LISA Marie Presley claims her former business manager squandered her entire share of late father Elvis’ $US100 million ($135 million) fortune.
In new court documents obtained by the Daily Mail, Presley, 50, alleges that Barry Siegel assured her that her finances were in “good shape” while he whittled her $US100 million ($135 million) trust down to just $US14,000 ($19,000) in poor investments, including a hefty investment in the American Idol holding company, which went bankrupt after the show’s initial run ended in April 2016.
In her filing, Presley alleged that Siegel and Provident Financial Management billed her $US4.9 million ($6.6 million) to manage her $US100 million ($135 million) trust, amounting to a salary of just over $US700,000 ($950,000) per year for Siegel, reports the New York Post.
“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 $US1.5 ($2 million) and $US2 million ($2.7 million) per year, after taxes,” the documents claim.
“On this budget, Siegel’s lucrative compensation package would have amounted to between 40 to 50 per cent 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.”
She accuses Siegel of liquidating the trust’s assets after the American Idol investment failed to generate income in order to accommodate her lifestyle, alleging that he recommended she spend twice her annual post-tax income. That spending reportedly includes a $US9 million ($12 million) estate in England with a balloon payment of $US6.5 million ($8.8 million) in 2015 that the trust didn’t cover. She also claims that mortgages on her Hidden Hills, California and Hawaii homes were worth more than the properties themselves by 2010.
Siegel and Provident Financial Management scoffed at Presley’s allegations, claiming in a countersuit that her money problems are simply due to her own exorbitant spending. They’re seeking a cool $US800,000 ($1 million) in damages and argued that because Presley is going through a difficult time with her divorce from fourth husband Michael Lockwood, she’s pinning her troubles on them.
Lockwood, 57, demanded $US40,000 ($54,000) a month in spousal support from Presley, who claimed she was $US16 million ($21 million) in debt, $US10 million ($13 million) of which was back taxes alone. A judge ruled that while she doesn’t yet need to shell out monthly spousal support to the unemployed musician, she would have to pay $US50,000 ($67,000) to his lawyer for court fees.
This story was originally published in the New York Post and is republished with permission.
Originally published as Lisa Marie ‘broke’ as Elvis’ fortune gone