Lisa Marie Presley has experienced the calm before the storm. The daughter of the legendary Elvis Presley revealed today that she’s suing her former business manager, Barry Siegel after he made a lousy investment with her money.
According to the report from the organization, TMZ, Elvis left his daughter a significant sum when he died in 1977, but Barry sold off 85 percent of her interest to Presley Enterprises for $100 million in 2005.
The documents as obtained by Us Weekly state that Siegel used the funds to invest in Core Entertainment, which is the organization which owns American Idol. However, it went bankrupt in 2016, and now, Presley allegedly owes $24.5 million.
The court documents alleged that Siegel never provided the necessary accounting papers after the deal with the defunct entertainment company.
Siegel supposedly led her on to believe that her finances were doing great. The singer, 50, is now suing her former manager for $100 million because she has been damaged in that amount financially.
As it was previously reported, Presley made the headlines in the news following the revelation that she is millions of dollars in debt.
Celebrity Insider reported last week that she was $16 million in debt following her divorce from Michael Lockwood. However, that amount is merely one part of the sum she owes.
The publication of her finances came at a time when Lockwood was asking her to pay his attorney fees, $450,000, as well as spousal support, which Presley cannot afford.
On the other side of the equation, Siegel claims Presley has spending habits that are far beyond her means. As for how social media thinks of all this, many speculate that her claims of debt are merely a way of maneuvering out of paying spousal support.