Lisa Marie Presley, daughter of legendary singer and rock ‘n roll icon Elvis Presley, is suing her former business manager for “reckless management” after seeing her millions of dollars get depleted into mere thousands two and a half decades since she inherited a fortune from her celebrity dad.
Presley inherited US$100 million on her 25th birthday in 1993 from her dad’s fortune and assets from tourist attraction Graceland.
Now, 50, the daughter of one of the biggest stars that ever graced the music scene, says she only has $14,000 left and blamed the negligence of her former business manager Barry Siegel for the shocking development.
Lisa Marie filed a lawsuit this week accusing the business manager of “reckless and negligent mismanagement and self-serving ambition.”
Presley also claims that Siegel sold and liquidated her assets to cover her income.
Siegel and his company rejected the accusations and countersued, saying Presley's reckless spending is what ultimately caused her loss of fortune.
Earlier this month, Lisa Marie also revealed that she owes unpaid taxes from 2012 to 2015, totaling more than $10 million.
Presley is also locked in a bitter divorce battle with her estranged husband Michael Lockwood, who slammed her for “lying about her huge debts.”
The gossip website TMZ reported that Presley is trying to offload a home in the U.K. because she allegedly defaulted on the mortgage and owes $6 million. She also has unpaid credit card debt and attorneys’ fees she has yet to take care of.
TMZ also reported that Presley claimed to be making $104,000 per month in 2016 but also said she owed taxes to the tune of $1.67 million.
The couple married in 2006 and have twin 9-year-old daughter. They separated in 2016.