Lisa Marie Presley sues ex-manager after her $100m inheritance reduced to $14,000

 

American singer and songwriter, Lisa Marie Presley is suing her former business manager after her $100 million inheritance fell so low that she now has only $14,000.

 

The 50-year-old singer who is the only child of Elvis and Priscilla Presley, inherited her late father’s entire estate on her 25th birthday, in 1993.

In a $100m lawsuit filed at the Superior Court in Los Angeles this week, Marie accused Barry Siegel, her former business manager of squandering her wealth “through his reckless and negligent mismanagement and self serving-ambition”.

She also claimed Mr. Siegel’s “hopes of attaining his own celebrity in the entertainment industry” led him to place her assets in “risky ventures.”

In the documents, Presley claimed Mr. Siegel sold 85 percent of her interest in Elvis Presley Enterprises. He then allegedly began liquidating Presley’s assets in order to supplement her trust’s income.

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

 

Her ex-manager also responded with his own lawsuit, accusing Presley of squandering her famous father’s inheritance because of her lavish lifestyle. The lawsuit seeks US$800,000  in unpaid bills.

 

According to reports, both lawsuits follows the collapse of Presley’s fourth marriage and her announcement that she was in a $16m debt.

Presley’s dad Elvis died in 1977 when she was just 9-years-old. He left her his sole heir and her affairs were managed by Barry Siegel, when she came into her inheritance.