Lisa Marie Presley Sues Former Manager for Whopping Sum
Presley is seeking such a high amount via the claim that Siegel made a bad investment, sinking money from the sale of 85% of her interest in Elvis Presley Enterprises into Core Entertainment, which is the parent company of American Idol. Core went bankrupt in 2016.
Siegel has fired off his own lawsuit in return, seeking $800,000 in unpaid bills. He is claiming the 50-year-old heiress/singer squandered her inheritance due to her lavish lifestyle, and did not heed his warnings to curb her spending. Both lawsuits were filed last week in Los Angeles Superior Court.
Presley recently revealed she is facing serious financial difficulties. She is in the midst of divorce from her fourth husband, and court documents show she claims to be $16 million in debt, with a great share of that unpaid back taxes. She was 9 years old when she became the sole heir of her father's estate. Her affairs have been managed by Barry Siegel since 1993, when she came into her inheritance through a trust.
Presley launched her own career as a singer in 2003; she has released three albums to date. She made notorious headlines for her earlier, brief marriages to singer Michael Jackson and actor Nicholas Cage.
Hear Elvis Presley Perform "Your Cheatin' Heart" by Hank Williams, Sr.