Singer/Songwriter Lisa Marie Presley comes forward and claims that she down to just $14,000 after her fortune was mishandled by her former business manager.
Lisa Marie, however, says that the subsequent investment of this money into Core Entertainment, the company behind American Idol that went bankrupt in 2016, lost her around $24.5 million, according to legal documents seen by Us Weekly.
Mr Siegel and his company have countersued, saying Ms Presley's reckless spending is what cost her the fortune.
The court documents allege that Siegel never provided Lisa Marie with "required accounting" on the deal and assured her she was in "good shape" financially.
He then allegedly began liquidating Presley's assets in order to supplement her trust income.
Siegel's attorney, Leon Gladstone, said in a statement yesterday that the 2005 deal Presley was complaining about "cleared up over US$20 million in debts Lisa had incurred and netted her over US$40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years".More news: Groom killed, bride injured as wedding gift explodes in India
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She says that her Trust contained assets worth in excess of $100 million, and that Spiegel "placed her assets in risky ventures in hopes of attaining his own celebrity in the entertainment industry".
Lisa Marie Presley has been slammed by her estranged husband Michael Lockwood, who claims she is lying about her huge debts. "Unfortunately, she now has only herself to blame for her financial and personal misfortunes".
Also, website "The Blast" reports that Siegel is countersuing Lisa Marie for $800,000, claiming she has squandered her money through excessive spending. Siegel's lawyer claims reliance on credit has led her to the point of financial ruin for a second time.
Leon Gladstone, a lawyer representing Barry Siegel, said: "It's clear that Lisa Marie is going through a hard time in her life and is looking to blame others instead of taking responsibility for her actions". Lisa Marie's mother, Priscilla, handled the estate until Lisa Marie turned 25 in 1993.