Lisa Marie Presley's Business Manager Claims She Has 'Uncontrollable Spending Habits'

The Blast reported on Thursday afternoon that Lisa Marie Presley, daughter of music icon Elvis Presley, was suing her former managing for draining her trust fund from over $100 million down to just $14,000.

Now the news agency is reporting her former manager, Barry Siegel, is fighting back with a lawsuit of his own.

Siegel's lawsuit claims Presley's financial troubles are due to her own out-of-control spending habits.

"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 said in an interview with 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."

The lawsuits court documents claim Presley squandered her fortune on multiple occasions.

"Sadly, since inheriting her father's estate in 1993, she has twice squandered it," the document read. "The first time, she was rescued from insolvency by a deal she now calls fraudulent and self-serving."

Siegel's legal team claims that when Presley died in 1977, "Elvis Presley Enterprises" was in a financial downward spiral, saved only by Priscilla Presley's decisions to hire a CEO for the company and opt not to sell Elvis' Graceland property.

Presley's current financial predicament, according to this new lawsuit, are due to "continuous, excessive spending and reliance on credit far exceeded what the Trust could pay her from income alone."

Presley claimed back on Feb. 16 that she was in $16 million in debt, and her original lawsuit placed the blame on Siegel "through his reckless and negligent mismanagement and self serving-ambition."

Siegel is now suing for $800,000 in damages, an amount Presley likely doesn't have given her current financial situation.