Elvis Presley’s daughter Lisa Marie Presley claims that she is facing financial ruin and has filed for a $100 million lawsuit accusing her former business manager of negligence and mismanagement of her finances.
However, her ex-manager has also filed his own lawsuit that has accused Presley, 50, of squandering her father’s inheritance due to her lavish lifestyle. This lawsuit seeks $800,000 in unpaid bills.
Both the lawsuits, filed in the Los Angeles Superior Court, follow the collapse of Presley’s fourth marriage in 2016 and her announcement regarding her being $16 million in debt.
Lisa Marie Presley is Elvis’ sole heir after his death in 1977. She was 9 years at the time. Since 1993 her were managed by Barry Siegel after she came into her inheritance through a trust.
Her lawsuit claimed that Presley’s “11-year odyssey to financial ruin” started in 2005 and alleged that as a result of Siegel’s actions, “Lisa has been damaged in an amount that has not yet been fully ascertained, but is believed to be in excess of $100 million.”
The lawsuit also said that the trust was left with $14,000 in cash and over $500,000 in credit card debt by 2016.
Siegel’s lawsuit claimed that Presley had “twice squandered” her inheritance and she had repeatedly been told to curb “her spendthrift ways.”
