Lisa Marie Presley Is Suing Her Ex-Manager For Allegedly Making Her Broke
Lisa Marie Presley’s estranged husband Michael Lockwood has demanded she pony up $450,000 for the attorney fees he’s racked up during their divorce battle. Lisa Marie responded by saying that she can’t pay because she’s broke. $450,000 is a drop in the suck bucket for Lisa Marie, who claims to be $16 million in debt. A few months ago, Lisa Marie said her former financial manager Barry Siegel is the reason why she’s got money problems. She also threatened him with a lawsuit. TMZ says that Lisa Marie recently made good on that threat.
According to the lawsuit, Barry ran the trust left to Lisa Marie by her papa Elvis Presley. In 2005, Barry sold off 85% of her interests for $100 million, which he then invested in a company called Core Entertainment. Lisa Marie’s money was invested with Core for too long, and in 2016 the company went broke. Lisa Marie claims to have lost $24.5 when Core went out of business. Losing $24.5 million on a $100 million investment doesn’t seem too bad, except for the fact that during that time, Lisa Marie was dropping major money on stuff. Like buying a $9 million English estate while she already had two mortgages that she owed money on.
Lisa Marie accuses Barry of not warning her she was spending too much before it was too late. She also accuses Barry of trying to hide the reality of her financial situation by not paying her taxes. When Core went bankrupt in 2016, Lisa Marie tallied up how much she lost and how much she blew, and she says she was left with $14,000 in cash. Lisa Marie is suing Barry for $100 million.
The Blast says that Barry responded to Lisa Marie’s lawsuit by filling one of his own. Barry accuses Lisa Marie of being $20 million in debt when he was hired in 2003, and that he tried really hard to keep her in the black, but that she just kept spending stupid amounts of money. Barry’s attorney scratched at Lisa Marie by telling 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. 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.”
I don’t blame Lisa Marie for any of this! Core was the parent company of America Idol. Investing in American Idol in 2005? That seems like a good investment to me. The only thing making more money than American Idol in 2005 was the person printing those Jesus is My Homeboy t-shirts. If I had invested $100 million on American Idol’s heyday, I would have been blowing my money on dumb shit like English castles too.
Pic: Wenn.com