Lisa Marie Presley claims she is broke

26 February 2018

Lisa Marie Presley has claimed she is broke amid a legal battle with her former business manager.

Lisa Marie Presley

The 50-year-old singer - who is the daughter of the late musical icon Elvis Presley and business magnate Priscilla Presley - is embroiled in a dispute with Barry Siegel, who she has blamed for her fortune disappearing and is suing for breach of trust, negligence and constructive fraud.

According to The Blast, Lisa had $100 million in assets and is now down to her last $14,000.

Aside from that, the songwriter says she is $500,000 in credit card debt, which she says is due to bad communications with Siegel.

The lawsuit says Lisa's former employee sold 85 per cent of her interest in Elvis Presley Enterprises (EPE) - a corporate entity created by The Elvis Presley Trust to conduct business and manage its assets, including Graceland - and Lisa has accused Siegel of putting "his own best interests ahead of her ... ."

The 'Dirty Laundry' hitmaker has also claimed her ex-manager purchased a lavish property in England for $9 million using money from the trust, which she claims put her in a financially difficult situation as he was unable to make the $6.7 million outstanding principal sum on the home.

A statement issued by Siegel's legal representative, Leon Gladstone claimed Lisa was using blame tactics.

It read: "It's clear Lisa Marie is going through a difficult time in her life and looking to blame others instead of taking responsibility for her actions."

They added that in 2005, when the deal was made and 85 per cent of her interest was sold, she had a $20 million debt cleared, whilst she also had $40 million in cash and a steady income.

However, it states that "most of which she managed to squander in the ensuing years".

Gladstone added: "My clients, Barry Siegel and Provident Financial Management, stuck by her and in return, Lisa Marie stopped paying them and is now blaming them for her uncontrollable spending habits.

"We are confident people will see through the talk and we will prevail in our case against her."

Last week, a complaint was made against Lisa claiming she blew her inheritance from the late king of rock 'n' roll's estate on two occasions since 1993.

The document read: "The first time, she was rescued from insolvency by a deal she now calls fraudulent and self-serving.

"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 advisers and her family. Unfortunately, she now has only herself to blame for her financial and personal misfortunes."

It was previously reported that Lisa was allegedly over $16 million in debt.

The singer is currently undergoing a divorce from estranged husband Michael Lockwood, and in court documents filed last week, it was revealed she has racked up the whopping debt.

According to documents, which were obtained by TMZ, Justin Stiegemeyer, Lisa's current business manager who is responsible for "day-to-day finances and paying all of her bills," alleged that the 'Soften the Blows' singer had first learned of her debt while her old business manager at Provident Financial Management was handling her finances.

Stiegemeyer also claimed that Lisa "had not been provided with proper accountings or notices or been kept abreast of her finances" by her former business manager and that at the time they were fired, Lisa had "total liquid assets of less than $20,000".

Lisa's debt is allegedly comprised of defaulted payments on the mortgage for her $6 million home in the UK, as well as unpaid income tax and almost $50,000 in credit card bills.