Drug-Crazed Disgrace! Lisa Marie Presley Running Elvis' Charities Into The Ground
Drug-crazed Lisa Marie Presley — who blew through her $1 billion inheritance — has destroyed her father's legacy by running Elvis' family charities into the ground, sources tell RadarOnline.com exclusively.
Shockingly, the Presley Foundation, run by The King's only child, had $26 in the bank to accomplish its mission of providing low-cost housing and helping the poor!
"Elvis' daughter has made a horrible mess of things," snitches the informant. "She has sullied her father's name and is destroying his charities!"
Meanwhile, four-times-divorced Lisa Marie, 49, claims she's broke after tossing $340,000 parties, and blowing massive funds on getting high.
Last summer, she lost custody of her eight-year-old twins Finley and Harper, did rehab and wound up homeless — crashing on friends' couches — while locked in a divorce with Michael Lockwood.
"She's been in a long downward spiral," says a source.
In 2005, Lisa Marie sold 85 percent of her stake in Graceland and Elvis' possessions for $100 million, but kept 15 percent of the empire.
Sources say under Lisa Marie's guidance the Presley Foundation had only $26 in cash despite $112,000 in assets, according to tax filings, while the Elvis Presley Charitable Foundation had only $59,588 in the till.
A rep for Lisa Marie denies any wrong doing.
But the family friend insists she's at the center of the chaos.
"Elvis would be hanging his head in shame," says the family friend.
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