After months of litigation over the late Lisa Marie Presley’s inheritance, Priscilla Presley and her granddaughter Riley Keough have finally reached a settlement on her will.
Since Lisa Marie’s funeral at Graceland on January 22, the two Presley women have been at odds over her estate. Priscilla later disputed a change Lisa Marie made to her will in 2016 that named Riley as the sole trustee of The Promenade Trust rather than her grandmother and Lisa Marie’s former business manager Barry Siegel.
An adjustment filed in 2016 would have changed Lisa Marie’s initial designation of her mother, Priscilla, as a co-trustee, with Riley Keough as the beneficiary of her estate.
Priscilla Presley and Riley Keough finally come to a settlement regarding Lisa Marie’s will
Following a disagreement over an amendment deleting her from the will, Priscilla Presley, the widow of Elvis Presley, revealed on Tuesday that they had struck an agreement on their late daughter’s wealth.
At the age of 54, Lisa Marie Presley passed away abruptly from cardiac arrest in Los Angeles in January. Since 2010, Priscilla Presley and Barry have served as co-trustees. However, in 2016, they were ousted in favor of Riley and her deceased brother Benjamin Keough, who died at 27 in 2020. Priscilla previously claimed that she was unaware of this decision.
In January, Priscilla Presley filed a petition asserting that the modification was unlawful because it had not been notarized and had not been delivered to her until after her daughter’s death.
According to TMZ, on Tuesday in Los Angeles, Priscilla’s lawyer Ronson J. Shamoun told Judge Lynn Scaduto, “The parties would like to report that they’ve reached a settlement.”
“My family has resolved all confusion as it relates to our plea to the court and request for document interpretation after my daughter Lisa Marie’s untimely passing,” she said in a statement to AFP.
Elvis Presley's widow Priscilla Presley settles over their late daughter's fortune, her lawyer says. Lisa Marie Presley died suddenly in Los Angeles in January from cardiac arrest at the age of 54.https://t.co/33nAA3vwmM
— AFP News Agency (@AFP) May 16, 2023
According to PEOPLE, the attorneys for both parties said they intend to file a motion to seal the settlement agreement. However, no specifics of the settlement were made public. “The judge asked for the settlement and the motion to seal to be filed by June 12 and set another hearing in the case for August 4,” the statement said.
CNN reported that the lawyer of Priscilla Presley made the following remarks in front of the court. He said, “Everyone is happy, unified, together and excited for the future.” Riley’s lawyer, Justin Gold, informed the media source, “she is very content.”
Who owns Elvis Presley’s Graceland?
Elvis purchased Graceland for $100,000 when he was 22 years old. It now brings in millions of dollars annually. On August 16, 1977, at Graceland, Elvis Presley passed away. Vernon Presley was named executor and trustee in his testament. Vernon had managed Elvis’ personal and non-career business concerns for a long time.
Elvis’ grandmother, Minnie Mae Presley, his father, Vernon Presley, and his only child Lisa Marie Presley benefited from this. Vernon Presley was given the authority to provide money to other family members as he saw fit. This was under the terms of the will.
In 1979, Vernon Presley died due to cardiac arrest, and in the following year, 1980, Minnie Mae Presley also left the world. The only remaining inheritor of the estate was Lisa Marie Presley. The trust withheld her inheritance for her until her 25th birthday on February 1, 1993, according to Elvis’ testament.
Lisa Marie was the sole child of the late King of Rock, and Graceland is part of her fortune. Lisa Marie continued to control Graceland until her passing.
Riley’s supposed share in Elvis Presley Enterprises, which was supposed to be 15% and start in 2016, was also at risk. This investment is part of the millions of cash the Presley estate brings in yearly. However, the agreement at the time required new administration of the establishment.
They have now made Graceland, the home of Elvis Presley, open to the public. Lisa Marie Presley’s three kids, Riley Keough, Harper, and Finley Lockwood, receive the Memphis, Tennessee estate following her passing.
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