Last year, Lisa Marie Presley sued her ex-business manager, Barry Siegel, and Providence Financial Management after she claimed he squandered her $100 million inheritance she received from her father, Elvis Presley. Now, Presley is begging the judge in the case to shut down Siegel’s subpoena asking for access to her bank records.
According to The Blast, Presley recently went back to court to argue that Siegel is using subpoenas as “a tool to further embarrass and harass her.” She says that Siegel wants the financial records of the Promenade Trust, which is where Presley holds the money from her father’s estate. But, she has some serious concerns about the request.
Presley argued in newly-filed court documents that she fired Siegal because of “gross mismanagement of her affairs,” and his “true purpose” for wanting to access her financial records after his termination is to embarrass her.
Siegel worked for Presley from 1993 to 2006, and she claims in the lawsuit that he blew her $100 million inheritance and left her with just $14,000 in cash and $500,000 in debt. Siegel denies Presley’s claims, and he has countersued her for $800,000, claiming that Presley has a spending problem.
Presley says that Siegel was reckless and put her inheritance in “risky ventures” so he could attain his own celebrity status in the entertainment industry. She accused him of “negligent mismanagement and self-serving ambition.”
Presley believes that her ex-manager sold 85 percent of her interest in Elvis Presley Enterprises to “put his own best interests ahead of her in order to put himself in proximity to [a famous investor] and his celebrity circle.” But, when things didn’t go according to Siegel’s plan, he liquidated her assets to supplement the income from the Promenade Trust.
Siegel – through his attorney – says that Presley is going through a difficult time in her life, and she is “looking to blame others instead of taking responsibility for her actions.” He says that the deal Presley is complaining about actually cleared up more than $20 million in debt that she accrued, and it netted her $40 million in cash plus a multi-million dollar income stream.
“Sadly, since inheriting her father’s estate in 1993, she has twice squandered it. The first time, she was rescued from insolvency by a deal she now calls fraudulent and self-serving,” reads Siegel’s court documents.
Siegel claims that when Elvis died in 1977, his estate had some serious debt and was close to bankruptcy. He says that it was Lisa Marie’s mom Priscilla who turned everything around financially by bringing in a CEO for Elvis Presley Enterprises and refusing to sell Graceland. Lisa Marie, on the other hand, has “uncontrollable spending habits,” says Siegel. And, she has no one to blame but herself for the loss of her father’s fortune.
Presley’s lawsuit and Siegel’s countersuit are still ongoing.