Elvis Presley’s $100 Million Fortune Is Gone, Says Lisa Marie Presley
Daughter of the late King of Rock and Roll, Lisa Marie Presley claims that her former business manager foolishly invested her share of Elvis Presley’s $100 million fortune.
In official court documents, Presley alleges that Barry Siegel promised her that her finances were in “good shape,” when in reality he drove her trust’s value down to just $14,000. He used her money in poor investments, including a large investment in the American Idol holding company, which later went bankrupt after the show initially ended in April 2016.
She also alleges that Siegel and Provident Financial Management billed her nearly $5 million to manage her trust, which amounts to a salary over $700,000 a year for Siegel.
“Had Siegel disclosed the trust’s true financial condition to Presley and restricted spending to the trust’s ‘income’ rather than its principal assets, Presley would have lived comfortably on an annual budget of between $1.5 and $2 million per year, after taxes,” the court documents read. “On this budget, Siegel’s lucrative compensation package would have amounted to between 40 to 50 percent of Presley’s post-tax annual budget — an amount she undoubtedly would not have agreed to had she been aware of her true financial condition.”
After the American Idol investment failed to generate an income, Presley accused Siegel of liquidating her assets, as well as recommending her to spend twice the amount of her annual post-tax income. In doing so, her spending included a $9 million English estate that the trust did not cover. She also claims that the mortgages on her properties in Hidden Hills, Calif., and Hawaii are worth more than the properties themselves.
Following the accusations, Siegel and Provident Financial Managements filed a countersuit that stated her money problems were due to her own excessive spending. They are seeking $800,000 in damages and noted that she is going through a difficult time with her divorce with Michael Lockwood, and is taking out her frustration on them.
Lookwood recently demanded $40,000 in spousal support, even though she claimed she was $16 million in debt, $10 million of it being taxes. A judge ruled that she does not need to give month spousal support, but does need to pay $50,000 to his attorney for court fees.
Presley’s next court appearance is scheduled for July 30.