Lisa Marie Presley is suing her former manager, Barry Siegel, for "reckless and negligent mismanagement" of her inherited estate, but her estranged husband was quick to call her so-called mountain of debt a lie.
Presley inherited $100 million from her rock ‘n’ roll father Elvis Presley back in 1993. Today, she said she only has $14,000 left, alleging that Siegel’s poor investment decisions whittled down her cash reserves. He sold off 85 percent of her share in the Elvis Presley Enterprises company in 2005, saying it “cleared up over $20 million in debts she had incurred and netted her over $40 million cash and a multi-million dollar income stream.”
Lisa Marie Presley is suing her former business manager for the loss of almost all her $100 million inheritance, claiming she has only $14,000 left https://t.co/Fx5JdejhPX pic.twitter.com/GuQGshruI5— nzherald (@nzherald) February 24, 2018
Presley, however, said she lost millions in the deal. Siegel has counter sued, claiming she is to blame for squandering much of her own fortune, and he's demanding $800,000 in damages for non-payment.
Presley is now $16 million in debt amid her ongoing divorce from estranged husband Michael Lockwood. That figure was revealed after a judge ordered her to pay $50,000 of Lockwood's $450,000 in attorney's fees, which she claimed she could not afford. Lockwood, however, claimed Presley isn't being truthful about her debt.
Lisa Marie Presley Sues Manager for 'Reckless Mismanagement' of Elvis Fortune as He Blames 'Uncontrollable Spending' https://t.co/CcAnR8iCSk— People (@people) February 23, 2018
According to Lockwood, Presley claimed to be making $104,000 per month in 2016 and that she owed the IRS $1.67 million, which Lockwood says would mean she owes more than she made in income that year. Additionally, Presley did fudge the numbers when it comes to the English manor she owns, according to documents obtained by TMZ. While she has claimed to be way behind on mortgage payments for the property, Lockwood believes it's still worth something and accused her of leaving that out of her calculations.
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The pair married in 2006 and welcomed twin daughters two years later. In 2016, Presley filed for divorce citing irreconcilable differences and claiming Lockwood was a bad father who "took advantage" of her financially.
Lisa Marie Presley claims her business manager burned through her $100 million trust https://t.co/GNGluZo3aK pic.twitter.com/yUWBslVI7C— New York Daily News (@NYDailyNews) February 23, 2018
Lisa Marie Presley says shes broke https://t.co/a9KoyIyFNn pic.twitter.com/gvs56mHFvy— 1 NEWS (@1NewsNZ) February 24, 2018
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