Lisa Marie Presley Claims Only $18K Is Left Of Her Father’s Fortune
Elvis Presley’s daughter, Lisa Marie Presley, says she has only $14,000 (all figures U.S.) left of her father’s fortune.
The King of Rock and Roll’s fortune had reportedly depleted to a few million dollars around the time of his death in 1977. However, the Presley brand and assets, including their iconic Graceland home, amounted to a $100 million trust, which was inherited by his daughter on her 25th birthday in 1993.
Now, Presley, the only child of Elvis and Priscilla, has filed a lawsuit against her former business manager, Barry Siegel, for his alleged “reckless and negligent mismanagement and self serving-ambition," including breach of trust, negligence and constructive fraud.
In court documents filed by Presley this week, the 50-year-old singer claimed that Siegel sold 85 per cent of her interest in Elvis Presley Enterprises, liquidated her assets, and left her with $500,000 in credit card debt. She also alleged that Siegel purchased a $9 million home in the UK using the trust's money, which put her financials even more at risk, according to The Blast.
Siegel has countersued Presley, alleging her “out-of-control” spending to her current financial hardships.
“It’s clear Lisa Marie is going through a difficult time in her life and is looking to blame others instead of taking responsibility for her actions,” Siegel’s lawyer, Leon Gladstone, said in a statement.
On top of her latest financial woes, Presley is also currently in a divorce battle with fourth husband Michael Lockwood, who also reportedly claimed she is lying about her debt. Earlier this month, Presley revealed that she owed $10 million in unpaid taxes from 2012 to 2015.