Lisa Marie Presley is suing her former business manager Barry Siegel, claiming that his “reckless and negligent mismanagement” of her inheritance left her in financial ruin.
According to the documents, obtained by ET Canada, the 50-year-old singer claims that her Trust — left to her by her father Elvis Presley — contained assets worth more than $100 million and that Siegel “placed her assets in risky ventures in hopes of attaining his own celebrity in the entertainment industry.”
Presley claims that in 2005, Siegel sold 85 per cent of her interest in Elvis Presley Enterprises for $100 million and used the money from the sale to invest in Core Entertainment, the parent company of “American Idol”. However, Core filed for bankruptcy in 2016, which Presley says cost her $24.5 million.
The documents state that “Siegel never provided Lisa with the required accounting at any time after the Core deal” and had “reportedly led Lisa to believe she was in ‘good shape’ with her finances.”
He would also allegedly deflect her questions regarding his investment decisions, telling Presley “it’s very technical” and “you’re never going to understand this,” or “this is too intricate for you.”
Presley says that Siegel whittled her fortune down to just US$14,000, and so, is suing him for breach of trust, negligence, and constructive fraud. Siegel has denied the claims and is now countersuing the “Nobody Noticed It” singer.
“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’s attorney 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.”
Presley recently claimed in court documents related to her divorce from Michael Lockwood that she was $16 million in debt, which includes defaulted payments for her $6-million home in the UK, as well as over $10 million in unpaid taxes.