Lisa Marie Presley was just dealt a huge financial helping hand today in her divorce case, this while she fights over her father’s massive fortune.
Presley’s ex-husband, Michael Lockwood, was ordered today by a Los Angeles County judge to pay a huge chunk of Lisa Marie’s attorney’s fees. In this case, the amount is not small, the order is for Lockwood to pay over $140,000.
The court found that the “respondent had proper notice and opportunity to be heard,” and according to Radar Online, the fees will be split $129,000 for her attorney’s fees and $11,801 in additional legal costs.
Presley has been going through her divorce for over 3 years. She filed for divorce after 10 years of marriage. The issue is the ex-couple has been fighting over custody of their 11-year-old twin daughters.
This is a huge break for Presley who has been fighting over her father’s $100 Million fortune.
We broke the story, Elvis Presley’s daughter says she was left “financially devastated” and “broke,” after her ex-business manager allegedly squandered her fortune.
According to legal 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…You will have everything you need to defend against Ms. Presley’s claim that she was financially devastated as of the termination date.”
Lisa Marie claimed the manager helped turn a $100 Million fortune to $14,000. Not only that, she says she also has a half a million in debt.
Presley sued her former manager and Providence Financial Management, who worked for Elvis’s daughter from 1993 until 2006.
As for how in the world a fortune that large can be diminished to such a low amount…Lisa Marie says it was due to “reckless and negligent mismanagement and self-serving ambition.”
Presley says her ex-manager put “in risky ventures in hopes of attaining his own celebrity in the entertainment industry.” She says she was advised to sell 85% of her interest in Elvis Presley Enterprises. She says the Siegel “put his own best interests ahead of her in order to put himself in proximity to [the investor] and his celebrity circle.”
Siegel denies the claims and says, in fact, Lisa Marie isn’t broke and even some of his investments have turned out to be a huge success. He blames her lavish spending for the fact the $100 Million is up in smoke.
Barry Siegel’s attorney tells 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 continued, “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.”