Lisa Marie Presley is about to file a lawsuit against her former financial managers, claiming they squandered more than $100 million over 10 years, but the company says Lisa Marie is broke because she's a spendthrift.

TMZ has obtained a copy of the lawsuit which could be filed as early as today. She claims financial guru Barry Siegel sold 85% of her interest in Elvis Presley Enterprises (EPE) and then gave the money to Robert F.X. Sillerman as a way of ingratiating himself with the famous investor. She says the investments tanked and left her broke.

Among the alleged misdeeds -- Presley says unbeknownst to her Siegel spent $9 million of her money to buy an English estate and couldn't make the balloon payment on the property. She also says Siegel stopped paying her taxes in 2012 which left her with a tax bill of $7 million.

She says as of May 30, 2016, the trust was depleted and only had $14,000 in cash and she had $500,000 in credit card debt.

We're told Siegel's position is that Lisa Marie overspent herself into destitution. In fact, he says she went broke twice because of her spending habits. He says as early as 2003 Lisa Marie was $20 million in debt and he was the one who righted the ship. Siegel says he tried hard to get her to stop her excessive spending over the next 10 years but it fell on deaf ears.

We're told Siegel plans to countersue Presley for $800,000 in unpaid management fees.

Lisa Marie's lawyer, Amjad Khan, tells TMZ, "Lisa Marie Presley has been betrayed by her former Trustee, Barry Siegel and Provident Financial Management -- Hollywood money managers to stars like Al Pacino and Rob Thomas."

Khan goes on to accuse Siegel of charging "exhorbitant fees" and "repeatedly lying to Ms. Presley about her financial condition." He adds, "We recognize that Siegel will respond by attempting personal attacks on Ms. Presley, but we must file suit to hold Siegel and Provident accountable for the harm they have caused to the Presley estate."

http://www.tmz.com/2017/11/08/lisa-marie-presley-sues-business-manager-elvis-presley-squandering-money/

TMZ really!

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We should ban any threads that link back to TMZ articles - just malicious gossip hounds salivating at juicy gossip.

Adorecream said:

TMZ really!

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We should ban any threads that link back to TMZ articles - just malicious gossip hounds salivating at juicy gossip.

TMZ is pretty good at breaking these stories. They are in the know.

HAPPYPERSON said:

Lisa Marie Presley is about to file a lawsuit against her former financial managers, claiming they squandered more than $100 million over 10 years, but the company says Lisa Marie is broke because she's a spendthrift.

TMZ has obtained a copy of the lawsuit which could be filed as early as today. She claims financial guru Barry Siegel sold 85% of her interest in Elvis Presley Enterprises (EPE) and then gave the money to Robert F.X. Sillerman as a way of ingratiating himself with the famous investor. She says the investments tanked and left her broke.

Okay, a note about Sillerman. I run an independent help blog for an app he founded and developed. The company did seemingly okay for a while but was bought by another similar company a little over a year ago. I actually became friendly with the people at the start-up and they loved my blog. We worked together to help users and I acted as a conduit of communication between the two of them.

One employee told me that the company made zero money in the first few years of existence (it's only saving grace was the other company that bought it recently). Sillerman was such a hands off kind of guy that he barely knew what was going on. They company had a staff party at a hotel in NYC. My contact at the company said she was standing in the lobby and Sillerman walked in. He said hi to someone, then stopped and looked around and said, "This building looks familiar. I think I own it." One of his minions that constantly shadowed him whispered in his ear "yes sir you do". He put huge amounts of his own money and took out loans to keep the company above water until it was sold.

The guy sees a million dollars like the rest of us see a ten spot: something we lose in our winter coat in April and find in November. I would never have him in anything I ever did when it dealt with my money. He's made some good investments, but he's more of a professional at tossing other people's money around and not giving a shit if it sticks or not.

I don't see how she can be broke, when her dad's estate is doing well.

PennyPurple said:

I don't see how she can be broke, when her dad's estate is doing well.

"She claims financial guru Barry Siegel sold 85% of her interest in Elvis Presley Enterprises (EPE) and then gave the money to Robert F.X. Sillerman as a way of ingratiating himself with the famous investor. She says the investments tanked and left her broke."

TrivialPursuit said:

PennyPurple said:

I don't see how she can be broke, when her dad's estate is doing well.

"She claims financial guru Barry Siegel sold 85% of her interest in Elvis Presley Enterprises (EPE) and then gave the money to Robert F.X. Sillerman as a way of ingratiating himself with the famous investor. She says the investments tanked and left her broke."

So somebody somewhere's got 85% of her share of the Elvis estate? smh I know Priscilla's mad, iirc that woman worked hard. I hope Lisa's still clinging to that last 15% with both hands.

a damn shame.....she needs to hook up with courtney love ...maybe they can help each other..since they both have benn ripped off by managers

Didn't she also accuse hubby No 4 of stealing her money as well?

I'm a little bit confused here...We know about Lisa selling a chunk of her interest in Elvis Enterprises..She allowed Barry Siegel to make investments with the money..She/They gambled...

but What about Lisa's hard-to-touch Trust fund? That was always separate and there should be a Trustee..She never mentions it but it was brought up a while back..

Maybe she is a serious spender & Liar..

Jaden Smith should be taking notes. Maybe Lisa should release a trap album

Chancellor said:

I'm a little bit confused here...We know about Lisa selling a chunk of her interest in Elvis Enterprises..She allowed Barry Siegel to make investments with the money..She/They gambled...

but What about Lisa's hard-to-touch Trust fund? That was always separate and there should be a Trustee..She never mentions it but it was brought up a while back..

Maybe she is a serious spender & Liar..

When the rich say they're broke, they don't mean broke like the rest of us...

purplethunder3121 said:

Chancellor said:

I'm a little bit confused here...We know about Lisa selling a chunk of her interest in Elvis Enterprises..She allowed Barry Siegel to make investments with the money..She/They gambled...

but What about Lisa's hard-to-touch Trust fund? That was always separate and there should be a Trustee..She never mentions it but it was brought up a while back..

Maybe she is a serious spender & Liar..

When the rich say they're broke, they don't mean broke like the rest of us...

Exactly!

purplethunder3121 said:

morningsong said:

purplethunder3121 said:

When the rich say they're broke, they don't mean broke like the rest of us...

Now ain't that the truest of truths.

Sh*t........the TROOF!!!!