Lisa Marie Presley is broke, and it is not a rumor. According to documents obtained by the media, Elvis Presley’s massive fortune that he left behind for his daughter is all gone.
The mother of four filed a lawsuit against financial expert Barry Siegel, who sold 85% of Lisa Marie’s shares in Elvis Presley Enterprises (EPE) that was co-founded by Priscilla Presley.
Siegel used the money as a massive investment via Robert F.X. Sillerman. Mr. Sillerman failed at his job, and the money vanished.
Legal documents stated that it took Presley about ten years to waste approximately a $100 million left to her by The King and her mother’s companies and other shrewd business moves.
It is believed that she has about $14,000 in her bank accounts. Lisa Marie blames the money expert for a long list of errors that led to the drainage of her massive fortune.
Priscilla’s daughter claimed that Siegel failed to pay taxes for several years and when Uncle Sam did catch up to her she was forced to pay the impressive amount of $7 million.
He also wasted a significant amount of cash in Europe — Siegel dropped $9 million of Lisa Marie’s money on an English estate which turned out to be another terrible investment.
The mismanagement did not end there — he also invested her inheritance in multiple failed projects. She confessed to having almost half of a million in credit cards debt.
However, Siegel is fighting back claiming that Lisa Marie is the one who drained her accounts by having a lavish lifestyle that she could no longer afford.
Siegel will countersue his former client for $800,000 in unpaid management fees.
In a past interview, she revealed: “Nothing has been touched. It is the same. There was a whole life in that house. It is a beautiful sadness. It is either painful, or it is very comforting — it goes either way. The carpet is the same. My room is the same. Nothing has been touched. Upstairs, which has never been open to the public, is my room and his room, next to each other, and an attic. It is pretty creepy. It is a shrine.”
She said she goes upstairs alone to relive her childhood memories.
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She confessed: “It is very comforting to me. The books, the videos, everything is there still. The Godfather, Citizen Kane, Pink Panther, Bruce Lee — all of his videos are still there. All of his records.”
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