What is Lisa Marie Presley‘s net worth? Well, Elvis Presley‘s only daughter may want to consider getting a new day job because writing songs doesn’t seem to be paying the bills. The 51-year-old singer’s reported net worth is just $16 million, this after she squandered her father’s $100 million fortune on bad investments, according to Celebrity Net Worth.
However, Lisa doesn’t blame herself for these financial troubles. In 2018, she filed a lawsuit against her former business manager Barry Siegel and his company, Provident Financial Management, for allegedly squandering her father’s money and leaving her with nothing but $14,000. In the court documents, obtained by the Daily Mail, she claims Barry was being “reckless and negligent” with her funds and making her invest in American Idol‘s holding company, which went bankrupt.
According to Lisa, Barry gave her more than just bad advice. She claims he was using her money to pay himself an “average annual salary of $701,000 per year” when she was losing money at a crazy rate. After Lisa became broke, she filed a lawsuit against Barry before he countersued her for a whopping $800,000 in damages.
Like Lisa, Barry honestly believed that losing Elvis’ fortune had everything to do with the other party. He says Lisa “squandered” away the money that she got from her father’s estate because she had “uncontrollable spending habits” that forced her into financial ruin.
However, Lisa alleges that Barry never gave her great advice on how to handle her money. “Had Barry disclosed the trust’s true financial condition to Lisa and restricted spending to the trust’s ‘income’ rather than its principal assets, Lisa would have lived comfortably on an annual budget of between $1.5 and $2 million per year, after taxes,” the documents read. “[But] Barry repeatedly led Lisa to believe she was in ‘good shape’ with her finances.”
Barry and Lisa still have yet to resolve their issues and are still battling it out in court.