Lisa Marie Presley claims she’s down to just $14,000 along with $500,000 in credit card debt. after her former business manager mishandled her fortune.
The 50 years old singer-songwriter, and former wife of both Michael Jackson and Nicolas Cage, says Siegel took all of that cash and invested in a company called Core Entertainment. Among Spiegel’s alleged purchases was a $9 million home in England.
Spiegel has sued Presley for breach of services, claiming she “has only herself to blame for her financial and personal misfortunes.
”Lisa Marie Presley, who has recorded three albums of her own, is already in a battle over assets in the wake of her divorce from Michael Lockwood, her fourth marriage after short-lived partnerships with Michael Jackson and Nicolas Cage. According to reports of her divorce proceedings last week, Presley has claimed she is $16m in debt, though Lockwood has disputed that figure, arguing “she has not disclosed her assets or their values”.
“It’s clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions,” his attorney said in a statement to the Daily News.
Elvis Presley’s fortune had dwindled to only a few million dollars at the time of his death, but the power of the Presley brand – including the tourist attraction Graceland – meant assets were built back up into the $100m trust that Lisa Marie inherited on her 25th birthday in 1993.
In 2005, Siegel sold off 85% of her share in the Elvis Presley Enterprises company, a deal that he claims “cleared up over $20m in debts Lisa had incurred and netted her over $40m cash and a multi-million dollar income stream”, but which she says lost her millions thanks to its subsequent investment in Core Entertainment, the company behind American Idol that went bankrupt in 2016.
TMZ broke the story … Lisa Marie says she’s $16 mil in debt … some of which is tied up in her mortgage on that English estate, as well as unpaid taxes. In the suit, she says Siegel stopped paying the taxes to conceal the true nature of her financial mess.
Siegel’s told us Lisa Marie’s spending habits are the real problem, and claims she was $20 mil in the hole back in 2003 … until he stepped in to right the ship. He claims his attempts to curb her spending fell on deaf ears.
She’s suing Siegel for more than $100 million. (TMZ)