According to the Las Angeles Times Lisa Marie Presley’s daughter is taking over as sole trustee of her late mother’s estate, according to a proposed settlement filed in court. Riley Keough filed a petition Monday in Los Angeles County Superior Court to approve a settlement that would involve an undisclosed payout to her grandmother, Priscilla, who agreed not to be co-trustee of the Lisa Marie Presley estate.
Elvis Presley's granddaughter has agreed to pay his wife Priscilla US$1.4 million to take control of the family trust. Riley Keough, 34, has been at loggerheads with her grandmother Priscilla, 78, since the death of Riley's mother Lisa Marie Presley in January, at the age of 54. The pair reached a deal in May, but the terms were confidential. On Wednesday, it emerged that Keough had paid US$1 million to her grandmother to relinquish control of Lisa Marie's estate.She also paid US$400,000 to cover Presley's legal fees, according to People, which obtained the documents. Priscilla Presley lost the right to be buried at Graceland next to her (ex) husband, according to The New York Post.
The petition reveals new details of an agreement reached last month to end a potentially protracted family dispute over control of Lisa Marie Presley’s estate, which includes the Graceland Mansion in Memphis, Tennessee, and many of Elvis Presley’s personal possessions. 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."
A representative for Priscilla Presley was not immediately available. An attorney for Keough declined to comment.“In settling the claims pending in Priscilla’s petition, the parties are saving significant legal fees by 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’s attorney Justin Gold wrote in the petition.
The late Lisa Marie Presley's half-brother Navarone Garibaldi Garcia - who has no relation to her father, Elvis Presley - is in line to be granted 1/9 of her trust, PEOPLE confirms.
The decision became public one month after Lisa Marie's daughter, 'Daisy Jones & the Six' actress Riley Keough, and mother, Priscilla Presley, reached an agreement over the late singer's estate. Riley - who will also become the trustee of the sub-trusts for her 14-year-old twin sisters, Harper and Finley Lockwood - will safeguard and invest the money “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee,” her lawyer, Justin Gold, wrote in the documents.
Priscilla, 78, meanwhile, will be trustee of the 1/9 sub-trust for Navarone, 36, the documents state. The rest will be split among Riley, Finley and Harper, and Priscilla will receive a one-time, lump sum payment from the trust for an undisclosed amount.
Earlier this year, Priscilla Presley sought to challenge the validity of a document that would have replaced her as a trustee, though she has denied that the legal maneuvers suggested any family split.
"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" Priscilla said in a statement to ET. "Although some media identified such a plea as a lawsuit, I want to make clear that there was never any lawsuit filed against my beloved granddaughter".
"As a family, we are pleased that we resolved this together" Priscilla continued. "My family and I hope that everyone will grant us the privacy we have needed to properly grieve Lisa Marie and spend personal time together. We love and appreciate all of you and the Presley family is stronger than ever."
The Times reported that the Elvis brand continues to generate more than US$100 million a year, and that the Presley family share of that money is “funneled” to Promenade Trust.
(Los Angeles Times / Poeple / Entertainment Tonight New York Post)