The singer and daughter of music legend Elvis Presley have filed a case against her ex-business manager claiming that the manager mishandled her fortune. She claimed she’s down to just $14,000 after the ex-manager lost her Round $100 million fortune by investing in American Idol. As per the court documents he left her with only $14, 000 and $500,000 in credit card debt.
Now, based on breach of trust, breach of fiduciary duty, negligence, constructive fraud negligent, negligent misrepresentation, unjust enrichment and accounting, she sued Barry Siegel. She informed that Siegel used her assets and invested in risky ventures in hopes of attaining his own celebrity in the entertainment industry add he used $100 million to position himself in the respected circle of the celebrity of a famous investor. He invested in the holding company of American Idol with “famed investor Robert F.X. Sillerman. Siegel placed his own interests ahead of Lisa’s in order to put himself in proximity to Sillerman and his celebrity circle,” the court document informed. She also alleged that Spiegel has purchased a home worth $9 million in England.
When the investment went into a huge loss, Presley asked about the investment decision to Siegel, he told her it is very technical and she will never understand this and “this is too intricate for you.”
On the other side, Spiegel’s attorney stated, “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.” The attorney further added, “The 2005 deal she is complaining about now cleared up over $20 million in debts Lisa had incurred and netted her over $40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years.” They will prove that Siegel is not guilty, he said.