Lisa Marie Presley sues former manager for $100 million after announcing massive debt
Lisa Marie claims that in 2005, Siegel sold 85 percent of her interest in Elvis Presley Enterprises for $100 million and used the proceeds to invest in Core Entertainment, which went bankrupt later.
Earlier this week, we reported how Lisa Marie Presley had claimed that she’s over $16million in debt amid divorce proceedings. But it looks like Lisa Marie’s legal battles are far from over. According to a recent report by US Weekly, Lisa Marie, who is Elvis Presley’s only daughter, is suing her former manager, Barry Siegel, after a failed investment.
According to the report, after Elvis' death in 1977, he left his daughter a trust fund that has since been managed by Siegel. But Lisa Marie claims that in 2005, Siegel sold 85 percent of her interest in Elvis Presley Enterprises for $100 million and used the proceeds to invest in Core Entertainment, which is the parent company of American Idol.
However, Core Entertainment reportedly went bankrupt in 2006, and as a result, Presley claims she lost $24.5 million. “Siegel never provided Lisa with the required accounting at any time after the Core deal,” the court documents obtained by US Weekly read, adding that “Siegel reportedly led Lisa to believe she was in ‘good shape’ with her finances.”
Though the singer only cited the $24 million lost from the bad investment, she has sued Siegel for $100 million because she believes that she has “been damaged in an amount that has not yet been fully ascertained, but is believed to be in excess of $100 million.”
The news of 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.
According to another report by The Blast, Siegel claims that Lisa Marie has "uncontrollable spending habits,” and has countersued the singer over the issue.
The attorney for Siegel defended the former manager's Core Entertainment deal and said to the The Blast, “The 2005 deal she is complaining about now cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years.”
He then added, “It’s clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions.”
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