Riley Keough Will Become The Sole Trustee Of Her Late Mother’s Estate After Settling With Priscilla Presley For $1.4 Million
Usually, when someone passes, their loved ones experience the five stages of grief- denial, anger, bargaining, depression, and acceptance. But in the Presley family, there’s a six stage: fighting over money! This went down straight after Lisa Marie Presley’s unexpected passing from cardiac arrest, leaving her mother, Priscilla Presley, and her daughter Riley Keough battling it out in court for control over LM’s trust. But a few weeks ago, word broke out that the two reached the seventh stage of Presley grief- a settlement! And now, legal docs show that Riley petitioned the court to approve the settlement and make her the sole trustee.
In the settlement, Priscilla received $1.4 million from Lisa Marie’s trust in exchange for letting Riley take complete control of the estate, AKA what Lisa Marie wanted in her will to begin with. $400,000 of the $1.4 million settlement will go to paying Priscilla’s legal fees. According to ET:
In the docs obtained by ET, Riley petitions the court to approve the settlement agreement reached between her, her grandmother, Priscilla Presley, and Michael Lockwood, the Guardian Ad Litem for her two younger siblings. The settlement terms will see Riley serve as the sole trustee of her mother’s estate and the sub-trusts for her sisters, 14-year-old twins Harper and Finley Lockwood.
Riley will not charge for her services as trustee, which her lawyer, Justin Gold, writes “will save money that would have gone to Priscilla who was going to charge a trustee fee.” Her lawyer also states in the docs 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.”
Even though Riley has to cough up some of her and her sibling’s inherited dough to Priscilla, she still has the grounds to say, “suck it, granny!” after being given ownership of Elvis Presley’s Memphis mansion, Graceland. Riley will allow Priscilla to collect her belongings at Graceland and/or storage units controlled by Graceland. During settlement talks, Priscilla reportedly demanded to be buried next to Elvis at Graceland. That won’t happen, but Riley has agreed to give Priscilla a gravesite close to Elvis.
Riley will also “to the extent of her authority” allow Priscilla to be buried on the property at the Meditation Garden upon her death. The doc notes that Priscilla’s burial location “will be at the location closest to Elvis Presley without moving any existing gravesite.”
Now that the legal battle’s over, Priscilla’s claiming that everything’s sublime at the House of Presley, sharing in a statement, “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.” Um…“Resolved all confusion,”? She spelled “I got paid” wrong.