Upon his death in 1977, Presley's estate had diminished to just a few million dollars, but the power of his brand and the lasting interest in his music meant that assets were built back up and that Lisa Marie was able to inherit around $100 million when she turned 25 years old in 1993.
Lisa Marie's lawsuit claims that Siegel invested the money from that 2005 sale into the parent company of "American Idol", Core Entertainment.
Moreover, Siegel claims that Lisa Marie has "uncontrollable spending habits". In the mid-2000s, that seemed like a very solid investment, but Core Entertainment went bankrupt in 2016.
The court documents allege that Siegel never provided Lisa Marie with "required accounting" on the deal and assured her she was in "good shape" financially.
Lisa, who is the daughter of legendary singer Elvis Presley and Priscilla Presley, filed a lawsuit against her ex-manager Barry Siegel, on Wednesday, Feb. 21, claiming that she is in thousands of dollars in debt because of Siegel.
GETTY IMAGES Presley is also fighting Michael Lockwood her fourth husband in the divorce courts
Presley also claimed Siegel's business decisions left her with $500,000 in credit card debt. Lisa Marie is going through a divorce from her husband of 10 years, Michael Lockwood.
According to TMZ, Presley is also attempting to offload a home in the United Kingdom because she has reportedly defaulted on the mortgage and owes $6 million.
Her lawsuit said Presley's "11-year odyssey to financial ruin" began in 2005 and alleged that as result of Siegel's actions, "Lisa has been damaged in an amount that has not yet been fully ascertained, but is believed to be in excess of $100 million". LMP says she's $16 million in the hole, and can't afford to pay Lockwood's attorney's fees - but Lockwood ain't buying it. In 2016, Presley filed for divorce citing irreconcilable differences and claiming Lockwood was a bad father who "took advantage" of her financially.
He then added, "It's clear Lisa Marie is going through a hard time in her life and looking to blame others instead of taking responsibility for her actions".
Astros top prospect suspended 50 games for violating minor league drug policy
Miketinac later corrected that tweet to say that Whitley was returning from a college football game, not a college baseball game. He'll likely get back to dominating the minors, and maybe even get the call late in the season, after he serves his suspension.