Life&Culture

Elvis Presley's daughter claims she has just $14000 left from father's fortune

Elvis Presley's daughter claims she has just $14000 left from father's fortune

Presley claims that Siegel, who ran the trust that Elvis left for his daughter when he died in 1977, sold 85 percent her interest in Elvis Presley Enterprises for $100 million in 2005, according to the court documents obtained by Us Weekly.

She alleges that he then invested the entire amount in a company called Core Entertainment, which owns the rights to the American Idol franchise in 2005 when the reality singing competition was still a ratings giant. In the mid-2000s, that seemed like a very solid investment, but Core Entertainment went bankrupt in 2016.

She filed a lawsuit this week accusing him of "reckless and negligent mismanagement and self-serving ambition".

In response to his request for her to help pay his $450,000 in legal fees, Lisa Marie filed documents claiming she owes more than $10 million in taxes and had defaulted on debt of more than $6 million from her home in the United Kingdom.

"Siegel never provided Lisa with the required accounting at any time after the Core deal", the court documents read, adding that "Siegel reportedly led Lisa to believe she was in "good shape" with her finances".

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According to the lawsuit, Lisa Marie lost $24.5 million.

All in all, she says her Trust was left with $14,000 cash and over $500,000 in credit card debt.

The statement continued, "My clients' Barry Siegel and Provident Financial Management stuck by her and in return, Lisa Marie stopped paying them and is now blaming them for her uncontrollable spending habits".

"It's clear Lisa Marie is going through a hard time in her life and looking to blame others instead of taking responsibility for her actions", he said in a statement to The Blast. In 2016, Presley filed for divorce citing irreconcilable differences and claiming Lockwood was a bad father who "took advantage" of her financially. She is also fighting Michael Lockwood, her fourth husband, in the divorce courts.

He then added, "It's clear Lisa Marie is going through a hard time in her life and looking to blame others instead of taking responsibility for her actions".


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