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Lisa Marie Presley claims she is broke

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Press Trust of India London
Lisa Marie Presley, daughter of legendary singer Elvis Presley, has claimed she is broke and facing large debts.

The 50-year-old singer has blamed her former manager Barry Siegel for her fortune disappearing and is suing him for breach of trust, negligence and constructive fraud, reported The Blast.

According to the website, Lisa had USD 100 million in assets and is now down to her last USD14,000.

The lawsuit states that 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.''

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

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

''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.

Disclaimer: No Business Standard Journalist was involved in creation of this content

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First Published: Feb 26 2018 | 3:10 PM IST

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