Lisa Marie Presley sues former business manager for $100M

Feb 25, 2018, 02:01
Lisa Marie Presley sues former business manager for $100M

After selling 85% of Presley's shares in Elvis Presley Enterprises for $100 million in 2005, Siegel invested in Core Entertainment, the parent company of American Idol, according to Presley.

The duelling lawsuits, filed earlier this week in Los Angeles Superior Court, follow the collapse in 2016 of Presley's fourth marriage and her announcement that she was US$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. That bankruptcy allegedly cost Lisa Marie $24.5 million. 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.

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.

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"Siegel never provided Lisa with the required accounting at any time after the Core deal", the court documents obtained by US Weekly read.

They're suing for $800,000 in damages.

Lisa Marie Presley inherited £71.5m in 1993 at the age of 25, but a lawsuit obtained by United States media has shown she is now down to her last £10k.

"It's clear Lisa Marie is going through a hard time in her life and looking to blame others instead of taking responsibility for her actions", Siegel's attorney told The Blast. She hasn't "fully ascertained" the extent of her financial losses yet.

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After their deaths, Lisa Marie officially came into her inheritance in 1993, and she still reportedly owns his 18-room mansion-turned-museum, Graceland, in Tennessee.

Singer Lisa Marie Presley poses at the premiere of "Mad Max: Fury Road" in Hollywood, California May 7, 2015.

Presley also points out a $9 million English home was bought by Spiegel using the Trust's money, and he put her entire fortune at risk when he couldn't make the $6.7 million balloon payment. He blames Lisa Marie's excessive spending for her debt.

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