Lisa Marie Presley S Money Drama Continues Claims Her Manager Bankrupted Her

The biggest failed investment was in the holding company for American Idol, which ended up going bankrupt. Siegel is countersuing for $800,000 in damages. Siegel also is continuing to insist that it was Presley’s uncontrolled spending that bankrupted her trust fund, not his management. Lisa Marie’s attorneys have filed a 16-page court filing detailing how well paid Siegel made sure he was. Presley is alleging that Siegel covered up the dire straits of her finances, repeatedly insisting that she was in good shape with her finances, according to the legal documents. Her lawyers referred to a number of emails from Siegel responding to Presley’s questions about how her trust fund was doing. Presley fired Siegel in 2015, after she discovered the true state of her trust. He allegedly lost more than $100 million of the trust’s net worth over the course of a decade and put the trust into deep debt.  The lawsuit blames Presley’s losses on Siegel’s decision to sell 85% of her trust’s stock in Elvis Presley Enterprises (EPE) in 2005. The stake in EPE was the trust’s largest asset and worth $100 million at the time. However, the Trust only received $40 million in cash and $25 million in stock in the holding company of American Idol. When American Idol didn’t bring in enough income, Siegel began liquidating other assets of the trust to keep Presley’s lifestyle the same as it was before the sale of EPE. Siegel recommended a budget for Presley that was twice her after tax income.  According to the filing: The court documents also reveal that Presley lost a ton of money on the American Idol investment as well. After the last season of American Idol aired, the holding company went bankrupt. Lisa Marie’s Trust lost $24.5 million of the $25 million in stock that was received in the sale of Elvis Presley Enterprises. Presley also claimed that her real estate portfolio was also “run into the ground” by Siegel’s mismanagement. Two mortgages on houses owned by the trust in Hawaii and Hidden Hills, California were more than the properties were worth in 2010. Despite this, Siegel told Presley she was cleared to spend $9 million on an estate in England. Siegel then structured the transaction of that English property so that her entire trust was collateral for the mortgage with a balloon payment of $6.7 million due in December 2015. The trust was unable to make the balloon payment which put the trust into default and all of its assets at risk—where they remain today. Presley also alleges that Siegel failed to pay the trust’s taxes and as a result, the trust owes millions in back taxes in both the U.S. and U.K. Lisa Marie Presley is $16 million in debt. Taxes account for $10 million of that. Lisa Marie is also still dealing with her bitter divorce battle from her ex Michael Lockwood, who is asking her to pay him $263,000 a year so he can continue to live in the lifestyle he enjoyed while married to Elvis’ daughter. Attempts at settlements have failed and the former couple is set for four day trial in August.