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Thread: Lisa Marie Presley to Sue Business Manager for Allegedly Squandering $100 Million

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    fgg
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    Default Lisa Marie Presley to Sue Business Manager for Allegedly Squandering $100 Million

    Lisa Marie Presley to Sue Business Manager for Allegedly Squandering $100 Million

    Lisa Marie Presley is about to file a lawsuit against her former financial managers, claiming they squandered more than $100 million over 10 years, but the company says Lisa Marie is broke because she's a spendthrift.

    TMZ has obtained a copy of the lawsuit which could be filed as early as today. She claims financial guru Barry Siegel sold 85% of her interest in Elvis Presley Enterprises (EPE) and then gave the money to Robert F.X. Sillerman as a way of ingratiating himself with the famous investor. She says the investments tanked and left her broke.

    Among the alleged misdeeds -- Presley says unbeknownst to her Siegel spent $9 million of her money to buy an English estate and couldn't make the balloon payment on the property.

    She also says Siegel stopped paying her taxes in 2012 which left her with a tax bill of $7 million.

    She says as of May 30, 2016, the trust was depleted and only had $14,000 in cash and she had $500,000 in credit card debt.

    We're told Siegel's position is that Lisa Marie overspent herself into destitution. In fact, he says she went broke twice because of her spending habits. He says as early as 2003 Lisa Marie was $20 million in debt and he was the one who righted the ship. Siegel says he tried hard to get her to stop her excessive spending over the next 10 years but it fell on deaf ears.

    We're told Siegel plans to countersue Presley for $800,000 in unpaid management fees.

    Lisa Marie's lawyer, Amjad Khan, tells TMZ, "Lisa Marie Presley has been betrayed by her former Trustee, Barry Siegel and Provident Financial Management -- Hollywood money managers to stars like Al Pacino and Rob Thomas."

    Khan goes on to accuse Siegel of charging "exhorbitant fees" and "repeatedly lying to Ms. Presley about her financial condition." He adds, "We recognize that Siegel will respond by attempting personal attacks on Ms. Presley, but we must file suit to hold Siegel and Provident accountable for the harm they have caused to the Presley estate."

    Lisa Marie Presley to Sue Business Manager for Allegedly Squandering $100 Million | TMZ.com
    can't post pics because my computer's broken and i'm stupid

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    She’s amazingly stupid. Always complicated when you’re a drug addict and suddenly decide to check your pocketbook.

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    ^i wonder how much she paid in to the CO$ over the years.
    can't post pics because my computer's broken and i'm stupid

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    It is a wonder she has any money left at all.
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    The last thing she should have held onto is anything she had in EPE. That place is booming year round. And I deliberately take back roads to bypass Graceland when I have to be in that area during death week (around the second week in August) and birthday week (first week or so in Jan).

    They just put up a huge fancy hotel adjacent to Graceland, which you would think would help this, but that just means you have to dodge more actual people (walking) as opposed to cars.

    Then there's the stores, the restaurants, the clubs. Yeah she could live comfortably off that alone if she wasn't a junkie. And especially if she didn't have to live in LA or NYC.
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    Amazing how one can blow 100 mil and wonder where it all went.
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    Lisa Marie Presley sues former business manager for $100M

    Lisa Marie Presley claims her former business manager lost her $100 million fortune and left her with only $14,000.

    Elvis Presley’s daughter filed a lawsuit in which she alleged Barry Siegel of dissipating her wealth “through his reckless and negligent mismanagement and self serving-ambition.,” according to documents obtained by The Blast. She also claimed Siegel’s “hopes of attaining his own celebrity in the entertainment industry” led him to place her assets in “risky ventures.”

    In the documents, Presley claimed Siegel sold 85 percent of her interest in Elvis Presley Enterprises and used it to align himself with a famous investor, but it didn’t work out. He then allegedly began liquidating Presley’s assets in order to supplement her trust’s income.

    Presley also claimed Siegel’s business decisions left her with $500,000 in credit card debt.

    However, Siegel and his company, Providence Financial Management, filed their own lawsuit in response to Presley’s claims, alleging her out-of-control spending led to her financial predicament.

    They’re suing for $800,000 in damages.

    https://pagesix.com/2018/02/23/lisa-...ager-for-100m/
    can't post pics because my computer's broken and i'm stupid

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    Elite Member rollo's Avatar
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    She sounds like she graduated from the Nicolas Cage School of Money Management. Oh wait.
    I have some famous friends and I have mostly not famous friends.

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    "You bought my coke at retail prices!!!"

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    Elite Member HWBL's Avatar
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    If only she had her daddy's singing talent, she could record a few hit records and be out of trouble. Oh, wait.....
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    And another one, wait for it, especially the last minute or so.
    Warren Beatty: actor, director, writer, producer.

    ***** celeb

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    Don't quit your day job. Oh wait...
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    Quote Originally Posted by rollo View Post
    She sounds like she graduated from the Nicolas Cage School of Money Management. Oh wait.
    blame it on her mom - priscilla never took her grocery shopping as a child!

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    Unreal

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    Oh myyyyyyyy. And not in a good way.
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