Lisa Marie Presley sues manager after losing millions

Emmett Rice
February 25, 2018

Lisa Maire Presley, the daughter of Elvis Presley, has sued her former manager, Barry Siegel, for $100 million after claiming he mismanaged her trust from the King of Rock and Roll.

"Us Weekly" reports that Siegel ran the trust Elvis left for his daughter when he died in 1977.

Mr Siegel sold off 85% of her share in the Elvis Presley Enterprises company in 2005, a deal that he says "cleared up over $20m in debts Lisa had incurred and netted her over $40m cash and a multi-million dollar income stream". The singer-songwriter says in the docs that Siegel used the money from the sale to invest in Core Entertainment, which is the parent company of American Idol. In the mid-2000s, that seemed like a very solid investment, but Core Entertainment went bankrupt in 2016.

Spiegel allegedly bought a $9 million home in England.

The documents state that "Siegel never provided Lisa with the required accounting at any time after the Core deal" and had "reportedly led Lisa to believe she was in "good shape" with her finances".

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The court documents read that Presley has "been damaged in an amount that has not yet been fully ascertained, but is believed to be in excess of $100 million". "Unfortunately, she now has only herself to blame for her financial and personal misfortunes".

Lockwood stated in the court documents that those figures would mean she owes more than she made in income that year.

Lisa Marie Presley inherited £71.5m in 1993 at the age of 25, but a lawsuit obtained by United States media has shown she is now down to her last £10k.

Lisa Marie has released three albums of her songs and her 2003 single "Lights Out" to number 18 on the U.S. Adult Pop chart. Presley also owes $263,050 in professional frees, $47,844 in credit card debt and an estimate of $250,000 in miscellaneous unpaid bills.

After their deaths, Lisa Marie officially came into her inheritance in 1993, and she still reportedly owns his 18-room mansion-turned-museum, Graceland, in Tennessee. In 2016, Presley filed for divorce citing irreconcilable differences and claiming Lockwood was a bad father who "took advantage" of her financially. They passed away in 1979 and 1980, respectively, leaving Lisa Marie as the sole heir to the Presley fortune.

Other reports by Free-Prsite

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