Elvis Presley’s Daughter Sues Barry Siegel for Recklessly Swallowing $100 Million Inheritance Money - Zinny's Blog




Elvis Presley’s Daughter Sues Barry Siegel for Recklessly Swallowing $100 Million Inheritance Money

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Recently, in Nigeria, a big snake was accused of swallowing stolen funds worth millions of Naira kept in the office vault belonging to JAMB (Joint Admissions and Matriculation Board)
an entrance examination board for tertiary-level institutions which conducts entrance examinations for prospective undergraduates into Nigerian universities. Sorcery aside, the height of corruption at which animals [sic] embezzles funds in Nigeria is hilarious. I don’t know if the said missing snake has got a thing to do with Maria Presley's mismanaged inheritance. Lol. Never say never!

Banter aside,

Elvis’s daughter, Michael Jackson and Nicolas Cage former flame, Lisa Marie Presley, inherited late dad’s $100m (£71.5m) estate in 1993 at the age of 25. Another 25 years later, she says in a lawsuit obtained by US media that she is down to her last $14,000.

Presley blames her former manager Barry Siegel for her precarious finances, and filed a suit last week against him accusing him of “reckless and negligent mismanagement” of her inherited estate.

The blast has the inner scoop:

According to the documents filed on February 21, and obtained by The Blast, the late Elvis Presley‘s daughter is accusing Barry Siegel of dissipating her wealth “through his reckless and negligent mismanagement and self serving-ambition.”She says that her Trust contained assets worth in excess of $100 million, and that Siegel “placed her assets in risky ventures in hopes of attaining his own celebrity in the entertainment industry.”Presley says Siegel decided to sell 85% of her interest in Elvis Presley Enterprises and used it to align himself with a famous investor. She says he “put his own best interests ahead of her in order to put himself in proximity to [the investor] and his celebrity circle.”She also says that once Siegel’s venture did not work out, he allegedly began liquidating her assets in order to supplement the Trust income.Presley also points out a $9 million English home was bought by Siegel using the Trust’s money, and he put her entire fortune at risk when he couldn’t make the $6.7 million balloon payment.All in all, she says her Trust was left with $14,000 cash and over $500,000 in credit card debt.As we previously reported, Lisa Marie’s estranged husband believes her fortune is still worth millions, but she is claiming that’s not the case.She’s suing for breach of trust, negligence and constructive fraud. The Blast reached out to Barry Siegel for comment

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