Lisa Marie Presley's former business manager said he repeatedly warned her to watch her spending, but Elvis' famous daughter allegedly only continued to spend more money than her Trust would provide, according to court documents obtained exclusively by RadarOnline.com!
According to court documents filed on Oct. 10, Barry Siegel, who served as a business manager and a co-trustee of Presley's Trust, maintains he did not conceal information about the Trust or just how much in a financial hole Presley was in.
Presley blames Siegel for squandering her father's fortune and claims her former business manager lost her $100 million inheritance, including a failed investment in American Idol. Presley sued Siegel for breach of trust, breach of fiduciary duty, negligence, fraud, negligent misrepresentation and unjust enrichment and accounting. She accused Siegel of "reckless and negligent mismanagement and self-serving ambition."
Siegel, who is a senior managing director for financial firm Provident Financial Management, LLC., said in his declaration that Presley made various false accusations in the suit, and that he tried numerous times to tell her to curb her spending.
"In addition to these financial reports, I also would go over other financial issues that she of the Trust faced, as needed," Siegel said in his declaration. "In fact, In an effort to persuade her to reduce her spending, I would often bring detailed monthly income and expense statements to review with Lisa because she routinely would spend more on a monthly basis than she to the Trust received in income. I repeatedly advised her that she needed to reduce her spending, but she refused to do so. Thus, the assertion that I concealed the Trust's or Lisa's financial conditions is simply false."
Siegel also said Presley specifically did not want copies of her financial records "lying around" because "people were always going in and out of her residence."
Since Presley had a revocable Trust, all of the income and expenses are taxable to Presley's personal taxes, Siegel said in the affidavit. The business manager said he would review the Trust information and tax returns with her, but Presley allegedly never kept any copies of her returns that were provided to her.
After almost a decade, Siegel said Presley removed him as a co-trustee in March 2016 and appointed her children instead.
Presley alleges Siegel's mismanagement also left her in $500,000 in credit card debt.
The suit is ongoing and both sides are expected to appear in court in November.
Meanwhile, Presley's divorce from her estranged husband, Michael Lockwood, is also at a standstill after Lockwood said he plans to fight a recent court decision validating their post-nuptial agreement that said Presley does not have to pay him any spousal support.
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