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Lisa Marie Presley suing former business manager

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 

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)

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) 

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

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

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

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)

‘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)



Read more at DailyMail.co.uk