Published: Sun, February 25, 2018
Entertaiment | By Minnie Bishop

Lisa Marie Presley sues former business manager for $100M

Lisa Marie Presley sues former business manager for $100M

Lisa Marie Presley is suing her former business manager for reckless mismanagement after losing millions of dollars.

According to Us Weekly, when Elvis died in 1977, he left his daughter a trust fund that has since been managed by Siegel. However, in 2005, the financial manager allegedly sold 85 percent of Lisa Marie's interest in the Elvis Presley Enterprises, which amounted to $100 million, and invested it in the company called Core Entertainment, the parent company of the popular singing competition.

The statement reads, "The 2005 deal she is complaining about now cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years".

Moreover, Siegel claims that Lisa Marie has "uncontrollable spending habits".

She also accuses Siegel of "self serving-ambition" and claims that he placed her assets "in risky ventures in hopes of attaining his own celebrity in the entertainment industry". She hasn't "fully ascertained" the extent of her financial losses yet.

According to TMZ, Presley is also attempting to offload a home in the United Kingdom because she has reportedly defaulted on the mortgage and owes $6 million.

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Last week, TMZ reported that court documents filed by Lisa amid her ongoing divorce battle with Michael Lockwood revealed that she was up to $16 million in debt. She says that the trust left for her only has a measly balance of $14,000 and she has $500,000 in credit card debt.

Lisa Marie Presley, daughter of Elvis Presley, sues former manager for $100 million amidst debut rumors.

According to him, she 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.

She inherited his estate along with her grandfather, Vernon, and great-grandmother, Minnie.

Under Priscilla's watch, the Elvis Presley estate became a booming business with his home, Graceland, becoming a top tourist destination in Memphis, Tennessee.

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