Lisa Marie Presley’s former business manager claims she squandered millions of dollars of her famous father’s fortune, and is asking the court to dismiss her shocking claims against him, RadarOnline.com can exclusively report.
In court documents obtained exclusively by Radar, Barry J. Siegel’s attorney said Presley, 50, is blaming Siegel for her uncontrollable spending. The affidavit is a response to Presley’s petition filed in Los Angeles Probate Court that alleges her ex-business manager lost her $100 million fortune by investing in American Idol, and left her in $500,000 in credit card debt.
Elvis Presley’s daughter accused Siegel of “reckless and negligent mismanagement and self-serving ambition,” in court documents filed on February 21, 2018. Presley is suing Siegel for “breach of trust, breach of fiduciary duty, negligence, constructive fraud negligence, negligent misrepresentation, unjust enrichment and accounting.”
Siegel’s attorney, Leon Gladstone, said Presley’s motion should not be discussed in probate proceedings, but instead belongs in civil court. He added arguing Presley’s motion in Probate Court would deprive Siegel of his constitutional right to a jury trial.
“Presley concedes that, in retrospect, she could an should have ‘enjoyed a luxurious lifestyle’ and lived ‘comfortably’ on the $1.5 to $2 million she received annually from 2005 forward,” Gladstone wrote in the affidavit. "While the untouched $40 million could have grown (by her estimate) as much as $75 million. In other words, the 2007 transaction effectively set Presley up to receive a steady, substantial stream of income while while she secured a fortune in the tens of millions of dollars— if only she had kept her hands off the $40 million.”
Presley’s allegations are "self-serving” and should be dismissed by the court or transferred to the Cilvil Department, Gladstone said.
The attorney added the bulk of Presley’s allegations are contradictory. Although Presley faults Siegel for using the Trust assets as collateral to obtain her $9 million estate in the U.K., “she does not (and cannot) allege that she did not authorize the transaction,” Gladstone wrote in the court document.
Meanwhile, Elvis’ famous daughter is due in court Friday for a hearing on her ongoing divorce battle with ex Michael Lockwood, who is demanding financial support from her.
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