Elvis’s daughter says she’s flat broke
● Elvis Presley’s daughter says she has just $14 000 (about R162 000) left of her father’s fortune.
Lisa Marie Presley, 50, who is suing Barry Siegel, her former business manager, for reckless mismanagement, inherited $100-million on her 25th birthday in 1993.
Elvis’s fortune had dwindled to only a few million dollars at the time of his death in 1977, but the Presley brand — including the tourist attraction Graceland — meant assets were built back up into the $100-million trust. Some 25 years later Lisa Marie, the only child of Elvis and Priscilla, claims she has been left with almost nothing, thanks to the actions of Siegel.
In a lawsuit filed in Los Angeles this week she accuses him of dissipating her wealth
“through his reckless and negligent mismanagement and selfserving ambition”.
Lisa Marie claims Siegel sold 85% of her interest in Elvis Presley Enterprises. He then allegedly began liquidating her assets in order to supplement her trust income. She also claimed his business decisions left her with $500 000 in credit card debt.
Siegel and his firm, Providence Financial Management, have countersued, citing “outof-control spending” by Lisa Marie.
Leon Gladstone, a lawyer for Siegel, said: “It’s clear Lisa Marie is going through a difficult time in her life and is looking to blame others instead of taking responsibility for her actions.”— © The Daily Telegraph, London