Lisa Marie Presley claimed in a shocking lawsuit that her ex-business manager lost her $100 million fortune by investing in American Idol, noting in court documents exclusively obtained by RadarOnline.com that he left her with only $14,000 and $500,000 in credit card debt!
Elvis Presley’s daughter accused Barry Siegel of “reckless and negligent mismanagement and self-serving ambition,” in the docs filed on February 21, 2018 and obtained by Radar, suing him for “breach of trust, breach of fiduciary duty, negligence, constructive fraud negligent, negligent misrepresentation, unjust enrichment and accounting.”
She was locked in a vicious divorce battle with Michael Lockwood, who was demanding financial support from her, but she argued that she had little money left after Seigel mishandled her late father’s fortune.
Presley stated her $100 million fortune vanished when Siegel “placed her assets in risky ventures in hopes of attaining his own celebrity in the entertainment industry.”
She detailed his alleged shady business deals, claiming “In 2005 due in large part to her ownership in Elvis Presley Enterprises Lisa held assets in Trust worth in excess of $100 million. Over the course of the next 11 years, the Trustee of her Trust, Barry Siegel, would dissipate her wealth through his reckless and negligent miss management, and self-serving ambition, leaving her millions of dollars in debt.”
Presley said Siegel invested in the holding company of American Idol with “famed investor Robert F.X. Sillerman. Siegel placed his own interests ahead of Lisa’s in order to put himself in proximity to Sillerman and his celebrity circle.”
When the American Idol investment failed, and Presley questioned Siegel about “investment decisions and the way he was managing her money, Siegel would deflect inquiry statements to Lisa that “it’s very technical,” or “you’re never going to understand this,” or “this is too intricate for you,” she claimed in the documents obtained by Radar.
The King’s daughter said his Sillerman’s company went bankrupt after the final season of American Idol and she “lost in excess of $24.5 million on the Sillerman investment alone.”
Presley wrote in the documents that she was left with a little of $14,000 and $500,000 in credit card debt.
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