New court documents in Lisa Marie Presley's long-running legal battle with her former business manager, Barry Siegel, are revealing just how dire Presley's financial circumstances were at the end of their partnership. In the documents obtained by The Blast, Presley claims that she was left “financially devastated” after Siegel squandered her father, the late legendary singer Elvis Presley’s, $100 million fortune.
“We have not objected to the production of documents that will provide a full picture of Ms. Presley’s and the Trust’s financial condition during the relevant time period and up to the date of your clients’ termination,” the documents read, revealing later in the filing just how devastating the incident has been for Presley.
“You will have everything you need to defend against Ms. Presley’s claim that she was financially devastated as of the termination date,” it reads.
Presley sued Siegel and his Providence Financial Management last year, accusing him of poorly managing her inheritance during the time they worked together from 1993-2006. In court documents, she claimed that her $100 million fortune dropped to just $14,000 and piled up $500,000 in debt, 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."
When the venture did not succeed, Siegel allegedly began liquidating Presley's assets to supplement the Trust income.
Siegel, however, has largely denied the claims, arguing that a number of his investments actually returned Presley a profit and that her large inheritance would still be sound if not for her lavish spending habits. He has counter-sued her for $800,000.
“Ms. Presley finances after Mr. Siegel’s termination go directly to her damages and her claims that she is broke," Siegel and his attorney said in a filing. “Thus, all of Ms. Presley dealings with her accountants and other financial professionals post—2016, along with any analyses they performed of her financial situation and any discussions they had with Ms. Presley related to her finances, are potentially relevant."
Earlier this month, a judge ruled that Presley only has to turn over bank records prior to 2016.