Michael Lockwood Fires Back At Lisa Marie's Claim She's Drowning In $16.8M Debt!

Feb. 22 2018, Updated 12:19 a.m. ET

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Lisa Marie Presley’s ex said there is “very good reason” not to trust Elvis’ famous daughter when she said she is flat broke, according to court documents obtained by RadarOnline.com.

Michael Lockwood’s attorney, Jeff Sturman, said Presley keeps changing her story about just how much she is in the hole, claiming on a February 2017 filing that she is $7.8 million in debt, but then doubling that amount when she filed documents eight months later that listed her assets and debts.

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READ THE SHOCKING COURT DOCUMENTS HERE!

Sturman also wrote Presley still refuses to provide an accurate and full accounting of her assets and various investments.

“The Court should distrust and disbelieve Petitioner’s suggestion that her debts exceed her assets and she has not disclosed her assets or their values,” Sturman wrote in the affidavit filed Wednesday.

The exes, who were married for 10 years, have been locked in a legal battle not only concerning their divorce, but also their post-nuptial agreement. Lockwood is also seeking spousal support, but in February 2017, the court ordered a separate trial regarding the validity of the post-nuptial agreement. A judge ruled that until the validity of the post-nuptial agreement was determined, Lockwood would not receive any spousal support.

Lockwood had asked a judge to order his former wife to pay his ballooning legal fees, which is now more than $462,000, according to the Jan. 18 document.

In court documents filed last week, Presley said she is drowning in $16.8 million debt that she had unknowingly amassed over the past three decades. Presley’s attorney said Elvis’ famous daughter only has a total liquid assets of less than $20,000. Although Presley receives about $100,000 per month from the trust that holds Elvis Presley Enterprises, Presley’s business manager, Justin Stiegemeyer, said Lisa Marie cannot simply demand those funds at will.

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Sturman said that claim is inconsistent with dividend claims made in Presley’s 2016 income taxes, which said about 25 percent of her income comes from those advances from Elvis Presley Enterprises.

Sturman claims Presley’s attorney did approach Lockwood with an offer to settle, but that number was made “in bad faith” and was worth less than his attorney’s fees and costs.

“If Petitioner’s counsel would like to have that letter disclosed, it will only further confirm that this case is related to the Dependency Court case,” Sturman wrote. “Regardless, Petitioner’s supposed settlement offer is really further evidence that Petitioner should be ordered to pay Respondent’s fees and costs."

The exes were also embroiled in a legal fight in Dependency Court concerning their twin daughters, but that case has been settled. Although Dependency Court cases are confidential, Sturman said Presley said she plans to appeal that decision.

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