Riley Keough will pay her grandmother, Priscilla Presley, a lump sum of $1 million as part of a previous settlement between the two as she takes over as the sole trustee of her late mother Lisa Marie Presley's estate, according to court documents obtained by People magazine.
The pair reached the settlement in May but details of the agreement were kept confidential. However, the legal documents filed Monday in Los Angeles, which have largely been redacted, reveal the hefty price tag. They further reveal that Riley Keough will pay Priscilla Presley $400,000 for legal fees and costs, People reported.
Priscilla Presley was officially removed as trustee of her late daughter's estate on May 1. The change will remain in place despite Riley Keough petitioning the court Monday to approve the May settlement agreement, according to People.
Lisa Marie Presley, the only child of Elvis Presley and his ex-wife Priscilla Presley, died at a California hospital at age 54 on Jan. 12 after paramedics answered a 911 call reporting a woman in cardiac arrest.
Soon after, Priscilla Presley rushed to court to dispute the validity of a 2016 amendment to Lisa Marie Presley's living trust that removed Priscilla Presley and a former business manager as trustees and replaced them with Lisa Marie Presley's two oldest children, Riley Keough and Benjamin Keough, if she died or became incapacitated. Benjamin Keough died in 2020.
In the court documents, Riley Keough's attorney, Justin Gold writes: "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."
According to the petition, Riley Keough will serve as the sole trustee of her mother’s estate and of the sub-trusts for her 14-year-old twin sisters Harper and Finley Lockwood. Further, she 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."
Meanwhile, Priscilla Presley will be the trustee of the sub-trust of her son Navarone Garibaldi, Lisa Marie Presley’s half-brother, who will be granted 1/9 of the trust.
Zoe Papadakis ✉
Zoe Papadakis is a Newsmax writer based in South Africa with two decades of experience specializing in media and entertainment. She has been in the news industry as a reporter, writer and editor for newspapers, magazine and websites.
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