Lisa Marie’s Presley is going through some tough times. Not only is she battling her estranged and soon-to-be ex, Michael Lockwood in court, she is also squaring off with her former business manager over lost millions. lisa marie presley recently revealed that she is broke and in debt to the tune of $16 million.

What happened to Lisa Marie Presley?

The details of Presley's current financial status were forced out of her during nasty divorce proceedings after Lockwood claimed Presley was lying about her finances. Currently going through her fourth divorce, Lisa claims she does not have the means to financially support Michael.

Lockwood has requested that Lisa be ordered to pay him $40,000 a month in spousal support. There is also a nasty custody case brewing concerning the couple's twin daughters, Harper and Finley.

Not at fault

Lisa Marie Presley claims there is no way she can afford to pay Lockwood such an absurd amount of cash each month because she is not working, and she has no money. Presley claims she lost her entire fortune left to her by her famous late father, Elvis Presley. She claims her former business manager mishandled her fortune and left her broke.

Lisa is suing her former business manager, Barry Siegel. But, Siegel is also suing Lisa, claiming Lisa lived beyond her means and squandered away millions against his advisement.

Radar Online reveals that according to court documents Lisa Marie Presley is accusing Siegel of “reckless and negligent mismanagement and self-serving ambition.”

She is also suing for “breach of trust, breach of fiduciary duty, negligence, constructive fraud negligence, negligent misrepresentation, unjust enrichment, and accounting.” Siegel's lawyer is now asking the courts for a motion to move the case to Civil Court instead of probate where he could ask for a jury trial if deemed necessary.

Plans to regain financial control

Lisa Marie claims that if not for Barry Siegel's mismanagement, she should have been able to live quite well on the $2 million a year she received from 2005 onward with more than $40 million in the bank -- growing to what she believes should have been around $75 million today.

However, Siegel claims that this is not the case and most of what Lisa Marie Presley is saying is completely false.

It is an ugly situation and one that doesn't look to be settled anytime in the near future. How is Lisa Marie surviving? As previously reported, Lisa's current financial records indicate that she has only about $14,000 in cash to her name. She also revealed that she is living with her daughter rent free.

It has been reported that Lisa's mom Priscilla Presley is also making moves to help her out financially by asking that Elvis memorabilia she gave to former lovers be returned so she can sell the items and give the cash to Lisa. Lisa Marie is currently in talks to write a tell-all book of her life in hopes of making enough cash to pay off her debt and get her life straightened out financially.

Who do you believe in this Lisa Marie Presley money battle? Lisa or Barry Siegel?
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