Lisa Marie Presley, daughter of Elvis, is flat broke. And it’s all due to the financial downfall of American Idol, she claims in a lawsuit. Does that sound a little screwy? Read the report from TMZ.
Lisa Marie says Barry Siegel ran the Trust Elvis Presley left for his daughter — and in 2005 he sold off 85% of her interest in Elvis Presley Enterprises for $100 mil. In the lawsuit docs, obtained by TMZ, she says Siegel took all of that cash and invested in a company called Core Entertainment.
Core is the parent company of “American Idol.” You could kinda understand his move — 2005 was the heyday for ‘Idol.’
Unfortunately, Core went belly-up in 2016 and, according to the docs, Lisa Marie’s stock plummeted and she lost $24.5 million. In the suit, she also blames Siegel for not warning her she was spending beyond her means. For example, she says the Trust already had 2 mortgages that were under water … when she bought a $9 million English estate. She says Siegel never sounded a single alarm.
She says the Trust was left with a mere $14k in cash after Core went bankrupt.
Siegle is filing a separate lawsuit claiming Presley’s money troubles stem for her overspending. Still, if it’s true he sunk most of her fortune into Core Media…Yikes. But I have a feeling the real truth is probably more complicated than that… ETA: For instance, CORE Media once owned the rights to licensing Elvis’ image. So her investment in CORE was probably tied up in their ownership of her father’s estate.