Presley is supposedly $16 million in debt, an incredible figure considering her father left her over $100 million in a trust.
The 50 year old daughter of Elvis Presley claims that the $100 million she inherited has been mismanaged nearly in its entirety by Siegel because of poor investments he made on the estate's behalf.
In 2005, Siegel sold 85% of Lisa Marie's shares in Elvis Presley Enterprises, which he says "cleared up over $20m in debts Lisa had incurred and netted her over $40m cash and a multi-million dollar income stream". In the mid-2000s, that seemed like a very solid investment, but Core Entertainment went bankrupt in 2016.
Presley's suit is for over $100 million; however, this afternoon (February 22), TMZ added that Siegel has filed a counter-suit saying that Presley "refused to listen to the warnings of her most trusted advisers and her family".
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 previously admitted to being $16M in debt, mostly due to unpaid taxes from 2012-2015, last week in divorce documents regarding her estranged fourth husband Michael Lockwood - according to TMZ. She also has unpaid credit card debt and attorneys' fees she has yet to take care of.
However, Core filed for bankruptcy in 2016, which Presley says cost her US$24.5 million.
After their deaths, Lisa Marie officially came into her inheritance in 1993, and she still reportedly owns his 18-room mansion-turned-museum, Graceland, in Tennessee.
Lisa Marie was just 9 years old when her father, Elvis, died in 1977.
Lockwood stated in the court documents that those figures would mean she owes more than she made in income that year.
In a statement he said: "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".