Lisa Marie Presley, Elvis Presley’s only child, died Thursday at the age of 54. A family statement read: “Priscilla Presley and the Presley family are shocked and devastated by the tragic death of their beloved Lisa Marie. They are profoundly grateful for the support, love and prayers of everyone, and ask for privacy during this very difficult time.” Priscilla also confirmed the news in a statement to PEOPLE Thursday evening: “It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us. She was the most passionate strong and loving woman I have ever known. We ask for privacy as we try to deal with this profound loss. Thank you for the love and prayers. At this time there will be no further comment.”