Latest Lawsuit Claims Priscilla Presley Allegedly Hid $25 Million Worth of Jewelry From IRS

Priscilla Presley is being sued by former business partners who claim that she falsely reported the value of her assets to the IRS.

Priscilla Presley is involved in yet another lawsuit—and this time, it involves the IRS. According to reports from People, Priscilla Presley told the IRS in 2023 that she owned only around $6,000 worth of jewelry on her Form 433-A, a financial disclosure used to negotiate tax debt.

Her former business partners, Brigette Kruse and Kevin Fialko, claimed that Presley knew she had filled out her information incorrectly and wanted to reduce the amount of taxes she was responsible for. According to them, the truth is that Priscilla Presley owns a jewelry collection valued at more than $25 million.

Brigette Kruse is a memorabilia dealer and an auctioneer who comes from a long line of auctioneers, going back more than five generations. Kruse specializes in celebrity-owned assets and fine jewelry sales. Kevin Fialko is the president of Mattoon Investments LLC and serves as the Director of North Rock Associates Ltd.

Fialko and Kruse previously co-headed Priscilla Presley Partners. This company’s purpose was to monetize Priscilla’s image and likeness for various projects, including films and television. The partnership between Kruse and Fialko with Presley has since ended amid the legal dispute.

In the legal battle, Presley is claiming that Kruse and Fialko abused her financially, apparently isolating her and taking control of her financial assets. Kruse and Fialko responded to this by contesting Priscilla for $50 million, citing fraud and breach of contract as the main reasons.

Priscilla Presley Denies Allegations From Kruse and Fialko

The former business partners of Presley are claiming that not only did she know the value of her assets, but she also terminated their contracts without ever mentioning that her name, image, and likeness had already been sold in a previous deal. According to Kruse and Fialko, the plan was to alert the IRS, but it was then that Priscilla decided to end the partnership.

Priscilla has denied the allegations so far, sharing a statement through her lawyer, Marty Singer. Singer claims that “This allegation has nothing to do with the claims that exist against Brigitte Kruse and Kevin Fialko and do not deflect the substantial liability Brigitte Kruse and Kevin Fialko have for the claims against them for engaging in misappropriation of substantial monies from Priscilla Presley and engaging in elder abuse.”

“The claims made by Brigitte Kruse and Kevin Fialko are absurd and completely without merit,” he told People. “This false claim is nothing more than a sad and vicious attempt to tarnish the reputation of an 80-year-old woman.”

As the legal battle continues, we are eagerly anticipating a response from Kruse and Fialko and more on the lawsuit from Presley herself.