Lisa Marie is all shook up and ready to sue her management for ‘$100m loss’
LISA Marie Presley is said to be filing a lawsuit ‘as early as Monday’ against her former financial managers. Elvis Presley’s daughter, pictured, is suing Provident Financial Management for ‘squandering more than $100million over the last decade’.
In 2004, the 49-year-old entrusted PFM’s senior managing director Barry J Siegel to sell 85% of her late father’s estate to businessman Robert FX Sillerman for $100million.
According to TMZ, the You Ain’t Seen Nothing Yet singer claimed Mr Sillerman and Mr Siegel’s investments tanked, including putting $9million into an English estate then stopping payments.
Ms Presley – ex-wife of the late Michael Jackson – alleged PFM stopped paying her income taxes in 2012, leaving her with a $7million IRS bill. She claimed that, as of May 2016, the trust was depleted to $14,000 on top of her $500,000 credit card debt.
Mr Siegel responded that Ms Presley went broke twice due to her own spending habits. He reportedly plans on counter-suing for $800,000 in unpaid management fees.
However, Ms Presley’s lawyer Amjad Khan told TMZ: ‘Lisa Marie Presley has been betrayed.
‘They charged exorbitant fees and repeatedly lied to Ms Presley about her financial condition.’
The Memphis-born belle – whose mother is Priscilla – was only nine when ‘The King’ died aged 42 in 1977. She became joint heir to the estate with her grandfather Vernon and her great-grandmother Minnie Mae.
After their deaths, Ms Presley officially came into her inheritance in 1993, and she still reportedly owns Elvis’s 18-room mansion-turnedmuseum Graceland in Tennessee.
Part of the singer’s financial troubles stem from the fact that she hasn’t worked since concluding her Storm & Grace Tour back in 2014.
On October 16, Ms Presley attended Elle’s Women in Hollywood event with three of her four children – Riley, 28 (with ex-husband Danny Keough), and twins Harper and Finley, nine (with exhusband Michael Lockwood).
On Saturday, Golden Globe nominee Riley shared a lingerie-clad snap from the set of the second season of The Girlfriend Experience – the drama series in which she stars.