Elvis' Daughter Lisa Marie Presley Allegedly Destroyed His Foundation -- No Money Left
Lisa Marie Presley's name is being dragged through the mud again -- this time -- she is being accused of destroying Elvis' foundations.
It is being claimed that Elvis' only child was given the reign of his foundations whereas his ex-wife, Priscilla Presley, is the former chairwoman of Elvis Presley Enterprises.
While the Naked Gun actress has turned Graceland into one of the top tourist attractions in the United States, Lisa Marie allegedly ran the charity to the ground.
An insider claimed that not only is she throwing her father's money away by spending millions of dollars going in and out of rehab, she is also staining his legacy.
A source spoke to Radar Online and said that Lisa Marie, who is the head of the Presley Foundation, had drained the bank accounts.
The publication claimed that the foundation, which is supposed to provide low-cost housing and feed the poor, has less than 26 bucks on its account.
The person, who apparently saw the tax filing of the foundation, revealed: "The Presley Foundation had only $26 in cash despite $112,000 in assets, while the Elvis Presley Charitable Foundation had only $59,588 in the till."
The tipster said the mother of four destroyed something that is important to The King's adoring fans and is supposed to benefit hundreds of people in need.
The family friend shared: “Elvis’ daughter has made a horrible mess of things. She has sullied her father’s name and is destroying his charities!”
The pal went on to say the iconic singer and actor would be embarrassed by Lisa Marie's behavior.
The source explained: “Elvis would be hanging his head in shame. She has been in a long downward spiral.”
In 2005, Lisa Marie, sole heir to Elvis' estate, sold 85 percent of her stake in Graceland and the rights to her father’s name and image for $100 million to Robert F.X. Sillerman, founder of music and sports promoter SFX Entertainment.
The Presley estate brings in about $45 million annually.
Lisa Marie defended the sale by saying: “For the past few years, I have been looking for someone to join forces with to expand the many facets of (Elvis Presley Enterprises), to take it to new levels internationally and to make it an even greater force in the entertainment industry.”
Silverman said at the time that they were going to focus on a "more aggressive marketing, supported by capital raised through a new publicly traded company, can make Elvis an even bigger earner."
A rep for Lisa Marie issued a statement saying that she did not do anything wrong while heading the foundation.