On her 25th birthday in 1993, Ms Presley inherited US$100 million from her father Elvis Presley's fortune and assets from tourist attraction Graceland.
However, the 50-year-old says she now has just US$14,000 left due to the alleged negligence of former business manager Barry Siegel.
She filed a lawsuit this week accusing him of "reckless and negligent mismanagement and self-serving ambition".
Ms Presley claims Mr Siegel sold and liquidated her assets to cover her income.
Mr Siegel and his company have countersued, saying Ms Presley's reckless spending is what cost her the fortune.