priscilla and her granddaughter, Riley Keough. As part of the settlement, Priscilla allegedly received multimillion-dollar payments, along with other family members. When the partners intended to report the collection’s true value to the IRS, they say Priscilla abruptly ended her cooperation with them.

Priscilla Presley’s attorney, Marty Singer, strongly denied the allegations: “Bridget Cruise and Kevin Fialko’s claims are absurd and completely baseless. These are false and malicious statements intended solely to tarnish the reputation of an 80-year-old woman.”

Singer also noted that Cruise and Fialko themselves face accusations of misappropriating large sums of Priscilla’s assets, including alleged “elder abuse.”

This is not the first time Presley has faced claims from former partners. In August, Cruise and Fialko alleged that Priscilla ignored serious health issues of her daughter, Lisa Marie Presley, in order to gain control over Elvis’s estate. They also claimed that in 1977, she allegedly exerted excessive financial pressure on Elvis, which “contributed to his death.”

Priscilla and her granddaughter Riley Keough responded jointly: “We are aware of what Bridget Cruise is doing. These allegations are not only false but deeply hurtful. Our family has always been, and continues to be, united by love and mutual respect. Our main goal is to honor Lisa Marie’s memory and protect Elvis’s legacy with dignity and integrity.”

Lisa Marie Presley, the only daughter of Elvis and Priscilla, passed away in January 2023 at the age of 54. Priscilla and Elvis divorced in 1972, and the musician died in 1977.

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