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Lisa Marie Presley sues manager after losing millions

26 February 2018
Lisa Marie Presley sues manager after losing millions

Ms Presley says it lost her millions thanks to a subsequent investment in Core Entertainment, the company behind American Idol that went bankrupt in 2016.

Siegel and his company, Providence Financial Management, have countersued, alleging Presley's "out-of-control spending" led to her financial predicament.

"The 2005 deal she is complaining about now cleared up over US$20 million in debts Lisa had incurred and netted her over US$40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years".

Presley also claimed Siegel's business decisions left her with $500,000 in credit card debt.

She says that her Trust contained assets worth in excess of $100 million, and that Spiegel "placed her assets in risky ventures in hopes of attaining his own celebrity in the entertainment industry".

The You Ain't Seen Nothing Yet singer claimed Siegel sold 85 percent of her late father's estate 'in order to put himself in proximity to [the investor] and his celebrity circle'.

Lisa Marie Presley has been slammed by her estranged husband Michael Lockwood, who claims she is lying about her huge debts.

Lisa Marie Presley, the only daughter of the legendary musician, whose debts now exceed $ 16 million dollars, is going to receive as compensation $ 100 million from the former Manager in court.

According to reports, Presley claimed in divorce proceedings that she is $16 million in debt, although this has been disputed by Lockwood, who argued that "she has not disclosed her assets or their values".

In a lawsuit filed in LA last week she accused Siegel of dissipating her wealth "through his reckless and negligent mismanagement and self-serving-ambition".

Part of the nepotistically-privileged singer's financial troubles also stem from the fact that she hasn't worked since concluding her Storm & Grace Tour back in 2014.

Lisa Marie has released three albums of her songs and her 2003 single "Lights Out" to number 18 on the U.S. Adult Pop chart. Lisa Marie's mother, Priscilla, handled the estate until Lisa Marie turned 25 in 1993.