Elvis's cash has left the building: The King's £71m fortune BLOWN

Lisa Marie Presley Sues Business Manager, Claims He Turned $100 Million into $14000

According to the documents filed on February 21, and obtained by The Blast, the late Elvis Presley's daughter is accusing Barry Siegel of dissipating her wealth "through his reckless and negligent mismanagement and self serving-ambition".

Elvis Presley's fortune had dwindled to a few million dollars at the time of his death in 1977, but the power of the Presley brand - including the tourist attraction Graceland - meant that assets were built back up into the $100m trust that Lisa Marie inherited.

She alleges that he then invested the entire amount in a company called Core Entertainment, which owns the rights to the American Idol franchise in 2005 when the reality singing competition was still a ratings giant. Core went bankrupt in 2016, and as a result, Presley claims she lost $24.5 million.

Ms Presley claims Mr Siegel sold and liquidated her assets to cover her income.

"Siegel never provided Lisa with the required accounting at any time after the Core deal", the court documents read, adding that "Siegel reportedly led Lisa to believe she was in "good shape" with her finances".

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Lisa Marie, the only daughter of Elvis and his wife Priscilla Presley, was recently in the press regarding the fallout of her divorce from fourth husband Michael Lockwood in June 2016. Presley also owes $263,050 in professional frees, $47,844 in credit card debt and an estimate of $250,000 in miscellaneous unpaid bills.

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.

Presley also points out a $9 million English home was bought by Spiegel using the Trust's money, and he put her entire fortune at risk when he couldn't make the $6.7 million balloon payment.

Earlier this month, the daughter of Elvis Presley revealed she owes unpaid taxes from 2012 to 2015, totalling more than $10 million.

"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", Siegel's attorney told The Blast.

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