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Lisa Marie Presley sues former manager for $100 million after the announcement of massive debt

Lisa Marie Presley, daughter of Elvis Presley, is suing former manager for $100 million to middle debut rumors.

(Reuters)

Lisa Maire Presley, daughter of Elvis Presley, has sued her former manager, Barry Siegel, for $100 million after claiming that he mismanaged her trust of the King of Rock and Roll.

According to Us Weekly, when Elvis died in 1977, he left his daughter a trust fund, which since, was run by Siegel. But Presley claimed that in 2005, Siegel sold 85 percent of her interest in Elvis Presley Enterprises for $100 million and used the money he obtained from the sale to invest in the Core Entertainment.

But the entertainment company reportedly went bankrupt in 2006, losing Presley the big money. Presley said that she was not notified of the Core deal and a loss of $24.5 million as a result of the bankruptcy.

“Siegel never Lisa with the required accounting at any time after the Core deal,” the court documents obtained by US Weekly to read. “Siegel reportedly led Lisa to believe that she was in ‘good shape’ with its finances.”

Although the singer only cited the $24 million lost through bad investment, she has called Siegel for $100 million for financial flickers, she believes, has yet to be processed.

The court documents read that Presley has “damaged in an amount that is not yet fully established, but is believed to be more than $100 million.”

The news of elvis Presley on the decision to prosecute her Siegel comes after the star announced that they have $16 million in debt after her divorce from Michael Lockwood, with whom she was married for 10 years.

Lisa Marie’s father, Elvis, is seen in this file photo.

(AP)

According to the court documents, obtained by Us Weekly, Presley owes $ 10 million in taxes and $6 million on her house in England. In addition to its larger debts, the star also owes more than $47,000 in credit card debt and an estimated $250,000 in various accounts.

Seigel, who claims that Presley has “uncontrollable spending habits,” has countersued the singer, according to The Blast.

The lawyer of Siegel defended the former manager Core Entertainment deal and said to The Blast, “in 2005, they complain that now cleared more than $20 million in debt Lisa had incurred and netted her more than $40 million in cash and a multi-million dollar revenues, most of which they managed to squander in the subsequent years.”

He then added, “It is clear that Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions.”

You can find Morgan M. Evans on Twitter @themizfactor.

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