Priscilla Presley is facing allegations from her former business partners, Brigitte Kruse and Kevin Fialko, who claim she concealed a valuable jewellery collection worth over $25 million from the IRS.
In a lawsuit, they allege that Presley submitted IRS from 433-A on May 4,2023, falsely stating she owned only $6,000 worth of jewellery in an effort to reduce her tax liability, in new documents obtained by PEOPLE.
The pair, who were reportedly involved in helping finalise a settlement between Priscilla and granddaughter Riley Keough, claim the deal resulted in substantial payouts for Priscilla and other family members.
According to the lawsuit, Presley was well aware of the true value of her collection, which allegedly includes rare collectibles stored at a facility overseen by Angie Marchese, who manages Graceland's archives.
Kruse and Fialko further allege that after Presley learned they intended to disclose the collection's value to the IRS, she orchestrated their sudden termination.
'The claims made by Brigitte Kruse and Kevin Fialko are absurd and completely without merit,' Presley's attorney Marty Singer says in a statement shared with PEOPLE.'
This false claim is nothing more than a sad and vicious attempt to tarnish the reputation of an 80-year-old woman.'
This bombshell claims follows Kruse and Fialko's previous allegations that Presley ignored daughter Lisa Marie Presley's health woes in a plot to control Elvis Presley's estate.
