The daughter of iconic musician Elvis Presley, Lisa Marie Presley, revealed that most of her $100 million inheritance is already gone.
After new court papers surfaced, it became clear that the 50-year-old Lisa Marie blames Barry Siegel for spending the majority of her massive trust fund until only $14,000 was left.
The pop music princess claimed her financial situation was quite stable but Siegel’s poor financial decisions, like inappropriate investments, diminished most of her funds.
For example, the wealthy heiress supported the American Idol holding company with an enormous sum, before it declared bankruptcy in April 2016.
Presley also stated that Siegel had asked for the impressive payment of $4.9 million as compensation for taking control of her fortune.
The sum billed by Siegel and Provident Financial Management for their services resulted in his yearly salary of over $700,000.
According to court documents, if Siegel had explained to Lisa Marie the true financial conditions that determine the trust’s income and what the situation really was, Priscilla Presley‘s daughter could have had an annual budget to the tune of around $1.5 million.
Priscilla has reportedly decided not to intervene in a major way to help her child.
The musician blamed Siegel for giving her the wrong advice to spend more than she could afford to after the investment in American Idol turned out to be unprofitable.
As a result, the heiress bought an estate in the United Kingdom at the cost of $9 million, which required an advance payment of $6.5 million in 2015.
Siegel confronted Riley Keough‘s mother by saying if she had money issues it was only because she was spending too much.
The former employee of the heiress answered her allegations with a countersuit, demanding an $800,000 compensation for damages.
Lisa Marie is hoping that her duet, “Where No One Stands Alone,” with her father on a compilation will be the beginning of a new era in her life after years of bad headlines and drama.
