Lisa Marie Presley, daughter of the King of Rock and Roll Elvis Presley, claims that her former financial manager invested her fortune into American Idol.
Now she is taking him to court.
Bad Investment
In the lawsuit obtained by TMZ, Lisa Marie says that Barry Siegel managed the trust fund her father left her after he died. However, in 2005, the financial manager allegedly sold 85 percent of Lisa Marie's interest in the Elvis Presley Enterprises, which amounted to $100 million, and invested it in the company called Core Entertainment, the parent company of the popular singing competition.
American Idol ran from 2001 to 2016. It was pretty successful at the time: it spawned spinoffs in several other countries such as Australia, Canada, China, France, and United Kingdom. However, when other singing competitions started to surface, American Idol lost its traction and was eventually canceled. Core Entertainment went bankrupt in 2016.
According to the lawsuit, Lisa Marie lost $24.5 million. Elvis' only daughter also alleges that Siegel did not warn her when she was spending beyond her means. She said that the financial manager did not advise her against purchasing a $9 million estate when she already had two mortgages under water.
Former Manager Sues Lisa Marie Presley
Siegel has responded to Lisa Marie's accusation that he squandered $100 million into a bad investment. Through his lawyer, the financial manager argues that daughter of the "Can't Help Falling In Love" singer is just looking for someone to blame.
"It's clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions," he said in a statement to The Blast. "The 2005 deal she is complaining about now cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years."
Moreover, Siegel claims that Lisa Marie has "uncontrollable spending habits." The 50-year-old, he said, has managed to squander her Trust twice since receiving it in 1993. He blames Lisa Marie's excessive spending for her debt.
Furthermore, the documents filed by Siegel's company, Providence Financial Management, reveals that Elvis's estate was in debt and on the verge of bankruptcy at the time of the singer's death. Priscilla Presley, former wife of Elvis, who turned the Elvis Presley Enterprise around by refusing to sell Graceland, which, since then, has become a tourist attraction.
Siegel and his firm are suing Lisa Marie for $800,000 in damages.
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