Report: Elvis Fortune 'Squandered'

Elvis Presley

Lisa Marie Presley's ex-money manager paid himself an annual salary of more than $700,000 - while he was losing her $100 million fortune, Elvis's daughter claims.

Barry Siegel 'enriched himself with exorbitant fees', blasts 50-year-old Presley in new court documents filed at Los Angeles Superior Court in her lawsuit against Siegel and his company, Provident Financial Management.

According to The Daily Mail, she is accusing Siegel and his firm of running the $100 million trust fund her father set up for her 'into the ground' to just $14,000 by 'reckless and negligent' investments - the largest investment being in American Idol's holding company which ended up going bankrupt.

Siegel is counter-suing, demanding $800,000 in damages and insisting that Presley 'squandered' away her fortune because of her 'uncontrollable spending habits'.