AceShowbiz - Lisa Marie Presley has sued Barry Siegel, her former financial manager, for the loss of more than $800,000 of her fortune she inherited from her father, Elvis Presley. She sued him for his recklessness in managing her inheritance.
Lisa stated that Mr. Barry used the money from the sale in Elvis Presley Enterprises to invest in Core Entertainment which had gone bankrupt. She also mentioned that her former manager was absent from warning her of her spending which is beyond her means.
In the court document, the 50-year-old singer claimed Mr. Barry sold 85 percent of her interest. He then reportedly began liquidating her late father's assets in order to supplement her trust's income. The court doc read, "Siegel never provided Lisa with the required accounting at any time after the Core deal," and added that "Siegel reportedly led Lisa to believe her finance was in 'good shape.' " According to Lisa, Mr. Barry wished to attain his own celebrity in the entertainment industry which led him to invest her assets in "risky ventures."
Responding to the lawsuit, Mr. Barry's attorney told The Blast, "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." He added, "The 2005 deal she is complaining about now cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years."
The firm said at the time of Elvis' alleged death in 1977, his estate was in debt and on the verge of bankruptcy. Mr. Barry and the firm have sued Lisa back for $800,000 in damages. The suit claimed that the singer herself was the one who turned around "Elvis Presley Enterprises" by bringing in a CEO and not agreeing to sell off Graceland.
Mr. Barry claimed that Lisa's uncontrollable spending habit was the real cause of her bankruptcy. She once said that she already had two mortgages that were under water when she bought a $9 million English estate. Regarding her claim that he was absent for alarming her spending, Mr. Barry stated that his attempts to curb her spending fell on deaf ears.
Mr. Barry stated that despite him rescuing her family's fortune from ruin, Lisa's "continuous, excessive spending and reliance on credit far exceeded what the Trust could pay her from income alone." They made it clear that her debt was her own fault.