12:31 PM PT -- 2/14 -- Priscilla tells us despite what Bam may claim, she never gave him any of Elvis' possessions. She says she doesn't know Bam personally, and he was only inside her home because of his relationship with Navarone.

To see Priscilla's full statement ripping Bam's alleged lies click here.

Bam Margera and Priscilla Presley's friendship is paying off for him in a big way -- he's hooking up his dad with an iconic Elvis robe .. TMZ has learned.

Bam tells us he was first introduced to Priscilla's son Navarone Garcia -- through mutual friends in the music industry -- and since then he's formed his own relationship with Priscilla.

We're told Elvis' ex-wife -- and mother of the late Lisa Marie Presley -- heard about Bam's dad being a huge Elvis fan, so she gave Bam one of the King's personal robes ... and a ring!!!

You can tell in the video just how pumped Bam is to be able to gift the robe to his father.

@captiancreamstain

As for the ring, we're told Bam gave that to rapper Yelawolf -- who you see hanging with Bam in the video -- because it fit him and Bam considers him the new king of Rock 'n' Roll.

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