Presley Family Fortune Squandered, Lisa Marie Alleges

LOS ANGELES, CA — The King's family fortune has been squandered, according to a court filing by Elvis Presley's daughter and sole heir Lisa Marie Presley. The daughter of the late singer alleges her former business manager squandered the family fortune, shrinking it from $100 million fortune to just five figures.

Presley, a 50-year-old singer and songwriter, claims business manager Barry Siegel acted in his own best interests in making business decisions and wasting her fortune.

This week, a Los Angeles Superior Court judge ruled Presley's suit can proceed for now with her probate court petition. Los Angeles Superior Court Judge Robert Wada said during a hearing Monday that he was denying Barry Siegel's motion to strike Presley's petition, but that he was doing so "without prejudice," meaning Siegel can raise the issues again later if it makes sense to do so.

In their court papers asking that the petition be dismissed, Siegel's lawyers called the it "a mislabeled complaint for damages" brought in probate court instead of civil court, where Siegel would have the right to a jury trial.

Presley's lawyers stated in their court papers that the probate court is "the only tribunal that can adjudicate" her claims because they involve the decisions made by Siegel in his role as a former trustee of the Presley trust and because she wants an accounting of the trust. Wada set another hearing on Presley's petition for July 30.

City News Service and Patch staffer Paige Austin contributed to this report. Photo Credit: Matt Baron/REX/Shutterstock