Lisa Marie Presley claims her former business manager squandered her entire share of late father Elvis’ $US100 million ($AU135 million) fortune.
In new court documents obtained by the Daily Mail, Presley alleges that Barry Siegel whittled her $US100 million trust down to just $US14,000 ($AU19,000) in poor investments, while assuring her that finances were in “good shape”.
In her filing, Presley claims Siegel and Provident Financial Management billed her $US4.9 million ($AY6.6 million) to manage her trust, which amounts to a salary of over $US700,000 ($950,000) per year for Siegel.
“Had Siegel disclosed the trust’s true financial condition to Presley and restricted spending to the trust’s ‘income’ rather than its principal assets, Presley would have lived comfortably on an annual budget of between $US1.5 ($2 million) and $US2 million ($2.7 million) per year, after taxes,” the documents claim.
“On this budget, Siegel’s lucrative compensation package would have amounted to between 40 to 50 per cent of Presley’s post-tax annual budget — an amount she undoubtedly would not have agreed to had she been aware of her true financial condition.”
Siegel and Provident Financial Management hit back at Presley with a countersuit alleging her financial woes are the result of her own exorbitant spending. They’re seeking $US800,000 ($1 million) in damages and argued that Presley, who is in the middle of a difficult divorce to fourth husband Michael Lockwood, is pinning her trouble on them.
Lockwood, 57, an unemployed musician, demanded $US40,000 ($54,000) a month in spousal support from Presley, who claimed she was $US16 million ($21 million) in debt.