Elvis' daughter is suing her former manager, Barry Siegel, for allegedly mismanaging her fortune, with only $14,000 left in the kitty.
Lisa Marie Presley has launched a lawsuit against her former manager, Barry Siegel, accusing him of “reckless and negligent mismanagement” of her inherited estate and claiming that her cash reserves have been whittled down to just $14,000 as a result.
The 50 year old daughter of Elvis Presley claims that the $100 million she inherited has been mismanaged almost in its entirety by Siegel because of poor investments he made on the estate’s behalf. Siegel has brought a countersuit, claiming that Lisa Marie is “looking to blame others instead of taking responsibility for her actions”, and that she squandered much of the fortune herself.
Upon his death in 1977, Presley’s estate had diminished to just a few million dollars, but the power of his brand and the lasting interest in his music meant that assets were built back up and that Lisa Marie was able to inherit around $100 million when she turned 25 years old in 1993.
Lisa Marie Presley is suing her former manager
Much of the lawsuit centres around Siegel selling off 85% of her share in the Elvis Presley Enterprises Company. Siegel claims that this deal “cleared up over $20m in debts Lisa had incurred and netted her over $40m cash and a multi-million dollar income stream”.
Lisa Marie, however, says that the subsequent investment of this money into Core Entertainment, the company behind American Idol that went bankrupt in 2016, lost her around $24.5 million, according to legal documents seen by Us Weekly.
“Siegel never provided Lisa with the required accounting at any time after the Core deal,” the court documents read, adding that “Siegel reportedly led Lisa to believe she was in ‘good shape’ with her finances.”
As a result, she is suing Siegel for $100 million, as she estimates that she has “been damaged in an amount that has not yet been fully ascertained, but is believed to be in excess of $100 million.”
Lisa Marie, the only daughter of Elvis and his wife Priscilla Presley, was recently in the press regarding the fallout of her divorce from fourth husband Michael Lockwood in June 2016. Presley has claimed she is $16 million in debt, but Lockwood has disputed that figure, arguing “she has not disclosed her assets or their values”.