Riley Keough Becomes Sole Trustee of Mom Lisa Marie Presley’s Estate
Lisa Marie's daughter to become sole trustee of her will after deal with Priscilla Presley https://t.co/5W4Dgc5Cul
- LAT Entertainment (@latimesent) June 13, 2023
• Riley Keough filed a petition Monday in Los Angeles County Superior Court to approve a settlement that would involve a payout to her grandmother, Priscilla, said to be $1 million dollars. In exchange for the payout, Priscilla agreed not to be co-trustee of the Lisa Marie Presley estate, which includes the Graceland Mansion and Elvis Presley’s personal possessions. The documents say that in exchange for Presley’s resignation from the trust, Riley would issue the payment after receiving the proceeds of her mother’s life-insurance policy.
• Riley now owns Graceland. She will however allow Priscilla to retrieve any personal belongings she has at Graceland or in any storage units controlled by Graceland.
• The settlement also confirms Lisa's ex-husband, Michael Lockwood, as the guardian ad litem regarding estate matters for their 14-year-old twin daughters Harper and Finley. Riley will serve as trustee of the sub-trusts for her sisters.
• While the initial court dispute appeared to be Priscilla and Lockwood vs Keough, with the settlement, everyone has agreed to let Riley take the reins on the trust. To avoid any future issues, Riley requested a court order that she’s the sole trustee.
• In the 95-page filing, Keough also agreed to pay as much as $400,000 to cover Priscilla's legal fees related to the petition Presley filed earlier this year.
• The new agreement also revealed that Priscilla will now serve as a "Special Advisor to the Trust," with Riley paying her an undisclosed monthly amount for the role for 10 years, or until her death, whichever came first.
• The agreement also allows for Priscilla to be buried at Graceland. Riley initially refused the request but has seemed to reverse her decision. It is also stipulated that any person Priscilla names in her will be allowed to participate in the planning of her memorial service.
• Keough's lawyer said in part: "In settling the claims pending in Priscilla’s petition, the parties are...avoiding litigation and they are likewise avoiding the spectacle of intra-family litigation that would have been inimical to Lisa’s wishes and not in the best interests of the family."
• Keough will not charge for her services as trustee, which her lawyer, Justin Gold, says "will save money that would have gone to Priscilla who was going to charge a trustee fee." Her lawyer also states that Riley intends to safeguard and invest the money "in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee."
Additionally, she says that she would be “happy to provide more context” on the above assertion.
• Priscilla will serve as Trustee of the sub-trust for her son - Lisa Marie's half-brother, Navarone Garibaldi - who will be granted 1/9 of the Trust. The remaining 8/9 of the Trust will be split amongst Lisa Marie's daughters -- Riley, Finley and Harper.
• Therefore, the final beneficiaries of the Lisa Marie Presley trust are: Riley Keough, Harper Lockwood, Finley Lockwood and Navarone Garibaldi.
• Priscilla was removed as Trustee of Lisa Marie's estate on May 11, 2023. Per the legal documents, this change is binding from the moment she signed the settlement agreement, whether it is approved in court or not.
• The Lisa Marie trust owns 15% of Elvis Presley Enterprises, which brought in $100 million last year. Lisa Marie's annual income was $1.25 million from Graceland at the time of her death.
• Keough's representative and attorney has declined comment.
Source, TMZ, ET Now