Lisa Marie Presley claims she’s down to just $14,000 after her former business manager mishandled her fortune.
The singer and daughter of music legend Elvis Presley, has sued Barry Siegel for breach of trust, negligence and constructive fraud, according to documents acquired by The Blast.
Presley, 50, claims that Siegel “placed her assets in risky ventures in hopes of attaining his own celebrity in the entertainment industry” and used her $100 million trust to position himself in the “celebrity circle” of a famous investor.
Among Spiegel’s alleged purchases was a $9 million home in England.
Presley now claims she has just $14,000 in cash left, along with $500,000 in credit card debt.
Spiegel has sued Presley for breach of services, claiming she “has only herself to blame for her financial and personal misfortunes.”
“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,” his attorney said in a statement to the Daily News.
“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. My clients’ Barry Siegel and Provident Financial Management stuck by her and in return, Lisa Marie stopped paying them and is now blaming them for her uncontrollable spending habits. We are confident people will see through the talk and we will prevail in our case against her.”
Presley is currently in the middle of an ugly divorce from husband Michael Lockwood, whom she married in 2006.
Lockwood claims Presley, the mother of his twin daughters, still has her fortune intact.