Deeply indebted Lisa Marie Presley and manager in dueling lawsuits

From Reuters - February 23, 2018

LOS ANGELES (Reuters) - Lisa Marie Presley, the only daughter of Elvis Presley, says she is facing financial ruin and has filed a $100 million lawsuit accusing her former business manager of negligence and mismanaging her finances.

Her ex-manager has filed his own lawsuit, accusing Presley, 50, of squandering her famous fathers inheritance because of her lavish lifestyle. The lawsuit seeks $800,000 in unpaid bills.

The dueling lawsuits, filed earlier this week in Los Angeles Superior Court, follow the collapse in 2016 of Presleys fourth marriage and her announcement that she was $16 million in debt.

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

Her lawsuit said Presleys 11-year odyssey to financial ruin began in 2005 and alleged that as result of Siegels actions, Lisa has been damaged in an amount that has not yet been fully ascertained, but is believed to be in excess of $100 million.

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


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