Lisa Marie Presley filed a lawsuit Wednesday against her former business manager Barry J. Siegel for whittling her $100M fortune down to $14K ‘through his reckless and negligent mismanagement and self-serving ambition.’
According to The Blast, the 50-year-old Elvis heiress is suing Provident Financial Management for breach of trust, negligence, and constructive fraud for leaving her Trust in $500K credit card debt.
The You Ain’t Seen Nothing Yet singer claimed Siegel sold 85 percent of her late father’s estate ‘in order to put himself in proximity to [the investor] and his celebrity circle.’
Legal woes: Lisa Marie Presley filed a lawsuit Wednesday against her former business manager Barry J. Siegel for whittling her $100M fortune down to $14K ‘through his reckless and negligent mismanagement and self-serving ambition’ (pictured in 2015)
Battle: According to The Blast, the 50-year-old Elvis heiress is suing Provident Financial Management for breach of trust, negligence, and constructive fraud for leaving her Trust in $500K credit card debt
‘[Siegel] placed her assets in risky ventures in hopes of attaining his own celebrity in the entertainment industry,’ the legal docs read.
When Siegel’s investments – including a $9M English mansion – failed, Lisa Marie claimed he began liquidating her assets to supplement the Trust income.
Presley previously admitted to being $16M in debt, mostly due to unpaid taxes from 2012-2015, last week in divorce documents regarding her estranged fourth husband Michael Lockwood – according to TMZ.
The ex-wife of Michael Jackson – whose mother is Priscilla – was only 9 when ‘The King’ died age 42 in 1977, and she became joint heir to the estate with her grandfather Vernon and her great-grandmother Minnie Mae.
Broke? The You Ain’t Seen Nothing Yet singer claimed Siegel sold 85 percent of her late father’s estate ‘in order to put himself in proximity to [the investor] and his celebrity circle’ (pictured in 2015)
Troubled: Presley previously admitted to being $16M in debt, mostly due to unpaid taxes from 2012-2015, last week in divorce documents regarding her estranged fourth husband Michael Lockwood (R, pictured in 2015)
1970 family portrait: The ex-wife of Michael Jackson – whose mother is Priscilla (L) – was only 9 when ‘The King’ died age 42 in 1977, and she became joint heir to the estate with her grandfather Vernon and her great-grandmother Minnie Mae
Historic: 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
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.
Part of the nepotistically-privileged singer’s financial troubles also stem from the fact that she hasn’t worked since concluding her Storm & Grace Tour back in 2014.
The Memphis-born belle was last pictured February 2 celebrating her 50th birthday alongside rocker Billy Corgan as well as her twins Harper and Finley, 9; (with Lockwood).
‘Had such a lovely Birthday this evening with my Family @ Friends!’ Presley tweeted to her 140K followers. ‘Thank You everyone for all the LOVE and Birthday wishes!!’
Hiatus: Part of the singer’s financial troubles also stem from the fact that she hasn’t worked since concluding her Storm & Grace Tour back in 2014
‘Had such a lovely birthday!’ The Memphis-born belle was last pictured February 2 celebrating her 50th birthday alongside rocker Billy Corgan as well as her twins Harper and Finley, 9; (with Lockwood)