Lisa-Marie Presley alleges her $135 million trust fund has been whittled down to just $20,000 thanks to an ex-manager’s dodgy investments.
In court documents obtained by the Daily Mail, 50-year-old Presley claims her former manager Barry Siegel and his company Provident Financial Management assured her her finances were in “good shape” as her trust was drained almost in its entirety.
“Had Siegel disclosed the the trust’s true financial condition to Presley and restricted spending to the trust’s “income” rather than its principal assets, Presley would have lived comfortably on an annual budget of between $1.5 and $2 million per year, after taxes,” the documents allege.
“On this budget, Siegel’s lucrative compensation package would have amounted to between 40 to 50 per cent of Presley’s post-tax annual budget – an amount she undoubtedly would not have agreed to had she been aware of her true financial condition.”
