Lisa Marie Presley says she's broke and her former business manager is to blame
Ron Maxey
Lisa Marie Presley and her former business manager are embroiled in a legal dispute over who is to blame for her sizable fortune from her father's estate vanishing.
Presley and former business manager Barry Siegel, through Provident FM LLC, each filed complaints Wednesday. Rumors had circulated for months that she would sue Siegel.
Presley, who is suing for breach of trust, negligence and constructive fraud, says her trust had assets of more than $100 million but is down to just $14,000. She said she has about $500,000 in credit card debt, and the problems largely stem from bad decisions by Siegel.
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According to theblast.com, Presley's suit says Siegel sold 85 percent of her interest in Elvis Presley Enterprises (EPE) and used the money in ways that "put his own best interests ahead of her ... ."
Elvis Presley Enterprises Inc. is the corporate entity that manages assets of the Presley trust. Graceland, Elvis' Memphis home, is a major source of revenue for EPE, which is based at Graceland but also has an office in Los Angeles.
She also says Siegel bought a $9 million English home using money from the trust, putting her money at risk when he was unable to make the $6.7 million balloon payment.
Leon Gladstone, who represents Siegel and Provident Financial, issued a statement Friday, saying the financial problems are of Presley's own doing.
"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," the statement reads.
Gladstone said the 2005 deal that sold 85 percent of her interest in EPE cleared more than $20 million in debts she had incurred and netted her more than $40 million in cash and a multimillion-dollar annual income stream, "most of which she managed to squander in the ensuing years."
"My clients, 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," Gladstone's statement said. "We are confident people will see through the talk and we will prevail in our case against her."
Gladstone also provided a copy of the complaint filed against Presley on Wednesday. The complaint says that Presley has squandered her inheritance from her father's estate twice since 1993.
"The first time, she was rescued from insolvency by a deal she now calls fraudulent and self-serving," the complaint states. "After becoming wealthy again, she dissipated her second fortune over the next 10 years. As she spiraled downward personally, she refused to listen to the warnings of her most trusted advisors and her family. Unfortunately, she now has only herself to blame for her financial and personal misfortunes."