Priscilla Presley Is Contesting An Amendment Made To A Trust For Lisa Marie Presley’s Kids Following A Big Life Insurance Payout
As we know, the last few years of Lisa Marie Presley‘s life were marked by tragedy and struggle. Right up to the bitter end and, apparently, beyond. Even though she had cause for celebration earlier this month following the success of Baz Luhman’s Elvis at the Golden Globes, that celebration was cut short two days later when she died unexpectedly following a cardiac event. Now, even in death, it seems the ghosts of her past are determined to fuck with her in the afterlife by pitting her mother, Priscilla Presley, and her daughter Riley Keough, against each other for control of a soon-be-be flush trust fund set up for her now 14-year-old twin daughters back in 2010, thanks to a pair of life insurance policies. TMZ reports that Priscilla is contesting a possible “fraudulent” 2016 amendment to the trust, which names Riley (as well as her brother Benjamin Keough who sadly died by suicide in 2020) as trustees, overriding the initial trustees, Priscilla and Barry Sigel. Barry was Lisa Marie’s former business manager, who she sued in 2018 for allegedly mismanaging her funds and causing her to be $16 million in debt.
Why do I get the feeling that Austin Butler just miraculously started talking like Jeff Spicoli again? TMZ reports:
Lisa Marie Presley was millions of dollars in debt at the end of her life, but the moment she died, her estate was flush with cash — to the tune of $35 million.
Family sources tell TMZ … Lisa had taken out 2 life insurance policies — one for $25 million, and another for $10 million. Our sources say there may be a third $10 million policy, but it’s unclear if it’s lapsed.
What’s even more shocking … our sources say Lisa was trying to cash in the $25 million policy to pay some of the debts she owed, totaling $4 million. We’re told she had notified the insurance company and filled out the paperwork to get a lump sum of just $2 million. We’re told there was a screwup in the paperwork so the policy was never cashed in.
Our sources say Lisa was $4 million in debt when she died … of that she owed $2.5 million to the IRS. We’ve learned Lisa blew through $100 million during her adult years.
When the debts are cleared, there will be around $30 million (assuming the third policy lapsed) to distribute. We’re told Lisa’s 3 kids, Riley Keough and 14-year-old twins, Finley and Harper Lockwood, were named beneficiaries and will receive equal amounts.
Here’s where things get sticky. According to CNN, Priscilla has suspicions about the validity of an amendment Lisa Marie made to trust those funds are destined for.
In a court filing obtained by CNN, attorneys for Priscilla Presley filed a petition disputing a 2016 amendment to her daughter’s will. The petition states that Lisa Marie Presley removed her mother and her former business manager, Barry Siegel, as co-trustees and replaced them with her children Riley and Benjamin Keough. Benjamin Keough later died in 2020.
The petition alleges that, among other issues surrounding the amendment, Priscilla Presley did not receive the amendment while her daughter was alive as required by her Trust and that the document misspells Priscilla’s name. The petition also alleges the amendment was not witnessed or notarized and questions the authenticity Lisa Marie’s signature.
“[The signature] appears inconsistent with [Lisa Marie Presley’s] usual and customary signature,” the documents state.
Of course, TMZ‘s messy ass is all “things have gotten almost immediately contentious,” but neither Priscilla nor Riley have taken time out of their deep grief to call them with an update about their personal feelings. But this situation will surely be a test of Austin’s commitment to never not being Elvis when somebody inevitably catches him with a question about it on the campaign trail.
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