WHAT’S BEING CLAIMED:
- The King of Rock and Roll’s daughter, Lisa Marie Presley, took her former manager Barry Siegel to court for $100 million alleging he mishandled her inheritance.
- Elvis Presley left his daughter a trust fund, which was left to the care of Siegel, when he died in 1977, according to Us Weekly.
- The singer says that in 2005, her ex-manager sold 85 percent of her interest in Elvis Presley Enterprises for $100 million.
Lisa Marie Presley claims that Siegel used the money he acquired from the deal to invest in Core Entertainment.
Presley, however, lost $24.5 million when the entertainment company, went into bankruptcy in 2006. Elvis’ daughter claimed that she was not informed of the Core deal.
A copy of the court documents obtained by Us Weekly says: “Siegel never provided Lisa with the required accounting at any time after the Core deal. [He] reportedly led Lisa to believe she was in ‘good shape’ with her finances.”
Although Presley only mentioned the $24 million lost from the bad investment, she has sued Siegel for $100 million. That’s because she has “been damaged in an amount that has not yet been fully ascertained, but is believed to be in excess of $100 million.”
Before suing Siegel, Presley announced that she was in debt for $16 million after divorcing Michael Lockwood, her husband of 10 years.
Us Weekly reports that Presley owes $10 million in taxes and $6 million on her England home. She also incurred $47,000 in credit card debt and about $250,000 in miscellaneous bills.
According to The Blast, Siegel countersued Presley claiming that the singer has “uncontrollable spending habits.”
Siegel’s attorney defended the Core Entertainment deal and told The Blast: “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.”
“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 added.
Source: Fox News