Lisa Marie Presley Puts Elvis’ Charities In The Poorhouse

Lisa Marie Presley, who blew through her $1 billion inheritance, has now destroyed her father’s legacy, sources charge — by running Elvis’ family charities into the ground!

Shockingly, the Presley Foundation, run by The King’s only child, had $26 in the bank to accomplish its mission of providing low-cost housing and helping the poor!

“Elvis’ daughter has made a horrible mess of things,” says a source. “She has sullied her father’s name and is destroying his charities!” Meanwhile, the four-times-divorced Lisa Marie claims she’s broke after tossing $340,000 parties and blowing massive funds on getting high.

Last summer, she lost custody of her eight-year-old twins Finley and Harper, did rehab and wound up homeless — crashing on friends’ couches — while locked in a divorce with Michael Lockwood. “She’s been in a long downward spiral,” says a source.

In 2005, Lisa Marie sold 85 percent of her stake in Graceland and Elvis’ possessions for $100 million, but kept 15 percent of the empire. Sources say under Lisa Marie’s guidance the Presley Foundation had only $26 in cash despite $112,000 in assets, according to tax filings, while the Elvis Presley Charitable Foundation had only $59,588 in the till.

A rep for Lisa Marie denies any wrongdoing. But the family friend, who insisted that she’s at the center of the chaos, said: “Elvis would be hanging his head in shame!”