It looks like Lisa Marie Presley and mom Priscilla Presley are at odds again. Lisa Marie’s stepfather has reportedly accused Priscilla of conspiring against her in a $100 million lawsuit against former manager Barry Siegel, according to Radar Online.
Presley allegedly called in her stepdad, Marco Garibaldi, to testify in the case. He’s set to help prove her claims she was taken advantage of by Siegel, according to Radar Online. According to the outlet Garibaldi, 64, alleged that Siegel was his manager first and he introduced both Priscilla and Presley to him.
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Garibaldi also stated, according to Radar Online, that he was present when Priscilla and Siegel plotted to sell Elvis Presley Enterprises — the corporate entity of the Elvis Presley Trust, which Presley got her money from — in 2005. The document, not yet filed with the court per Radar Online‘s reporting, states that Priscilla and Siegel feared Lisa Marie would deplete the account, leaving them both penniless.
“This particular day, Mr. Siegel informed Priscilla that Lisa Marie was spending too much money, and there was nothing left. Meaning, both he (Barry Siegel) and Miss Presley were running the risk of having no income from Elvis Presley Enterprises,” the document revealed. “The solution was simple: Sell Elvis Presley Enterprises, and (I quote Mr. Siegel) ‘We can put ourselves in the new company and draw a salary from it. I want, at least, $500 thousand a year. you (Priscilla) should keep your $1 million a year.”
Garibaldi said he “left the meeting” at that point. He said he thought Priscilla’s “conspiracy to hurt her own daughter utterly crossed all moral boundaries,” Radar Online reported. He alleged that Siegel’s method was to convince clients to sign a Power of Attorney document which “allows him extraordinary control over his clients including opening and closing bank accounts, depositing and withdrawing money, making investments, paying bills, applying for credit/debit cards.”
He also claimed Siegel ordered signature stamps from the bank so he could stamp checks and documents on his clients’ behalf.
Siegel responded to the lawsuit, alleging that he frequently warned Presley to be mindful of her spending. She continued to spend more money than her trust could provide, though, according to him. Siegel also said her lawsuit is full of false accusations.
In 2005, an 85 percent stake in Elvis Presley Enterprises was sold. Presley retained the remaining 15 percent stake, which she said in her lawsuit Siegel wasted. Garibaldi alleged in his testimony that Priscilla made $13 million off the sale.
Siegel served as both a business manager and a co-trustee on Lisa Marie’s portion of Elvis Presley Enterprises. She kicked him off in 2016, however, per Radar Online‘s reporting. Siegel was sued by Presley in 2018, and was accused of wasting her her father, Elvis Presley’s, fortune with frivolous spending.
Presley alleges that she lost $100 million of her inheritance because of him. Her lawsuit accuses him of a breach of trust, break of fiduciary duty, negligence, fraud, negligence misrepresentation and unjust enrichment and accounting, according to Radar Online. She’s accused her former manager of “reckless and negligent mismanagement and self-serving ambition.”
News of yet another rift between Presley and Priscilla may surprise some fans. The pair were believed to have settled their differences after it was reported that Priscilla was selling her Los Angeles mansion to help her daughter amid a nasty custody battle with estranged husband Michael Lockwood.
Presley claimed to be struggling with money, so Priscilla listed her $3.6 million home to lend her daughter a helping hand, Radar Online reported at the time. It appears, however, that things have quickly gone sour.
