Singer Lisa Marie Presley Sues Former Manager, Reveals He Blew $100 Million

Lisa Marie Presley's trust has reportedly been left with just $US14,000

Elvis Presley's daughter filed a lawsuit in which she alleged Barry Siegel of dissipating her wealth "through his reckless and negligent mismanagement and self serving-ambition.", according to documents obtained by The Blast.

Presley is supposedly $16 million in debt, an wonderful figure considering her father left her over $100 million in a trust.

Ms Presley says it lost her millions thanks to a subsequent investment in Core Entertainment, the company behind American Idol that went bankrupt in 2016.

Siegel hit her back with a countersuit claiming she is to blame for squandering much of her own fortune, and he's demanding $800,000 in damages for non-payment.

The lawsuit against her manager comes just a few weeks after court documents in her divorce revealed she is reportedly $16 million in debt. Presley said that she was not notified of the Core deal and lost $24.5 million as a result of the bankruptcy. Lisa Marie is going through a divorce from her husband of 10 years, Michael Lockwood.

The statement reads, "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". Siegel's lawyer claims reliance on credit has led her to the point of financial ruin for a second time.

Spiegel's lawyer said in a statement provided to the Daily News, "It's clear Lisa Marie is going through a hard time in her life and looking to blame others instead of taking responsibility for her actions".

According to reports, Presley is claiming that Siegel is responsible for the loss of the money she inherited from her father, music icon Elvis Presley.

Lisa Marie Presley, daughter of Elvis Presley, sues former manager for $100 million amidst debut rumors.

"It's clear Lisa Marie is going through a hard time in her life and looking to blame others instead of taking responsibility for her actions", Siegel's attorney told The Blast.

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