It has been a slow month for celebrity estate planning news. Lisa Marie Presley is embroiled in a lawsuit with her financial manager claiming he mismanaged her $100 million trust and left her with $14,000. She alleges that the manager sold 85% of her ownership in Elvis Presley Enterprises in 2005 for $100 million but invested most of the proceeds in the company which owned American Idol which filed for bankruptcy in 2016. She is also in the midst of a divorce from her fourth husband who is seeking $263,000 in annual alimony payments. She claims to owe $10 million in back taxes and $6 million in other debts.
Lots to digest.
1. The manager has countersued for $800K for unpaid investment fees. He alleges that Lisa Marie has a spending problem.
2. Allegedly, $20 million of the $100 million sales proceeds were used to pay off debts she had accumulated at the time.
3. Lisa Marie’s mother was concerned enough about her ability as a high school dropout to manage the inheritance that she was able to delay the distribution from Elvis’ trust until she turned 30.
4. Call it a hunch, but I suspect that Lisa Marie’s drug abuse, uncontrolled spending, and four marriages have as much to do with the financial straits as poor fiscal management.
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License: Fair Use/Education (from linked article)
Willie DeLuca was the manager of famed Cincinnati restaurant, Sorrentos Pizzeria. He was famous for having a heart of gold, appearing on David Letterman to balance stuff on his nose, and collecting sports and entertainment memorabilia (including hair from JFK and Paul McCartney) that he valued at $1 million. DeLuca died in 2006 and left his entire estate in a testamentary trust to his only child, Enrico. The trust funds and memorabilia were distribu