Lisa Marie Presley Suing Former Manager For $100 Million
Elvis' daughter is suing her former manager, Barry Siegel, for allegedly mismanaging her fortune, with only $14,000 left in the kitty.
Lisa Marie Presley has launched a lawsuit against her former manager, Barry Siegel, accusing him of “reckless and negligent mismanagement” of her inherited estate and claiming that her cash reserves have been whittled down to just $14,000 as a result.
The 50 year old daughter of Elvis Presley claims that the $100 million she inherited has been mismanaged almost in its entirety by Siegel because of poor investments he made on the estate’s behalf. Siegel has brought a countersuit, claiming that Lisa Marie is “looking to blame others instead of taking responsibility for her actions”, and that she squandered much of the fortune herself.
Upon his death in 1977, Presley’s estate had diminished to just a few million dollars, but the power of his brand and the lasting interest in his music meant that assets were built back up and that Lisa Marie was able to inherit around $100 million when she turned 25 years old in 1993.
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