The daughter of famed American musician Elvis Presley, Lisa Marie Presley, is in the midst of a brutal divorce as well as a lawsuit against the ex-money manager of a trust set up for her benefit. Presley claims that Barry Siegel, “enriched himself with exorbitant fees” of more than $700,000 per year while placating her with emails that her trust was, “in good shape on your finance”‘ and that she should be, “assured that we are doing everything on our end to maintain both your current lifestyle and the future of you family.” Instead, the trust that was once valued at $100 million is supposedly at only $14,000.

Presley’s lawsuit blames her losses on Siegel’s 2005 decision to sell 85% of her trust’s stock in Elvis Presley Enterprises (EPE) – the trust’s largest asset at the time.” The Trust received $25 million in stock in American Idol’s holding company as part of the sale of EPE. That company went bankrupt in 2016, “and in one week alone the Trust lost $24.5 million of the $25 million in stock,”‘ court documents say

She claims to owe $10 million in back taxes and $6 million in other debts, and her soon-to-be ex-husband is seeking $263,000 in annual alimony payments.

See Ryan Parry, EXCLUSIVE: Lisa Marie Presley Claims Her Ex-Money Manager Lost $100 Million Trust Fund Left to Her by Elvis With ‘Reckless and Negligent’ Investments While Paying Himself a Salary of $700,000, Daily Mail UK, June 18, 2018; see also Jay Brinker, Suspicious Minds, JayBrinker.com, June 21, 2018.

Special thanks to Jay Brinker (Attorney at Law, Cincinnati, Ohio) for bringing this article to my attention.