Lisa Marie Presley sues her business manager Barry Siegel.
When Elvis died in 1977, he left his daughter a trust fund that has since been managed by Siegel. But Presley claims that in 2005 Siegel sold 85 percent of her interest in Elvis Presley Enterprises for $100 million and used the money he obtained from the sale to invest in Core Entertainment.
The entertainment company went bankrupt in 2006, however, losing Presley money. Presley said that she was not notified of the Core deal and lost $24.5 million as a result of the bankruptcy.
Siegel never provided Lisa with the required accounting at any time after the Core deal and reportedly led Lisa to believe she was in ‘good shape’ with her finances.
Though the singer only cited the $24 million lost from the bad investment, she has sued Siegel for $100 million for financial blips she believes have yet to be accounted for. 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.”
The news of Presley deciding to sue Siegel comes after the star announced that she was $16 million in debt following her divorce from Michael Lockwood, whom she was married to for 10 years. She divorced him on claims that her husband Michael Lockwood possessed inappropriate photos of children.
According to court documents obtained by Us Weekly, Presley owes $10 million in taxes and $6 million on her home in England. In addition to her bigger debts, the star also owes more than $47,000 in credit card debt and an estimated $250,000 in miscellaneous bills.
Siegel, who claims that Presley also has “uncontrollable spending habits,” has countersued the singer.
The attorney for Siegel defended the former manager’s Core Entertainment deal and said, “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.”
