Lisa Marie Presley has filed a lawsuit against her business manager who allegedly mismanaged her $100 million trust and left her with only $14,000.
Barry Siegel is accused of squandering Lisa Marie's wealth "through his reckless and negligent mismanagement and self serving-ambition" and increasing her credit card debt to over $500,000, according to legal documents filed on February 21.
Lisa Marie's trust contained assets worth over $100 million, according to The Blast, and Barry reportedly "placed her assets in risky ventures in hopes of attaining his own celebrity in the entertainment industry."
The singer also claims that Barry sold 85 percent of her interest in Elvis Presley Enterprises so he could partner with a famous investor. When the venture failed, Barry allegedly began liquidating Lisa Marie's assets in order to supplement the trust income.
"[He] put his own best interests ahead of her in order to put himself in proximity to [the investor] and his celebrity circle," the legal documents state.
Barry also allegedly bought a $9 million English home using Lisa Marie's trust and defaulted on a $6.7 million payment, putting her entire estate at risk.
Lisa Marie has been rocked by a slew of legal battles in recent months. The 50-year-old is in the middle of a nasty divorce with estranged husband Michael Lockwood who claims her fortune is still worth millions.
As far as her lawsuit with Barry goes, Lisa Marie is reportedly suing for breach of trust, negligence and constructive fraud.