Lisa Marie Presley Suing Former Manager For $100 Million

Lisa Marie Presley Suing Former Manager For $100 Million

Presley says that Siegel whittled her fortune down to just US$14,000, and she is suing him for breach of trust, negligence, and constructive fraud.

Elvis Presley's fortune had dwindled to a few million dollars at the time of his death in 1977, but the power of the Presley brand - including the tourist attraction Graceland - meant that assets were built back up into the $100m trust that Lisa Marie inherited. The singer-songwriter says in the docs that Siegel used the money from the sale to invest in Core Entertainment, which is the parent company of American Idol. Core Entertainment went bankrupt in 2016.

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.

According to the lawsuit, Lisa Marie lost $24.5 million.

Siegel has responded to Lisa Marie's accusation that he squandered $100 million into a bad investment.

Leon Gladstone, a lawyer for Mr Siegel, told the Guardian that his client had sued Ms Presley first for non-payment.

Lisa Marie Presley Suing Former Manager For $100 Million
Lisa Marie Presley Suing Former Manager For $100 Million

Ms Presley claims Mr Siegel sold and liquidated her assets to cover her income.

In response to his request for her to help pay his $450,000 in legal fees, Lisa Marie filed documents claiming she owes more than $10 million in taxes and had defaulted on debt of more than $6 million from her home in the United Kingdom.

The dueling 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 $16 million in debt. "Siegel reportedly led Lisa to believe she was in "good shape" with her finances".

"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", Mr Gladstone said.

According to reports, Presley is claiming that Siegel is responsible for the loss of the money she inherited from her father, music icon Elvis Presley.

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