Lisa Marie Presley says her former business manager handled her money so poorly that her $100 million fortune was whittled down to a measly $14,000, and says its partly because the guy thought he was actually a celebrity.
According to the documents filed on February 21, and obtained by The Blast, the late Elvis Presley‘s daughter is accusing Barry Siegel of dissipating her wealth “through his reckless and negligent mismanagement and self serving-ambition.”
She says that her Trust contained assets worth in excess of $100 million, and that Siegel “placed her assets in risky ventures in hopes of attaining his own celebrity in the entertainment industry.”
Presley says Siegel decided to sell 85% of her interest in Elvis Presley Enterprises and used it to align himself with a famous investor. 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.”
She also says that once Siegel’s venture did not work out, he allegedly began liquidating her assets in order to supplement the Trust income.
Presley also points out a $9 million English home was bought by Siegel using the Trust’s money, and he put her entire fortune at risk when he couldn’t make the $6.7 million balloon payment.
All in all, she says her Trust was left with $14,000 cash and over $500,000 in credit card debt.
As we previously reported, Lisa Marie’s estranged husband believes her fortune is still worth millions, but she is claiming that’s not the case.
She’s suing for breach of trust, negligence and constructive fraud. The Blast reached out to Barry Siegel for comment.