Lisa Marie Presley calls out ex-manager for hiding $100 million fortune loss amid grappling with massive debt
The daughter of music legend Elvis Presley, Lisa Marie Presley, hit back at her ex-manager Barry Siegel claiming that he had repeatedly assured her that she was not having any sort of financial trouble as he lost her $100 million fortune in court documents.
As reported by RadarOnline, Elvis' daughter and Siegel are amidst a messy and vicious court battle over her lost wealth, with Lisa alleging that he had lost all of her money. The new court documents that were obtained by RadarOnline were filed in the Los Angeles Superior Court.
The You Ain't Seen Nothing Yet singer claims that she fired Siegel in the year 2015 "after discovering that Siegel had kept LMP [Lisa Marie Presley] in the dark about the Trust’s true financial condition, having lost more than $100 million of the Trust’s net worth in a matter of only 10 years, and putting the trust deeply into debt," the court documents read.
Presley deciding to sue Siegel comes after the star announced that she was $16 million in debt following her divorce from Michael Lockwood, whom she was married to for 10 years. Court documents relating to Presley’s ongoing divorce from Michael Lockwood revealed that Elvis’ daughter owes debts in a number of areas, including income taxes, a defaulted mortgage and credit card bills.
Lisa blames the whole financial crisis on "a single decision in 2005 to sell 85% of the Trust’s stuck in Elvis Presley Enterprise," in the documents. She was even able to provide the text messages with Siegel which she claimed showed just how the man had misled her into believing that her finances were solvent.
"January 26, 2012: Lisa asks How is everything going with my finances? Siegel replies ‘We are in good shape on your finances… I understand you’re going to Memphis at the end of the month. Any plans to tour now?"
Another message from Siegel to Presley revealed, "May 16, 2013, I would like to set up a meeting to go over finances… We are OK and I would like to go over the tour budget with you when I get back… Hope all is well Barry."
She claimed that another one stated, February 17, 2014 "OK I understand and now I can work with your wants to be sure you can maintain your lifestyle and provide for your future as well. I will bring information regarding the very Highline homes throughout the world but for now, take a look at the website Exclusiveresorts.com. As soon as we sell the properties I will start the search for the proper plane this is doable (sic)."
In other documents that were obtained, Presley added that Siegel tried to convince her she was not having money troubles. "May 24, 2014, Barry writes I know this has been a very difficult time for you and be assured that we are doing everything on our end to maintain both your current lifestyle in the future security of your family."
Presley and Siegel are both due to meet in court on June 18.