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Posted: February 24, 2018

Lisa Marie Presley sues ex-manager contending he lost her $100 million fortune


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Lisa Marie Presley sues ex-manager contending he lost her $100 million fortune
HOLLYWOOD, CA - MAY 07: Singer Lisa Marie Presley (L) and musician Michael Lockwood attend the premiere of Warner Bros. Pictures' 'Mad Max: Fury Road' at TCL Chinese Theatre on May 7, 2015 in Hollywood, California. (Photo by Frazer Harrison/Getty Images)

By Carlin Becker, Rare.us

Lisa Marie Presley is suing her former manager, Barry Siegel, for “reckless and negligent mismanagement” of her inherited estate, but her estranged husband was quick to call her so-called mountain of debt a lie.

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Presley inherited $100 million from her rock ‘n’ roll father Elvis Presley back in 1993. Today, she said she only has $14,000 left, alleging that Siegel’s poor investment decisions whittled down her cash reserves. He sold off 85 percent of her share in the Elvis Presley Enterprises company in 2005, saying it “cleared up over $20 million in debts she had incurred and netted her over $40 million cash and a multi-million dollar income stream.”

 

Presley, however, said she lost millions in the deal. Siegel has counter sued, claiming she is to blame for squandering much of her own fortune, and he’s demanding $800,000 in damages for non-payment.

Presley is now $16 million in debt amid her ongoing divorce from estranged husband Michael Lockwood. That figure was revealed after a judge ordered her to pay $50,000 of Lockwood’s  $450,000 in attorney’s fees, which she claimed she could not afford. Lockwood, however, claimed Presley isn’t being truthful about her debt.

According to Lockwood, Presley claimed to be making $104,000 per month in 2016 and that she owed the IRS $1.67 million, which Lockwood says would mean she owes more than she made in income that year. Additionally, Presley did fudge the numbers when it comes to the English manor she owns, according to documents obtained by TMZ. While she has claimed to be way behind on mortgage payments for the property, Lockwood believes it’s still worth something and accused her of leaving that out of her calculations.

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The pair married in 2006 and welcomed twin daughters two years later. In 2016, Presley filed for divorce citing irreconcilable differences and claiming Lockwood was a bad father who “took advantage” of her financially.


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