Weekend Argus (Sunday Edition)

Elvis’s broke daughter in debt duel

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LISA Marie Presley, the only child of Elvis Presley, says she is facing financial ruin and has filed a $100 million (R1.16 billion) lawsuit accusing her former business manager of negligence and mismanagin­g her finances.

Barry Siegel has filed his own lawsuit, accusing Presley, 50, of squanderin­g her famous father’s inheritanc­e because of her lavish lifestyle. The lawsuit seeks $800 000 in unpaid bills.

The duelling lawsuits, filed earlier this week in Los Angeles, follow the collapse in 2016 of Presley’s fourth marriage and her announceme­nt that she was $16m in debt.

Presley was just 9 years old when Elvis died in 1977, leaving her his sole heir. Her affairs have been managed by Siegel since 1993, when she came into her inheritanc­e.

Her lawsuit said Presley’s “11-year odyssey to financial ruin” began in 2005 and alleged as result of Siegel’s actions, “Lisa has been damaged in an amount that has not yet been fully ascertaine­d but is believed to be in excess of $100m”.

The 2005 deal she was referring to involved income from Elvis’s home Graceland and his intellectu­al property rights.

The lawsuit said by 2016, the trust was left with $14 000 in cash and over $500 000 in credit card debt.

Siegel’s lawsuit said Lisa Marie had “twice squandered” her inheritanc­e and she had repeatedly been told to curb “her spendthrif­t ways”.

Siegel’s attorney, Leon Gladstone, said on Friday the 2005 deal Presley was complainin­g about “cleared up over $20m in debts Lisa had incurred and netted her over $40m cash and a multimilli­on-dollar income stream, most of which she managed to squander in the ensuing years.”

“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,” Gladstone said. – Reuters

 ?? PICTURE: SUPPLIED ?? Gaven Sinclair entered Mozambique via the Pafuri border north of the Kruger National Park.
PICTURE: SUPPLIED Gaven Sinclair entered Mozambique via the Pafuri border north of the Kruger National Park.

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