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.
