scottiesayre (scottiesayre) wrote in ohnotheydidnt,
scottiesayre
scottiesayre
ohnotheydidnt

Lisa Marie Presley Claims Former Business Manager Squandered Her Share of Father's Fortune




*Lisa Marie, who claims she is $16 million in debt, is suing her former business manager, Barry Siegel, and his management firm for $100 million. Claims that he led her to believe her finances were doing well, all while reducing her $100 million trust down to $14,000 due to bad investments such as investing in American Idol's holding company which went bankrupt after the show originally ended in 2016.

*Presley claims Siegel would liquidate that trust's assets in order to create income for the trust which went on to fund her lifestyle. Presley also claims Siegel would encourage her to spend twice her annual post-tax income which allegedly includes a "$9 million estate in England with a balloon payment of $6.5 million in 2015 that the trust didn’t cover"

*Siegel and the management firm are countersuing, they claim it's Lisa Marie's own fault for overspending


Source
What's the most money you've ever lost, ONTD?
Tags: celebrity children / siblings, legal / lawsuit
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