Lisa Marie Presley sues former manager for "reckless mismanagement" of Elvis inheritance

Lisa Marie Presley sues former manager for

The 50-year-old claimed that Siegel "placed her assets in risky ventures in hopes of attaining his own celebrity in the entertainment industry".

Lisa Marie, however, says that the subsequent investment of this money into Core Entertainment, the company behind American Idol that went bankrupt in 2016, lost her around $24.5 million, according to legal documents seen by Us Weekly.

Lisa Marie Presley, daughter of Elvis Presley, sues former manager for $100 million amidst debut rumors.

Presley says Spiegel made a decision to sell 85% of her interest in Elvis Presley Enterprises and used it to align himself with a famous investor.

"Siegel never provided Lisa with the required accounting at any time after the Core deal", the court documents read, adding that "Siegel reportedly led Lisa to believe she was in "good shape" with her finances".

The singer and daughter of music legend Elvis Presley, has sued Barry Siegel for breach of trust, negligence and constructive fraud, according to documents acquired by The Blast.

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Lisa, who is the daughter of legendary singer Elvis Presley and Priscilla Presley, filed a lawsuit against her ex-manager Barry Siegel, on Wednesday, Feb. 21, claiming that she is in thousands of dollars in debt because of Siegel. In addition to her bigger debts, the star also owes more than $47,000 in credit card debt and an estimated $250,000 in miscellaneous bills.

It comes after it was revealed Lisa was in $16.7 million of debt, which was made up of defaulted payments on the mortgage for her $6 million home in the United Kingdom, as well as unpaid income tax and nearly $50,000 in credit card bills.

She also pointed out that Siegel purchased an English estate for $9 million using the money in her trust.

"[She has] stopped paying my clients and is now blaming them for her uncontrollable spending habits".

The news of Presley deciding to sue her Siegel comes after the star announced that she was $16 million in debt following her divorce from Michael Lockwood, whom she was married to for 10 years. He blames Lisa Marie's excessive spending for her debt.

Siegel has brought a countersuit, claiming that Lisa Marie is "looking to blame others instead of taking responsibility for her actions", and that she squandered much of the fortune herself.

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