Elvis Presley’s daughter Lisa Marie says she was left “financially devastated” and “broke,” after her ex-business manager squandered her dad’s $100 Million fortune.
We broke the story, the Elvis heiress has been at war with her ex-business manager over how so much money was lost in the singer’s estate. Lisa, and the financial advisor Barry Siegel, have recently been battling over access to Lisa’s bank accounts.
Presley scored a recent victory in keeping some of the information private.
According to new documents obtained by The Blast, Lisa’s lawyers told the court, “We have not objected to the production of documents that will provide a full picture of Ms. Presley’s and the Trust’s financial condition during the relevant time period and up to the date of your clients’ termination.”
In the same filing they reveal just how bad off it was at the end of their partnership, saying, “You will have everything you need to defend against Ms. Presley’s claim that she was financially devastated as of the termination date.”
As we reported, according to Lisa Marie, the $100 Million fortune was reduced to $14,0000 along with a half a million in debt. She blames investments of her ex-manager for the financial collapse.
Interestingly, part of Siegel’s argument is that Lisa Marie isn’t broke, and in fact some of his investments have turned out to be a success. He claims if it wasn’t for her lavish spending, the fortune would be intact. Also, his lawyers want to see what the accounts and her wealth look like since the day he was fired.
“Ms. Presley finances after Mr. Siegel’s termination go directly to her damages and her claims that she is broke,” they said in the filing.
They continued, “Thus, all of Ms. Presley dealings with her accountants and other financial professionals post—2016, along with any analyses they performed of her financial situation and any discussions they had with Ms. Presley related to her finances, are potentially relevant.”
Presley sued her former business manager Barry Siegel and Providence Financial Management, which she worked with as business manager’s from 1993 until 2006.
In the suit, she claimed they poorly managed her inheritance from Elvis Presley.
She claims, “through his reckless and negligent mismanagement and self-serving ambition.” Presley claimed he put her money, “in risky ventures in hopes of attaining his own celebrity in the entertainment industry.”
Presley says at one point, Siegel sold 85% of her interest in Elvis Presley Enterprises to align himself with other famous investors. She says he “put his own best interests ahead of her in order to put himself in proximity to [the investor] and his celebrity circle.”
At the time, Barry Siegel’s attorney told The Blast, “It’s clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions.” He says, “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.”
The case is ongoing, and is back in court this month.