Lisa Marie Presley, the daughter of Elvis Presley, is suing her ex-manager over huge losses she took on a business deal.
Presley is supposedly $16 million in debt, an amazing figure considering her father left her over $100 million in a trust. According to TMZ, Presley now says that her former manager, Barry Siegel, who was in charge of the trust, sold 85% of the holdings in 2005 for approximately $100 million and invested the money in Core Entertainment who, at the time, owned American Idol.
Two years ago, Core went out of business and Presley found that she had lost $24.5 million of her trust.
In addition, she alleges that Siegel did not warn her that she was overspending on the money left in the account with bad holdings in three real estate deals. Supposedly, the trust had only $14,000 left and Presley owes back taxes on her real estate as Siegel allegedly stopped paying them to cover the other financial losses.
Presley’s suit is for over $100 million; however, this afternoon (February 22), TMZ added that Siegel has filed a counter-suit saying that Presley “refused to listen to the warnings of her most trusted advisers and her family. Unfortunately, she now has only herself to blame for her financial and personal misfortunes.”
Lisa Marie has released three albums of her songs and her 2003 single “Lights Out” to number 18 on the U.S. Adult Pop chart.