Lisa Marie Presley’s inheritance from her father Elvis Presley is at the center of a $100 million battle, with her ex-manager demanding she turn over bank records.
According to court documents obtained by The Blast, Lisa Marie’s former business manager, Barry Siegel, is back in court battling his former client. He is demanding the court allow him to subpoena her bank records, pertaining to money she receives from the Elvis Presley estate.
Presley and Siegel are in the middle of a nasty legal battle. She accuses him of squandering her $100 million Elvis fortune. He denies the allegations and accuses her of excessive spending. He then counter-sued Presley for $800,000.
Lisa Marie recently rushed to court demanding a judge shut down subpoenas from Siegel. He fired them off to Deutsche Bank, seeking Presley’s bank records. She says he is seeking, “the production of confidential financial records and/or the financial records of the Promenade Trust.”
The Promenade Trust was created to hold the money Presley receives from Elvis’ estate.
She has objected to the subpoenas, arguing Siegel is trying to get years of bank records in an attempt to embarrass her. Presley says the subpoena should be time specific. She takes issue since the lawsuit pertains to the years 1993 until 2006, specifically 2004 until 2006. Presley doesn’t believe Siegel has a right to see the bank records following his termination.
In newly filed documents, Siegel says Presley’s attempt to shut down his subpoenas should be denied.
He states, “Deutsche Bank Trust Company Americas holds thousands of records that are relevant to the matters in issue. It provided loans, a seven figure credit line, investment and money market accounts, checking and other money management accounts to both the trust and LMP personally. These records relate directly to LMP’s claims against Siegel and her former financial management services provider.”
He believes the records sought are relevant and wants Lisa Marie sanctioned to the tune of $4,950.
Last year, Presley sued her former business manager Barry Siegel and Providence Financial Management.
Presley worked with the business manager from 1993 until 2006.
In her lawsuit, she claimed Siegel poorly managed her inheritance from Elvis Presley. Presley said her $100 million fortune was dwindled down to $14,000 (along with $500,000 debt).
She accused Siegel of dissipating her wealth "through his reckless and negligent mismanagement and self-serving ambition." Presley claimed he put her money into a risky investment, “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.
Siegel fired back and filed his own lawsuit against Lisa Marie Presley. Siegel accused Presley of causing her own financial woes with crazy spending.
Barry Siegel's attorney told The Blast, "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."
He said, "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."
The attorney said Siegel stuck by Lisa Marie over the years, but now has "stopped paying my clients and is now blaming them for her uncontrollable spending habits."
According to documents filed by Siegel's company, Providence Financial Management, they claim "Sadly, since inheriting her father's estate in 1993, she has twice squandered it. The first time, she was rescued from insolvency by a deal she now calls fraudulent and self-serving."
The firm says at the time of Elvis' alleged death in 1977, his estate was in debt and on the verge of bankruptcy. The suit claims Priscilla Presley was the one who turned around "Elvis Presley Enterprises" by bringing in a CEO and not agreeing to sell off Graceland. Graceland was later turned into a huge tourist attraction and money maker.
Siegel says despite him rescuing her family's fortune from ruin, Lisa's "continuous, excessive spending and reliance on credit far exceeded what the Trust could pay her from income alone."
They make it clear that the millions of dollars of debt Lisa Marie is in ... is her own fault. Siegel and the firm are suing for $800,000 in damages.
Both cases are ongoing.