Barry Siegel denies the claims
Lisa Marie Presley has reportedly sued her former business manager Barry Siegel, who she accuses of “reckless and negligent mismanagement” of her inheritance.
The singer-songwriter, and former wife of both Michael Jackson and Nicolas Cage, says her cash reserves have been reduced to $14,000 (£10,000) due to poor investments.
She also accuses Siegel of “self serving-ambition” and claims that he placed her assets “in risky ventures in hopes of attaining his own celebrity in the entertainment industry”.
Elvis left only a few million at the time of his death in 1977 but the fortune increased to $100 million by the time Lisa Marie inherited his estate when she turned 25 in 1993.
Siegel has reportedly countersued in response to the claims and has accused Presley of having “uncontrollable spending habits”, adding that his former client is “looking to blame others instead of taking responsibility for her actions”.
In 2005, Siegel sold 85% of Lisa Marie’s shares in Elvis Presley Enterprises, which he says “cleared up over $20m in debts Lisa had incurred and netted her over $40m cash and a multi-million dollar income stream”.
Lisa Marie Presley is also in a divorce battle with four husband Michael Lockwood. The couple separated in 2016.
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”.