Presley claims that Siegel, who ran the trust that Elvis left for his daughter when he died in 1977, sold 85 percent her interest in Elvis Presley Enterprises for $100 million in 2005, according to the court documents obtained by Us Weekly. The singer-songwriter says in the docs that Siegel used the money from the sale to invest in Core Entertainment, which is the parent company of American Idol. Core went bankrupt in 2016, and as a result, Presley claims she lost $24.5 million.
“Siegel never provided Lisa with the required accounting at any time after the Core deal,” the court docs read, adding that “Siegel reportedly led Lisa to believe she was in ‘good shape’ with her finances.”
The “Nobody Noticed It” singer, 50, is suing Siegel for $100 million because she believes that she has “been damaged in an amount that has not yet been fully ascertained, but is believed to be in excess of $100 million,” the docs read.
As previously reported, Presley recently made headlines for her financial woes. She claimed in a court documents related to her divorce from Michael Lockwood on February 14 that she was $16 million in debt. According to the docs, which were also obtained by Us Weekly, Presley owes more than $10 million in taxes from 2012 to 2017 and has defaulted on her debt of more than $6 million from her United Kingdom home. Presley also owes $263,050 in professional frees, $47,844 in credit card debt and an estimate of $250,000 in miscellaneous unpaid bills.
Presley revealed her financial struggles in response to a request from Lockwood that she help pay part of his $450,000 in attorney fees. Presley and Lockwood, who share 9-year-old twin daughters, called it quits in June 2016 after more than 10 years of marriage.
The Blast reports that Siegel says Presley has “uncontrollable spending habits” and he has filed his own lawsuit against her.
With reporting by Jennifer Heger
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