Elvis Presley’s daughter has said she has just $14,000 left of her father’s fortune.
Lisa Marie Presley, who is suing Barry Siegel, her former business manager, for reckless mismanagement, inherited $100 million on her 25th birthday in 1993.
Elvis’s fortune had dwindled to only a few million dollars at the time of his death in 1977, but the Presley brand including the tourist attraction Graceland – meant assets were built back up into the $100 million trust.
Some 25 years later Presley, the only child of Elvis and Priscilla, now 50 and a singer in her own right, claims she has been left with almost nothing, thanks to the actions of Mr Siegel. In a lawsuit filed in Los Angeles this week she accuses him of dissipating her wealth “through his reckless and negligent mismanagement and self serving-ambition”.
In court documents, Presley claims Mr Siegel sold 85 per cent of her interest in Elvis Presley Enterprises. He then allegedly began liquidating Presley’s assets in order to supplement her trust income. She also claimed his business decisions left her with a $500,000 credit card debt.
Mr Siegel and his company, Providence Financial Management, have countersued, alleging Presley’s “out-of-control spending” led to her financial predicament.
Leon Gladstone, a lawyer for Mr Siegel, said: “It’s clear Lisa Marie is going through a difficult time in her life and is looking to blame others instead of taking responsibility for her actions.”
It is just the latest legal wrangle for Presley. She is presently fighting Michael Lockwood, her fourth husband, in the divorce courts.
She was previously married to Michael Jackson, Nicholas Cage, and musician Danny Keough.