Priscilla Presley (New York, 78 years old) and her granddaughter Riley Keough (California, 34 years old) reached an agreement on the inheritance of Lisa Marie Presley – Elvis Presley’s only daughter – in the middle of last May. After months of disagreements, the lawyers for the parties decided to announce their peace pact, although then they decided to keep the details of said agreement secret. However, the American magazine People He just got the court papers: It’s 95 pages stating, among other things, that Keough has agreed to give his grandmother a one-time payment of one million dollars to become the sole trustee of his mother Lisa Marie’s estate, an amount that had already advanced The New York Times. These papers further establish that the star of Daisy Jones & The Six will pay Priscilla another $400,000 to cover her legal fees.
These fees are related to the petition that Presley filed earlier this year challenging the validity of a 2016 document that removed her as an official part of the entity known as the Promenade Trust. With the agreement, Keough will become the sole trustee of that financial instrument established by her mother, Lisa Marie, who died suddenly in January at age 54 after suffering a cardiac arrest. Still, Keough also agreed to have her grandmother serve as “special counsel” to the trust, for which she will be paid, according to the documents, an undisclosed annual amount for 10 years or until her death, whichever comes first. .
The calculations of The New York Times reveal that the Elvis brand continues to be a powerful source of income, raking in more than $100 million a year. The Presley family’s share of those profits is funneled through the Promenade Trust, which retains 15% of Elvis Presley Enterprises and the main Graceland home in Memphis, earning it tens of millions. Lisa Marie, before her death, obtained an income of 1.25 million dollars from the trust last year, according to the same American media.
The terms of the agreement between grandmother and granddaughter still must be approved by a judge in Los Angeles Superior Court, where they were filed on Monday. These guarantee that, in exchange for Presley’s resignation from the trust, Keough will issue the hefty payment after receiving the proceeds from his mother’s life insurance policy. “By resolving the outstanding claims in Priscilla’s petition, the parties are saving significant legal fees by avoiding litigation, and they are also avoiding the spectacle of intra-family litigation that would have been hostile to Lisa’s wishes and not in the best interest of the family. ”, details the letter.
The two women went head-to-head in January, after Priscilla challenged her late daughter’s will, suggesting there were errors in its “authenticity and validity”. The agreement, when approved by the judge, will end several months of legal battles between the two.
“My family has resolved all the confusion regarding our plea to the court and the request for interpretation of documents after the untimely death of my daughter Lisa Marie,” Priscilla told the portal last month. page six in a written statement following news of the deal. “Although the media identified such a statement as a lawsuit, I want to make it clear that no lawsuit was ever filed against my beloved granddaughter. As a family, we are glad we worked this out together. My family and I hope that you will all grant us the privacy we have needed to properly mourn Lisa Marie and spend personal time together. We love and appreciate all of you and the Presley family is stronger than ever,” she concluded. Meanwhile, Keough’s attorney, Justin Gold, told CNN that his client was “very happy” with the settlement.
Whether or not the stipulations in those 95 pages are approved, the documents indicate that Priscilla was officially removed as trustee of her late daughter’s estate on May 11, 2023, and that change will remain in effect in any event, as she signed a release agreement. conciliation. As such, Riley will be solely responsible for managing her mother’s estate and the sub-trusts for her 14-year-old twin sisters, Harper and Finley Lockwood. A job for which she will not receive any economic benefit, something that she says her grandmother would have done. Priscilla, for her part, will be a trustee of the sub-trust of her son (and Lisa Marie’s half-brother) Navarone Garibaldi, who will be granted a ninth part. The rest will be split between Riley, Finley and Harper.