After surprising death of Lisa Marie Presley (54) many questions remain unanswered about their current financial situation and their legacy of millions.
Lisa Marie Presley was only nine years old when her famous father Elvis Presley Died in 1977 at the age of 42. She inherited his fortune, including Graceland, when she turned 25. Until then, her mother managed Priscilla the Heritage. She is also believed to have increased her daughter's trust fund assets from an estimated $5 million to over $100 million by the time Lisa Marie inherited her in 1993. This was largely due to Priscilla's decision to turn Elvis Ranch Graceland into a tourist attraction and capitalize on merchandise.
But one decision in particular would later prove to be a catastrophic mistake for Elvis' daughter. In 2003 she hired Barry Siegel as managing director of her fund. He in turn sold 85 percent of the trust's shares to Elvis Presley Enterprises in 2005 - including Lisa Marie's rights to her father's name and image.
Lisa Marie was paid $40 million for the deal. But between 2005 and 2015 almost all of the money was spent. When she fired Siegel in 2015, she reportedly was left with only $14,000 of her million dollar inheritance. In 2018, now $16 million in debt, she sued Siegel. She accused him of mismanaging her inheritance. Siegel and his company, Providence Financial Management, countersued, claiming that Presley's 'uncontrolled spending' led to their financial distress. Leon Gladstone, an attorney representing Barry Siegel, said at the time, 'It is clear that Lisa Marie is going through a difficult time in her life and is blaming others rather than taking responsibility for her actions.' repeated trips to rehab to try to get off her drug use, but Lisa Marie herself insisted that Siegel's mismanagement, not her lifestyle, was to blame for her financial collapse.
Instead of telling Presley the truth, Siegel covered up the plight of her finances, according to her attorneys. Elvis' daughter claims Siegel didn't warn her that she was spending more money than she actually had. She always had the impression that things were going well with her finances.
Also with her ex-husband Michael Lockwood, the father of her twin daughters Harper Vivienne and Finley (14), she was still arguing about her finances in court. Lockwood, demanded $40,000 a month in child support and insisted she had more money than she said in court documents. After all, she made plenty of money from her $1 million book deal and the Elvis biopic. What will happen to Lisa Maries Presley's legacy is currently unclear. (jve)source: vip.de