Lisa Marie Presley is Flat Broke Because of…American Idol?

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.

About mj santilli 33317 Articles
Founder and editor of mjsbigblog.com, home of the awesomest fan community on the net. I love cheesy singing shows of all kinds, whether reality or scripted. I adore American Idol, but also love The Voice, Glee, X Factor and more!