The large trust left behind for his daughter by the King of Rock and Roll has been reduced to a reported $14,000 in cash, and Lisa Marie Presley is now suing her former manager for $100 million because of it. Presley—who is reportedly $16 million in debt—argues her fortune was lost because Barry Siegel failed to alert her to inappropriate spending (on expensive homes, mainly) and made a bad investment, reports TMZ. After selling 85% of Presley's shares in Elvis Presley Enterprises for $100 million in 2005, Siegel invested in Core Entertainment, the parent company of American Idol, according to Presley. When the company went bankrupt more than a decade later, Presley says she lost $24.5 million. In a countersuit, Siegel tells a very different story.
The 2005 sale of Presley's shares "cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years," Siegel's attorney says, per the New York Daily News. She "refused to listen to the warnings of her most trusted advisers and her family" and eventually stopped paying Siegel, according to the suit. She is "looking to blame others" but "has only herself to blame for her financial and personal misfortunes," it adds. As part of proceedings for her divorce from Michael Lockwood, Presley has claimed she owes $10 million in unpaid taxes, $6 million from the purchase of a UK home, and $500,000 in other unpaid fees, per Us Weekly. Lockwood claims her fortune still exists. (Read more Lisa Marie Presley stories.)