Elvis Presley’s daughter, Lisa Marie Presley, has filed a $100 million lawsuit against her former manager, Barry Siegel, over a failed investment.
“Us Weekly” reports that Siegel ran the trust Elvis left for his daughter when he died in 1977. He then sold 85 percent of Lisa Marie’s interest in Elvis Presley Enterprises in 2005 for $100 million. That’s the company that still rakes in millions of dollars every year licensing Elvis’s name and image and collecting royalties from his music.
Lisa Marie’s lawsuit claims that Siegel invested the money from that 2005 sale into the parent company of “American Idol,” Core Entertainment. In the mid-2000s, that seemed like a very solid investment, but Core Entertainment went bankrupt in 2016. That bankruptcy allegedly cost Lisa Marie $24.5 million.
The court documents allege that Siegel never provided Lisa Marie with “required accounting” on the deal and assured her she was in “good shape” financially.
The lawsuit seeks $100 million in damages, but Lisa Marie believes the actual damages are in excess of that amount. She hasn’t “fully ascertained” the extent of her financial losses yet.
The lawsuit against her manager comes just a few weeks after court documents in her divorce revealed she is reportedly $16 million in debt. Lisa Marie is going through a divorce from her husband of 10 years, Michael Lockwood. In response to his request for her to help pay his $450,000 in legal fees, Lisa Marie filed documents claiming she owes more than $10 million in taxes and had defaulted on debt of more than $6 million from her home in the United Kingdom.
On top of that, Lisa Marie claims to owe $263,050 in unpaid professional fees, another $250,000 in unpaid bills and more than $47,000 in credit card debt.
Also, website “The Blast” reports that Siegel is countersuing Lisa Marie for $800,000, claiming she has squandered her money through excessive spending. Lisa Marie inherited her father’s estate in 1993, and the 2005 Core deal was reportedly meant to save her from having to file bankruptcy due to her spending habits. Siegel’s lawyer claims reliance on credit has led her to the point of financial ruin for a second time.
Lisa Marie was just 9 years old when her father, Elvis, died in 1977.
She inherited his estate along with her grandfather, Vernon, and great-grandmother, Minnie. They passed away in 1979 and 1980, respectively, leaving Lisa Marie as the sole heir to the Presley fortune. Lisa Marie’s mother, Priscilla, handled the estate until Lisa Marie turned 25 in 1993.
Under Priscilla’s watch, the Elvis Presley estate became a booming business with his home, Graceland, becoming a top tourist destination in Memphis, Tennessee.