HOLLYWOOD—It is very sad when celebrities or even VIPs lose their fortune. Elvis Presley’s only child claims her $100 million fortune is down to $14,000 because her former business manager acted in his own best interests. A lawsuit recently filed against Lisa Marie Presley says she was informed about how her money was being spent. Lisa Marie, the famed daughter of Elvis Presley, is in financial distress, according to published reports.
In a complaint filed last week, it says that Presley has squandered her inheritance from her father’s estate twice since 1993. “The first time, she was rescued from insolvency by a deal she now calls fraudulent and self-serving,” the complaint states.
“After becoming wealthy again, she dissipated her second fortune over the next 10 years. As she spiraled downward personally, she refused to listen to the warnings of her most trusted advisors and her family. Unfortunately, she now has only herself to blame for her financial and personal misfortunes.”
Lisa and her former business manager, Barry Siegel are embroiled in a legal dispute over who is to blame for her sizable fortune from her father’s estate vanishing. They both filed complaints last week, rumors circulated for months that she would sue Siegel.
Lisa Marie, a mother of four, is suing for breach of trust, negligence and constructive fraud, says her trust has assets of more than $100 million, but is down to just $14,000. She said she has about $500,000 in credit card debt, and the problems largely stem from bad decisions by Siegel. Presley’s suit says Siegel sold 85 percent of her interest in Elvis Presley Enterprises and used the money in ways that “put his own best interests ahead of her…”
Elvis Presley Enterprises Inc., is the corporate entity that manages assets of the Presley trust. Graceland, Elvis’ Memphis home, is a major source of revenue for EPE, which is based at Graceland, but also has an office in Los Angeles. She also says Siegel bought a $9 million English home using money from the trust, putting her money at risk when he was unable to make the $6.7 million balloon payment. Leon Gladstone, who represents Siegel and Provident Financial, issued a statement, saying the financial problems are of Presley’s own doing. Gladstone said the 2005 deal that sold 85 percent of her interest in EPE cleared more than $20 million in debts she had incurred and netted her more than $40 million in cash and a multi-million dollar annual income stream, “most of which she managed to squander in the ensuing years.”
To add fuel to the fire, she is battling estranged husband, Michael Lockwood in a heated divorce. Inside a Los Angeles court room, Judge Patrick Cathcart ordered the singer-songwriter to pay her estranged husband $100,000. The six-figure is to cover his attorney’s fee in preparation for their August trial in their divorce case stemming from 2016.
She filed for separation back in 2016 after 10 years of marriage. It’s truly sad and heartening when financial distress along with an emotional divorce join forces. I met Lisa on May 15, 2005, when she was performing her last official show of her tour. She was extremely cordial. Her mom Priscilla was in the audience. Since I was a huge fan of her dad, it’s sad that she is joining the ranks of celebrities who’ve lost millions.
Rapper Curtis Jackson, known as 50 Cent, filed for Chapter 11 reorganization in 2015 with debts of $36 million and assets of nearly $20 million. A federal judge discharged the bankruptcy case after Jackson paid about $23 million. He was once one of the world’s wealthiest rappers with a net worth at nearly a half billion dollars.
Nicolas Cage sued his former business manager seeking $20 million for alleged mismanagement in 2009. The manager in a countersuit cited the actor’s spending for his financial troubles. The case was resolved before the trial. Actor Johnny Depp paid more than $75 million to buy and maintain 14 homes and also spent money on a 150-foot yacht, private jet trips and memorabilia stored in 12 different facilities, according to his former business manager. A 2017 lawsuit alleged his spending spiraled the actor into the brink of financial ruin.
Willie Nelson, the country music legend back in 1990, the government seized Willie Nelson’s properties and assets in six states. The star owed $32 million to the IRS after hiding money and tax shelters, according to published reports. Nelson has since bounced back and his current net worth is $25 million.
Prince’s estate remained somewhat of a mystery at his death, as many, have speculated the $200 to $300 million estate was likely half that amount because of the singer’s frivolous spending habits.
Bouncing back is Mike Tyson, who also filed for bankruptcy in 2003. He had $23 million in debts. His current net worth is now $3 million.
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