According to documents obtained by The Blast, the singer has sued her former business manager Barry Siegel for breach of trust, constructive and negligence fraud.
Presley says it lost her millions thanks to a subsequent investment in Core Entertainment, the company behind American Idol that went bankrupt in 2016.
Presley's suit is for over $100 million; however, this afternoon (February 22), TMZ added that Siegel has filed a counter-suit saying that Presley "refused to listen to the warnings of her most trusted advisers and her family".
Presley also claimed Siegel's business decisions left her with $500,000 in credit card debt.
Siegel's lawsuit said Lisa Marie has "twice squandered" her inheritance and she had been repeatedly told to curb "her spendthrift ways". Due to the bankruptcy of the company, the heir to the Presley's lost their savings in the amount of more than $ 24 million. In 2016, Presley filed for divorce citing irreconcilable differences and claiming Lockwood was a bad father who "took advantage" of her financially.
"The 2005 deal she is complaining about now cleared up over US$20 million in debts Lisa had incurred and netted her over US$40 million cash and a multi-million dollar income stream, most of which she managed to squander in the ensuing years".
When Siegel's investments - including a $9M English mansion - failed, Lisa Marie claimed he began liquidating her assets to supplement the Trust income.
Part of the nepotistically-privileged singer's financial troubles also stem from the fact that she hasn't worked since concluding her Storm & Grace Tour back in 2014.
In docs he just filed, Lockwood says Elvis Presley's daughter sucks at math.
1970 family portrait: Lisa Marie - whose mother is Priscilla - was only nine when "The King" died age 42 in 1977.