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Presley, Siegel Sue Each Other Over Lavish Spending

Lisa Marie Presley is all shook up because her $100 million fortune is gone.

As Elvis Presley's only child, Lisa Marie inherited the estate through a trust when she turned 25. That was 25 years ago.

Now, she's down to $14,000. She has sued her former business manager in Los Angeles Superior Court, but he says the trust baby blew it all.

Lost Fortune -- Twice

In an answer and cross complaint, Barry Siegel says his company always informed Lisa Marie that her lavish spending was depleting her estate. He says she nearly lost everything twice.

It's a strange, sad story because Elvis also burned through his money like nobody's business. People magazine said he "passed out Caddies like corn chips, turned wretched excess into an art form and squandered untold riches on bad business deals and a traveling circus of flunkies and sycophants."

In other words, he set the standard for celebrities who lose fortunes. When Elvis died, he had $5 million left in a trust that his wife managed until their daughter became of age.

Priscilla Presley, who acted her way to more fame after he died, turned that inheritance into $100 million.

Speigel's Spending

The parties -- Lisa Marie and Provident FM, LLC -- were fighting over the estate in private arbitration until Feb. 21 when their confidentiality agreement expired. In her lawsuit, she alleges breach of trust, negligence, and constructive fraud.

The Elvis heir says Siegel bought a $9 million English home using her money, putting it at risk when he was unable to make a $6.7 balloon payment.

In the meantime, with $16 million in debts and facing an order to pay $100,000 to her estranged husband, Lisa Marie is broker than a hound dog.

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