Lisa Marie Presley and her ex-business manager Barry Siegel have been battling it out in court over her claims that he squandered the $100 million fortune left to her by her dad, Elvis Presley. In new court documents, Presley claims that Siegel’s actions left her “broke” and “financially devastated.” However, Siegel says that Presley has no one to blame but herself.
Siegel’s lawyers recently requested that Presley show her bank statements from the Trust created to manage the assets left to her by her father, but her legal team filed documents explaining that Presley’s recent bank statements aren’t relevant. However, they have no problem showing Presley’s financial data and the condition of the Trust during the time Siegel was her financial advisor.
Siegel and his firm Providence Financial Management managed Presley’s finances between 1993 and 2006.
According to The Blast, Presely’s lawyers said, “We have not objected to the production of documents that will provide a full picture of Ms. Presley’s and the Trust’s financial condition during the relevant time period and up to the date of your clients’ termination.”
At the end of the filing, Presley’s legal team said that Siegel’s lawyers would have everything they need to defend their client against Presley’s claim that she was “financially devastated” when she fired Siegel.
Presley says that Siegel’s poor financial decisions cleaned her out of the $100 million that Elvis left her when he passed away in 1977. She claims that Siegel dwindled the account down to $14,000 plus half a million in debt because of “negligent mismanagement and self-serving ambition.”
She says that Siegel sold 85 percent of her interest in Elvis Presley Enterprises and invested in “risky ventures in hopes of attaining his own celebrity in the entertainment industry.”
However, Siegel says that the 2005 deal that Presley is complaining about cleared up more than $20 million in debt that Presley herself incurred and “netted her $40 million cash and a multi-million dollar income stream.” Siegel accuses Presley of having a spending problem, and says that if she is “broke” as she claims, then it’s her fault.
Spiegel’s lawyers want access to Presley’s financial records after his termination because they believe the information is potentially relevant to prove their case.
Lisa Marie Presley and Barry Spiegel are scheduled to go back to court this month.