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02-23-2018 05:06 PM
Lisa Marie Presley, the daughter of Elvis Presley, has sued her former manager Barry Siegel for $100 million after claiming he mismanaged her trust from the King of Rock and Roll.
When Elvis died in 1977, he left his daughter a trust fund that has since been managed by Siegel. But Presley claims that in 2005 Siegel sold 85 percent of her interest in Elvis Presley Enterprises for $100 million and used the money he obtained from the sale to invest in Core Entertainment.
The entertainment company reportedly went bankrupt in 2006, however, losing Presley big money. Presley said that she was not notified of the Core deal and lost $24.5 million as a result of the bankruptcy.
“Siegel never provided Lisa with the required accounting at any time after the Core deal,” the court documents obtained by Us Weekly read. “Siegel reportedly led Lisa to believe she was in ‘good shape’ with her finances.”
Though the singer only cited the $24 million lost from the bad investment, she has sued Siegel for $100 million for financial blips she believes have yet to be accounted for.
The court documents read that Presley has “been damaged in an amount that has not yet been fully ascertained, but is believed to be in excess of $100 million."
The news of Presley deciding to sue Siegel comes after the star announced that she was $16 million in debt following her divorce from Michael Lockwood, whom she was married to for 10 years.
Siegel, who claims that Presley also has "uncontrollable spending habits," has countersued the singer, according to The Blast.
The attorney for Siegel defended the former manager's Core Entertainment deal and said to the 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.”
He then added, “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.”
"Never argue with a fool. Onlookers may not be able to tell the difference."
02-23-2018 05:16 PM
Lisa Marie Presley is a singer?
02-23-2018 05:21 PM
@saltysailswrote:Lisa Marie Presley is a singer?
Yea, a bad one. Every time I see one of these stories I think how stupid these once rich people are. If I managed their money they would be on a budget and they would know exactly what they owned, and would be party to every transaction. Where do they get these managers???? Or is it that they know about the deals, but only squawk when they get to the point that they are in trouble.
02-23-2018 05:21 PM
@Mz iMac, shaking my head. I simply cannot wrap my head around the vast amount of money that disappeared for whatever reason. Unbelievable & then some.
02-23-2018 05:28 PM
It's a real shame.
Elvis worked very hard, from beginning to end, for his fortune. Was he perfect? No. But he did work very, very hard.
Well, let's hope for the best for all involved.
p.s. How's Priscilla Presley doing? Haven't heard much about her in recent years.
02-23-2018 05:28 PM
Let me get this straight. Her mom turned Graceland into a money makeer and Lisa Marie became of age and blew it all away?
02-23-2018 05:36 PM
@Yahooeywrote:Let me get this straight. Her mom turned Graceland into a money makeer and Lisa Marie became of age and blew it all away?
"Never argue with a fool. Onlookers may not be able to tell the difference."
02-23-2018 05:38 PM - edited 02-23-2018 11:02 PM
Maybe it’s about time for Lisa Marie to get a real job!! I have zero sympathy for someone who never worked a day in her life & squandered her fortune!!
02-23-2018 05:39 PM
Not surprised, after all, she is not the sharpest tack
in the toolbox.
02-23-2018 05:45 PM
She has never made good decisions as an adult. This is just another example. No matter how much money is involved, you need to understand what is going on with it and who is investing it. It's called being an adult and taking responsibility.
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