Lisa Marie Presley Sues Ex-Manager For Losing Her $100M, Putting Her In Debt
Lisa Marie Presley has filed a lawsuit against her former manager, accusing him of sinking her $100 million fortune by making failed investments.
Lisa, who is the daughter of legendary singer Elvis Presley and Priscilla Presley, filed a lawsuit against her ex-manager Barry Siegel, on Wednesday, Feb. 21, claiming that she is in thousands of dollars in debt because of Siegel.
Presley's Lawsuit Against Siegel
In the lawsuit, Lisa claims Siegel, who was in charge of the trust that Elvis left behind for her, sold off 85 percent of her interest in Elvis Presley Enterprises for $100 million.
She alleges that he then invested the entire amount in a company called Core Entertainment, which owns the rights to the American Idol franchise in 2005 when the reality singing competition was still a ratings giant.
Unfortunately, the company went belly-up in 2016 and Lisa's stock plunged significantly, because of this she claims that she incurred losses to the tune of $24.5 million. She says that the trust left for her only has a measly balance of $14,000 and she has $500,000 in credit card debt.
Last week, TMZ reported that court documents filed by Lisa amid her ongoing divorce battle with Michael Lockwood revealed that she was up to $16 million in debt.
The 50-year-old further alleges that Siegel mismanaged her assets with the intention of making his name in the entertainment industry. She claims that he used the $100 million to gain the confidence of a prominent investor and become a part of his celebrity circle.
She also pointed out that Siegel purchased an English estate for $9 million using the money in her trust. She added that she put her entire fortune at risk when he defaulted on the $6.7 million balloon payment.
Siegel Files Countersuit Against Lisa
Lisa's former manager filed his own lawsuit against her claiming that her out of uncontrollable spending habits have exhausted her fortune, which was already on the brink of depletion at the time of her father's demise in 1977.
"It's clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions." Siegel told The Blast.
"The 2005 deal she is complaining about now cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years," he added.
