Days after publicly claiming that she’s $16 million in debt, Lisa Marie Presley is suing her former business manager Barry Siegel, according to The Blast.
The daughter of music legend Elivs Presley claims Siegel whittled her $100 million fortune down to just $14,000 “through his reckless and negligent mismanagement and self serving-ambition.”
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The Blast reports that Presley claimed through court documents that her assets were worth more than $100 million at the time she hired Siegel, but that he “placed her assets in risky ventures in hopes of attaining his own celebrity in the entertainment industry.”
Siegel allegedly opted to sell 85 percent of Presley’s interest in the Elvis Presley Enterprises company in order for him to align himself with a famous unnamed investor.
“(He) put his own best interests ahead of her in order to put himself in proximity to (the investor) and his celebrity circle,” the documents read.
Siegel’s attempts to curry favor reportedly flopped and as a result he allegedly began liquidating her assets in order to boost Presley’s Trust fund income.
Presley claims Siegel’s actions, along with purchasing a $9 million home using the Trust’s money yet couldn’t make a $6.7 million payment, has left the Trust with merely $14,000 in cash along with $500,000 in credit card debt.
The lawsuit against Siegel is for breach of trust, negligence and constructive fraud. Siegel responded with a countersuit.
“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 wrote in response. “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.”
Despite her financial troubles, Presley’s estranged husband Michael Lockwood told The Blast back in December that he believes her fortune is still worth millions.
