Lisa Marie Presley, who sold 85 percent of her father’s assets 14 years ago for $100 million, is now broke, she reveals in a lawsuit filed against her business manager Barry Siegel, whom she blames for her predicament.
Presley, 50, says she has $14,000 in cash to her name and more than half a million dollars in credit card debt.
Other reports claim she is $16 million in debt. Most of the money she owes is reportedly in back taxes.
The revelation is stunning since the estate of her father, Elvis Presley generates more than $55 million a year in income, according to Forbes.
In 2004, Lisa Marie sold controlling interest in Elvis Presley Enterprises Inc., owner of the rights to her father’s name and image, to businessman Robert F.X. Sillerman, founder of music and sports promoter SFX Entertainment.
Lisa retained a 15 percent interest in the company and ownership of Graceland, her father’s Memphis estate.
Now she says the deal was Siegel’s idea and charged that he put “his own best interests ahead of her,” according to court papers.
She calls the deal “fradulent” and “self-serving.”
At the time, however, the estate was more than $25 million in debt, and the deal was considered a “bailout.”
The lawsuit charges that Siegel dipped into the proceeds to buy a $9 million estate in England and saddled Presley with a $6.7 million mortgage. She subsequently defaulted on the loan.
“It’s clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions,” his lawyer said in a statement.
Seigel says the 2004 deal paid off all of her debt and left her with $40 million in cash and a steady income, “most of which she managed to squander in the ensuing years.”
Presley refused to listen to warnings about her financial condition, his lawyer asserts.
“Barry Siegel and Provident Financial Management, stuck by her and in return, Lisa Marie stopped paying them and is now blaming them for her uncontrollable spending habits,” the lawyer said. “We are confident people will see through the talk and we will prevail in our case against her.”
Her current business manager Justin Stiegmeyer, charges that Lisa Marie “had not been provided with proper accountings or notices or been kept abreast of her finances,” according to gossip site TMZ.
Presley is in the middle of a divorce from her estranged husband Michael Lockwood. It’s her fourth marriage. She was previously married to Danny Keough (1988 to 1994), Michael Jackson (1994 to 1996) and Nicolas Cage (2002 to 2004).
Lockwood wants $40,000 a month in spousal support and $100,000 for attorneys’ fees, according to Fox News. He claims he put his musical career on hold to work with his wife, a singer-songwriter.
Presley allegedly has a major cocaine habit during her marriage and often mixed pills and booze, sending her to rehab five times, according to court documents examined by radaronline.
Presley disclosed that she gets a $100,000 monthly inheritance check and is paid $4,300 a month and gets health insurance through her father’s estate.
Her 15 percent stake in Elvis Presley Enterprises is held in a trust and may be beyond the reach of her creditors.