Lisa Marie Presley is currently in the midst of a legal battle with her ex-business manager, and the 51-year-old earned a victory in a recent hearing when a judge agreed to Presley’s motion seeking to shut down subpoenas relating to her bank records.
Court documents obtained by The Blast show that the judge ruled Presley only has to turn over bank records prior to 2016 after her ex-business manager Barry Siegel subpoenaed Deutsche Bank, seeking her bank records. Presley claims Siegel was seeking “the production of confidential financial records and/or the financial records of the Promenade Trust,” which was was created to hold the money Presley receives from her father, Elvis Presley‘s, estate.
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Presley claimed that Siegel was attempting to embarrass her by trying to obtain the records and argued that he should only receive records from years relevant to the lawsuit, which pertains to the years 1993-2006, specifically 2004-2006.
Presley had accused Siegel of squandering the $100 million fortune she inherited from her late father, a claim Siegel denied. In turn, he accused Presley of excessive spending and counter-sued her for $800,000.
The Blast reports that Presley and Sigel worked together from 1993-2006. Presley claimed in documents that her inheritance was reduced to $14,000 plus $500,000 in debt during that time and accused Siegel of dissipating her wealth “through his reckless and negligent mismanagement and self-serving ambition.” She added that he allegedly put the funds “in risky ventures in hopes of attaining his own celebrity in the entertainment industry.”
Presley claimed that Siegel sold 85 percent of her interest in Elvis Presley Enterprises to align himself with a famous investor and that 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 also allege that when the venture did not succeed, Siegel began liquidating Presley’s assets to supplement the Trust income.
Siegel has disputed his former client’s claims.
“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,” Sigel’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.”
Photo Credit: Getty / Jeffrey Mayer
