![]() Lockwood disputes the figure, arguing “she has not disclosed her assets or their values”. According to reports of her divorce proceedings last week, she claims she is $16m in debt. 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. The foundation did not return the Guardian’s calls. The foundation’s endowment, reported to be just north of $100,000, is in Seigel’s care. Presley says it lost her millions thanks to a subsequent investment in Core Entertainment, the company behind American Idol that went bankrupt in 2016.Īccording to reports in the US, tax filings show the family’s Presley Charitable Foundation has operated at an annual loss in every tax year since 2009, with reported annual revenue down to just $26 in one year. Siegel sold off 85% of her share in the Elvis Presley Enterprises company in 2005, a deal that he says “cleared up over $20m in debts Lisa had incurred and netted her over $40m cash and a multi-million dollar income stream”. He is demanding $800,000 in damages for non-payment.Įlvis Presley’s fortune had dwindled to a few million dollars at the time of his death in 1977, but the power of the Presley brand – including the tourist attraction Graceland – meant that assets were built back up into the $100m trust that Lisa Marie inherited on her 25th birthday. He has countered that Presley is to blame, alleging in a lawsuit of his own that she squandered much of her fortune. In the suit, first reported by the US website the Blast, she claims that her cash reserves were whittled down because of Seigel’s poor investment decisions. Presley blames her former manager Barry Siegel for her precarious finances, and filed a suit last week against him accusing him of “reckless and negligent mismanagement” of her inherited estate. Another 25 years later, she says in a lawsuit obtained by US media that she is down to her last $14,000. ![]() ![]() In the lawsuit docs she says Siegel took all of that cash and invested in a company called Core Entertainment.Įlvis’s daughter, Lisa Marie Presley, inherited his $100m (£71.5m) estate in 1993 at the age of 25. She says an ex-manager sunk $100 million into a failed investment, and now she's suing him. Lisa Marie says Barry Siegel ran the Trust Elvis Presley left for his daughter and in 2005 he sold off 85% of her interest in Elvis Presley Enterprises for $100 million. ![]() Lisa Marie Presley is offering an explanation for why she's in debt. ![]()
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