Elvis Presley's daughter has filed a lawsuit claiming that her former money manager wasted all the assets in her trust fund without telling her.
According to the lawsuit, the money manager decided to sell 85% of the stock of Elvis Presley Enterprises in 2005, in exchange for $40 million in cash and $25 million in holding company stock that owned American Idol. When the trust did not generate enough money to fund her normal lifestyle, Presley claims the money manager did not tell her.
In 2014, the American Idol Company declared bankruptcy in 2014 and the stock became worthless as well. Presley now claims the trust fund has only $14,000 and that she has debts totaling $16 million. On top of that, she is currently undergoing a divorce from her fourth husband and he is asking for $263,000 in annual alimony.
The money manager denies the accusations and is countersuing for money he claims he is owed.
Reference: Daily Mail (June 19, 2018) "Lisa Marie Presley claims her ex-money manager lost $100 million trust fund left to her by Elvis with 'reckless and negligent' investments while paying himself a salary of $700,000."