Millions In Debt, Lisa Marie Presley Files New $100 Million Lawsuit

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Just days after revealing that she was in a heaping mountain of debt that exceeded $16 million, a lawsuit was filed on her behalf, according to TMZ, and names a former manager as the defendant in an intense claim that he cost her more than $100 million in losses from her trust fund.

Lisa Marie Presley has been in the news recently for a variety of reasons – much of them to do with her personal finances and marital life. Presley’s ex-husband, Michael Lockwood, accused her of hiding assets and wealth from the court system, demanding she pay his legal fees in excess of $450,000.

Now, Presley is trying to prove that she’s not only penniless but indebted to the tune of $16 million. On top of that, she’s suing former manager Barry Siegel for selling 85% of her stake in Elvis Presley Enterprises for $100 million and investing in the parent company of American Idol, Core Entertainment.

The transaction stems from 2005 – when American Idol was wildly popular and drawing in millions of viewers. Since that time, Core Entertainment has gone bankrupt and Presley suffered a $24.5 million loss on the investment.

In Presley’s suit, TMZ reports, she is pointing the finger of blame at Siegel for a poor management of her trust fund and failing to warn her of the financial crisis she was quickly spending her way into. She claims that the trust fund already had two mortgages that weren’t being kept up, but Siegel didn’t say anything when she went to purchase a $9 million English homestead. At the end of the day, her trust fund was left with just $14,000 in cash after Core Entertainment shut down.

Watch the clip below from Access that details her recent statement on the debt she is facing.