Tuesday 24 April 2018

All shook out - Lisa Marie sues adviser over loss of her $100m fortune from Elvis

Harriet Alexander in LA

ELVIS PRESLEY'S daughter has said she has only $14,000 left of her father's $100m fortune.

Elvis's fortune had dwindled to only a few million dollars at the time of his death in 1977, but the Presley brand - including the tourist attraction Graceland - meant assets were built back up into the $100m trust.

Lisa Marie Presley inherited the $100m fortune on her 25th birthday in 1993. Just 25 years later Presley (50), the only child of Elvis and Priscilla, claims she has been left with almost nothing, thanks to the actions of Barry Siegel, her former business manager.

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".

He has countered that Presley is herself to blame, alleging in a lawsuit of his own that she squandered much of her fortune. He is demanding $800,000 in damages for non-payment.

Siegel sold off 85pc of her share in Elvis Presley Enterprises in 2005 - a deal that he says "cleared up over $20m in debts that Lisa had incurred and netted her over $40m cash and a multi-million dollar income stream".

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

He then allegedly began liquidating Presley's assets in order to supplement her trust income. She also claimed his business decisions left her with a $500,000 credit card debt.

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

Leon Gladstone, a lawyer representing Barry Siegel, said: "It's clear that Lisa Marie is going through a difficult time in her life and is looking to blame others instead of taking responsibility for her actions."

It is just the latest legal wrangle for Lisa Marie Presley, who is a singer in her own right and has recorded three albums of her own.

She is already in a battle over assets in the wake of her divorce from Michael Lockwood, her fourth marriage after short-lived partnerships with Michael Jackson and Nicolas Cage.

According to reports of her divorce proceedings last week, she claims she is $16m in debt. Lockwood disputes the figure, arguing "she has not disclosed her assets or their values".

Sunday Independent

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