Lisa Marie Presley is suing her former manager, Barry Siegel, for “reckless and negligent mismanagement” of her inherited estate, but her estranged husband was quick to call her so-called mountain of debt a lie.
>> Read more trending news
Presley inherited $100 million from her rock ‘n’ roll father Elvis Presley back in 1993. Today, she said she only has $14,000 left, alleging that Siegel’s poor investment decisions whittled down her cash reserves. He sold off 85 percent of her share in the Elvis Presley Enterprises company in 2005, saying it “cleared up over $20 million in debts she had incurred and netted her over $40 million cash and a multi-million dollar income stream.”
Presley, however, said she lost millions in the deal. Siegel has counter sued, claiming she is to blame for squandering much of her own fortune, and he’s demanding $800,000 in damages for non-payment.
Presley is now $16 million in debt amid her ongoing divorce from estranged husband Michael Lockwood. That figure was revealed after a judge ordered her to pay $50,000 of Lockwood’s $450,000 in attorney’s fees, which she claimed she could not afford. Lockwood, however, claimed Presley isn’t being truthful about her debt.
According to Lockwood, Presley claimed to be making $104,000 per month in 2016 and that she owed the IRS $1.67 million, which Lockwood says would mean she owes more than she made in income that year. Additionally, Presley did fudge the numbers when it comes to the English manor she owns, according to documents obtained by TMZ. While she has claimed to be way behind on mortgage payments for the property, Lockwood believes it’s still worth something and accused her of leaving that out of her calculations.
>> Related: Leah Remini’s attacks on Scientology put a strain on her friendship with Lisa Marie Presley
The pair married in 2006 and welcomed twin daughters two years later. In 2016, Presley filed for divorce citing irreconcilable differences and claiming Lockwood was a bad father who “took advantage” of her financially.