Lisa Marie Presley‘s former financial manager isn’t going to take accusations that he squandered her $100 million fortune lightly, he also filed his own lawsuit claiming her out of control spending has depleted funds that already were on the verge of bankruptcy at the time of Elvis’ death.
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 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 attorney says Siegel stuck by Lisa Marie over the years, but now has “stopped paying my clients and is now blaming them for her uncontrollable spending habits.”
According to documents filed by Siegel’s company, Providence Financial Management, they claim “Sadly, since inheriting her father’s estate in 1993, she has twice squandered it. The first time, she was rescued from insolvency by a deal she now calls fraudulent and self-serving.”
The firm says at the time of Elvis’ alleged death in 1977, his estate was in debt and on the verge of bankruptcy. The suit claims Priscilla Presley was the one who turned around “Elvis Presley Enterprises” by bringing in a CEO and not agreeing to sell off Graceland. Graceland was later turned into a huge tourist attraction and money maker.
Siegel says despite him rescuing her family’s fortune from ruin, Lisa’s “continuous, excessive spending and reliance on credit far exceeded what the Trust could pay her from income alone.”
They make it clear that the millions of dollars of debt Lisa Marie is in … is her own fault. Siegel and the firm are suing for $800,000 in damages … which they probably know she doesn’t have at the moment.
The Blast broke the story, Lisa Marie filed a lawsuit against Siegel and the firm claiming they reduced her $100 million to a measly $14,000.