Court documents obtained by The Washington Post reveal that actress Riley Keough will assume the role of sole trustee for her mother Lisa Marie Presley’s estate. Additionally, Keough will become the owner of her grandfather Elvis Presley’s iconic Memphis mansion, Graceland.
As part of the settlement, Keough has agreed to make a lump-sum payment to her grandmother Priscilla Presley, the amount of which remains undisclosed in the court documents.
Furthermore, Keough has agreed to reimburse Priscilla Presley up to $400,000 for legal fees and costs, along with a separate $1 million payment.
According to the 95-page settlement document, Keough has also agreed to retain Presley as a “special adviser” to the trust for a period of 10 years or until her passing.
Riley Keough’s lawyer, Justin Gold, stated in the filing that this settlement will save significant legal fees and avoid intrafamily litigation that goes against Lisa’s wishes and the best interests of the family.
Gold also emphasized that Keough, as the sole trustee, will responsibly manage and invest the money in a manner that aligns with the needs of the beneficiaries, free from personal desires or influence.
Both Gold and Priscilla Presley’s attorney have yet to respond to requests for comment regarding the settlement.
The agreement, which was filed in the Los Angeles Superior Court, still requires approval from a judge and would bring an end to the ongoing legal battle over Elvis Presley’s estate trust.
Keough initially filed a petition in May to settle the estate dispute with her grandmother, after years of conflict within the Presley family, as reported by the Los Angeles Times.
According to the settlement court document, Lisa Marie had originally named Priscilla Presley and Barry Siegel as co-trustees of the trust in 1993. However, an amendment to the will was discovered after Lisa Marie’s passing, replacing Priscilla and Siegel with Keough and her late brother, Benjamin Keough.
Priscilla Presley contested the validity of the will, questioning her daughter’s signature and whether it was properly notarized, according to the L.A. Times.
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