Lisa Marie Presley is claiming that her ex-business manager has thrown her into a financial ruin.
The only child of Elvis Presley has filed a $100 million lawsuit accusing ex-manager Barry Siegel of negligence, breach of trust, constructive fraud and “recompense for the tens of millions of dollars that the ex-manager cost her through reckless management,” People magazine reports.
Presley claims that Siegel paid himself a highly-generous annual revenue of over $700,000, as he was simultaneously losing the $100 million fortune left to her through a trust fund Elvis had set up for her.
According to Reuters, the lawsuit against Siegel and his company, Provident Financial Management, indicates Presley’s “11-year odyssey to financial ruin” first came to light in 2005. As a result of the alleged reprehensible actions, “Lisa has been damaged in an amount that has not yet been fully ascertained, but is believed to be in excess of $100 million,” the lawsuit reportedly states.
The enormous $100 million trust fund has dwindled down to just $14,000, according to Lisa Marie, who said Siegel made “reckless and negligent” investments. One of those investments, which is reportedly the largest, began in 2005 when Siegel is said to have sold 85 percent of Lisa Marie’s stock in Elvis Presley Enterprises (EPE) in order to invest in American Idol’s holding company. That company, Core Media, eventually went bankrupt in 2016, according to TMZ.
“Predictably, the holding company for ‘American Idol’ went bankrupt after American Idol aired its last season, court documents state. “As a result, in one week alone the Trust lost $24.5 million of the $25 million in stock that was received in the sale of EPE.”
Siegel is counter-suing Presley, claiming that she “twice squandered” her deceased father’s fortune and is “looking to blame others instead of taking responsibility for her actions,” according to People, citing court documents.
Lisa Marie, who is also in the midst of a divorce, denied Siegel’s accusations, according to Daily Mail, citing court documents that state “Siegel repeatedly led Lisa to believe she was in ‘good shape’ with her finances.”
Additionally, the woman’s attorneys have reportedly cited several emails to support their claims.
“We’re in good shape on your finances,” one of the emails from Siegel to Presley allegedly reads. “We’re ok…be assured that we are doing everything on our end to maintain both your current lifestyle and the future of your family.”
A hearing on the matter is scheduled for Monday.
[Feature image: AP Photo/Adele Starr]