Riley Keough Settles Legal Battle With Priscilla Presley To Become Sole Trustee Of Lisa Marie Presley's Estate

Aug 07, 2023 by apost team

Lisa Marie Presley's family moved on from the strife following her demise as her mom, Priscilla Presley, and oldest daughter, Riley Keough, were once at loggerheads. The issues stemmed from Lisa Marie's trust and who would be in charge. 

After much back and forth between lawyers, the warring parties called a truce. Riley and Priscilla reached an agreement in May 2023. As stated in the agreement, Riley decided to file to become the sole trustee of her late mom's famous estate Graceland. 

On Jan. 12, 2023, the entertainment world mourned the tragic death of Elvis Presley's daughter, Lisa Marie. Per TMZ, the late star, who was a singer herself, was pronounced dead after suffering a cardiac arrest. Weeks after she was finally laid to rest at her Graceland Estate, her family made it to the news in a dispute over her trust. 

The issue was between her mom Priscilla and daughter Riley, as the former learned that the latter was made a trustee in her place. According to the documents addressing the trust, Lisa Marie had amended her trust in May 2016, replacing her mom and former manager, Barry Siegel, as co-trustees. In their place, Lisa Marie named her children Riley and the late Benjamin Keough. 

However, Priscilla felt blindsided by the amendment as she contested the content. She claimed there were several issues with the amended documents. Ultimately she and Riley allegedly stopped speaking and only communicated through their attorneys. The content of the late heiress' amended trust stated that Riley and Benjamin be sole trustees over Graceland and a 9% stake in Elvis Presley Enterprise (EPE), among others. 

Now, the matter has come to a close with a judge naming Riley as the sole trustee of her late mother’s estate.

During the heat of Priscilla's challenge and Riley's stance, insiders' contributions indicate how the trust was designated. Joel Weinshanker, a managing partner at EPE, shared his take on Elvis Radio. Weinshanker revealed that the late King of Rock 'n' Roll left everything to "his little girl."

Weinshanker noted that Elvis knew Lisa Marie would be the one to keep his legacy alive. He added that in true faith, his daughter did look out for what would be in her best interest, even in death. The business executive further stated that Lisa Marie, in turn, left it to her daughter because she knew Riley would keep the legacy on. 

Born on Feb. 1, 1968, Lisa Marie was the only child of Elvis and Priscilla Presley. Her father died in 1977 when she was 9 years old. This left her alongside her great-grandmother and grandfather as the co-trustees and Elvis's fortune. However, after the senior Presley family members passed away, she became the sole trustee. 

During her lifetime, Lisa Marie welcomed four children from two marriages. Her grown kids, Riley and the late Benjamin Keough, were from her marriage to Danny Keough. She welcomed her youngest children, twin girls Harper and Finley Lockwood, with her former husband, Michael Lockwood. After her death, Lockwood became guardian ad litem to the twins while Priscilla contested the amended trust. 

With Riley being the only alive mentioned trustee, the attention was focused on her. Away from her family's historical legacy, Riley is carving a pivotal place for herself in Hollywood. She is a seasoned actress known for her roles in film projects, including "Zola," "Mad Max: Fury Road" and "Daisy Jones & The Six."

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Riley married stunt performer Ben Smith-Petersen in 2015, which was one year after they met on the set of "Mad Max." The couple welcomed a child in early 2023. While she was locked in the drama with her grandmother, Riley leaned on her family for support. 

However, the issue with her mom's trust came close to ending when she and Priscilla reached a settlement agreement. The agreement dictated that Riley would remain her mom's sole trustee and also serve as sub-trust for her teenage sisters. According to her lawyer, Justin Gold, Riley will not charge a trustee fee as opposed to her grandmother's terms. This means that Priscilla would have charged a fee as a trustee.

The petition also stated that Riley would stay devoted to safeguarding and investing the wealth "in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee." For Priscilla, the matriarch was listed as the sub-trust for her son and Lisa Marie's stepbrother, Navarone Garibaldi, who got 1/9 of the trust. 

She would also receive an undisclosed sum as a one-time payment from Riley. Priscilla was also named as a Special Advisor to the Trust, and Riley will pay her monthly for the role. The actress will be solely in charge of Graceland, and her authority will allow Priscilla to be buried in the Meditation Garden. 

After news of the settlement made headlines, Priscilla released a statement to ET refuting claims that she and her granddaughter had a rift. She referred to the situation as "a plea to the court and request for documentation interpretation" after her daughter's death. She also noted that all was resolved, although there was never a lawsuit. 

Finally, on Aug. 4, 2023, the legal matter was put to rest when a judge named Riley the sole trustee of Lisa Marie’s trust. In line with what was negotiated with Priscilla, Riley would preside over her sisters’ Harper and Finley’s sub-trusts. Priscilla would indeed preside over the 1/9 sub-trust for her son, Garibaldi, while the other 8/9 would be divided among Riley, Harper and Finley.

Priscilla was also named “Special Advisor to the Trust,” which earned her a one-time, lump sum payment of an undisclosed amount, as well as a monthly payment from Riley, also of an undisclosed amount. 

With the development, Riley takes over all matters concerning Graceland. In this respect, she has allowed Priscilla to take any of her belongings that remain on the property or storage units under its control. “To the extent of her authority,” Riley will also ensure Priscilla is buried in Graceland’s Meditation Garden upon her passing, with the agreement noting that the exact location of her grave “will be at the location closest to Elvis Presley without moving any existing gravesite.” 

According to TMZ, Priscilla was set to receive an “impressive settlement” to drop her legal pursuit. However, there was one request that she was initially denied – her desire to be buried in Graceland next to Elvis, whom she divorced in 1973.

A factor that could’ve gone into the decision to deny her request may have had to do with the placement of those already buried in Graceland. Elvis’s grave is flanked by his father, Vernon Presley, and grandmother, Minnie May Presley, meaning if Priscilla had gotten her wish, one of the graves would have had to have been removed. Elvis’ mother, Gladys Presley, Lisa Marie and her son Benjamin were all also laid to rest in Meditation Garden.

What are your thoughts on Riley Keough and Priscilla Presley's relationship? Do you think both parties handled themselves well while settling their legal disputes? Let us know, and pass this piece on to keep other Presley family fans updated.