Lisa Marie Presley, the only child and sole heir of Elvis Presley’s estate, is more than All Shook Up. The estate she inherited, worth over $100 million, is gone. But don’t blame Lisa Marie! In a recent lawsuit filed in a California Superior Court against Miss Presley’s former business manager, Barry Siegel, she claims that the entire fortune was lost through poor investment decisions.
Barry Siegel’s attorney tried to keep the lawsuit from moving forward by saying that it belonged in a civil court, not a probate court. But the judge threw out the motion to dismiss, and the case is moving forward, much to the delight of Lisa Marie and her attorney.
Is Barry Nothin’ but a Hound Dog?
Where did the $100 million go? If you believe Lisa Marie, it went towards exorbitant trust management fees, totaling $701,000 annually for this Hound Dog, as well as a poor investment in American Idol. Presley claims Siegel sold the majority of her trust’s stock in Elvis Presley Enterprises in 2005 for cash and stock in “American Idol’s” future holding company. Unfortunately, the week after the $25 million investment, “American Idol” went bankrupt, losing $24.5 million. Womp-womp.
Presley also claims that Siegel assured her on multiple occasions that she had plenty of money, that the trust management team was working diligently on investments that would maintain her lifestyle, and not to worry. Until, of course, she found out the trust was down to $14,000, and she worried she may have to move In The Ghetto.
Or Is Lisa Marie Just a Hard Headed Woman?
But if you believe Barry Siegel, the $100 million was spent financing Miss Presley’s extravagant lifestyle, and due to her unwillingness to better manage her own spending, against his advice. He claims that Lisa Marie, like others in her position, surrounded herself with group think, and did not heed his advice to change her lavish ways. To wit, Barry Siegel filed a counter-suit for $800,000 alleging Miss Presley’s financial problems were solely due to her “uncontrollable spending habits.” Perhaps Barry thinks she is one Hard Headed Woman.
Can’t Help Falling in … Debt
There have been a string of celebrities that have sued over mismanaged trusts in recent years, and sympathy fatigue may be setting in for many fans. With the likes of 50 cent, Curt Shilling, Johnny Depp, and MC Hammer having the same conversations in the media, everyday folks may have a hard time feeling their pain. But Don’t Be Cruel. Perhaps $100 million doesn’t go as far as it used to.
This he-said-she-said will soon play itself out in a Los Angeles probate court, with Presley set to testify on July 30, 2018. Stay tuned for more on this Heartbreak Hotel saga.