Late Lisa Marie Presley’s daughter Riley Keough takes over multimillion-dollar estate of her mother
Lisa Marie Presley’s daughter, Riley Keough, has officially taken over her mother’s multimillion-dollar estate after her mother’s death in January. The two parties involved, Keough and Priscilla Presley, reached an agreement about a month ago after a bitter family feud over who should have custody of Lisa Marie’s young twin daughters Harper and Finley, among other things.
Keough takes over her mother’s estate
Riley Keough, 34, is now the sole trustee of her late mother’s estate, a move that was approved by the court in Los Angeles after they reached an agreement. Keough is the daughter of Lisa Marie Presley and granddaughter of Elvis Presley. According to documents seen by People, Keough petitioned court to approve the settlement agreement with her grandmother, Priscilla Presley to be in charge of her late mother’s estate. She is also the sub-trustee for her 14-year-old twin sisters Harper and Finley Lockwood.
Priscilla was removed as trustee of the estate
As of May 11, 2021, Priscilla Presley, 78, was officially removed as the trustee of Lisa Marie’s estate, according to documents. She will only be Trustee of the sub-trust of her son Navarone Garibaldi, as well as of late Lisa’s half-brother. Garibaldi will be granted 1/9 of the Trust, and the rest will be distributed among Riley, Finley and Harper. Priscilla is set to be given a lump sum one-time payment for the trust, an amount that remains undisclosed.
Lawyers for Keough and Presley settle in court
The bitter family feud over Lisa Marie Presley’s estate has been going on for some time now, but lawyers for both parties announced at a Los Angeles probate court that a settlement had been reached in May 2021, to end the legal dispute. The announcement was made after Keough and Priscilla reached an agreement. This agreement comes after months of tension and drama between the two family members over the multi-million dollar estate of late Lisa Marie Presley.
Keough invests the money in a manner consistent with the needs of the beneficiaries
Riley Keough plans to invest the money “in a manner consistent with the needs of the beneficiaries and not influenced by the desire of a trustee,” according to her lawyer, Justin Gold. Gold said that if the court approves the petition to be the sole trustee of her mother’s estate, Keough will not charge for her services as a trustee. This is good news for Harper and Finley and other beneficiaries, as they will save money that would have gone to Priscilla, who was going to charge a trustee fee.
The beneficiaries will avoid litigation fees and intra-family litigation
The settlement reached by Keough and Priscilla means that the parties are saving significant legal fees by avoiding litigation and the spectacle of intra-family litigation that would have been inimical to Lisa’s wishes and not in their best interests. The beneficiaries may have suffered some drama and tension, but they would have had to pay an exorbitant amount for legal fees without reaching a settlement.
Riley is happy with the settlement
Gold stated that Riley would not have agreed to the settlement if she were not happy with it. Several sources indicate that Riley was furious every time her grandmother appeared to side with Michael Lockwood, the twin’s father, during her mother’s divorce and custody disputes. However, despite the bitterness and tension in past months, “Riley is relieved to have settled the dispute over her mom’s estate,” according to an insider cited by People.
Riley’s mother and grandmother did not have a good relationship
According to several sources and insiders, Lisa Marie and Priscilla were barely talking before Lisa Marie’s tragic death. Though this is a horrible fact about the family, it isn’t uncommon in families with high profile individuals. Both appeared at various events together, including the premiere for the Elvis biopic starring Austin Butler. “Riley was always on her mom’s side when it came to Michael [Lockwood],” a source said. “It bothered her that her grandmother and Michael flew to [Lisa Marie’s] funeral together.”
The settlement leaves everyone happy and excited for the future
Priscilla’s attorney Ronson Shamoun announced after the agreement in court that when Priscilla and Riley reached the agreement back in May, Priscilla had said that the “Presley family is stronger than ever.” “They have reached a settlement. Families are happy,” Shamoun said. “Everyone is happy. Unified and together and excited for the future.”
Despite the controversies, Riley Keough is now the sole trustee of her late mother’s multimillion-dollar estate, following months of bitter fighting and court battles. The settlement with Keough and Priscilla will save significant legal fees while avoiding intra-family litigation that would have been inimical to the wishes of Lisa Marie Presley and not in the beneficiaries’ best interests. The beneficiaries will not have to pay exorbitant fees charged by prospective trustees like Priscilla. Riley is happy with the settlement, and everyone is happy, unified, and excited about the future.
What is the dispute between Priscilla Presley and Lisa Marie’s daughter, Riley Keough?
Priscilla Presley challenged the will of late Lisa Marie Presley, which left control of Lisa Marie’s wealthy Promenade Trust to her daughter, Riley Keough. The move led to months of tension and bitter fighting, with both women taking legal action against each other.
Who settled the dispute over the late Lisa Marie Presley’s multimillion-dollar estate?
Riley Keough and her grandmother, Priscilla Presley, settled the dispute in court, after a bitterly fought legal battle over who should have custody of Lisa Marie’s young twin daughters Harper and Finley, among other things. Keough is now the sole trustee of her late mother’s estate.
What part did Michael Lockwood play in the dispute over Lisa Marie Presley’s estate?
Michael Lockwood, Lisa Marie’s ex-husband, was at the center of several custody battles during his divorce from Lisa Marie. During the dispute over Lisa Marie’s estate, Priscilla Presley reportedly sided with Lockwood over custody of the twins, which upset Riley Keough.
Why was Priscilla Presley removed as trustee of Lisa Marie Presley’s estate?
Priscilla Presley was officially removed as trustee of Lisa Marie Presley’s estate on May 11, 2021. This came after an agreement was reached in court between her and Lisa Marie’s daughter, Riley Keough, who is now the sole trustee of her mother’s multimillion-dollar estate.
What happens to the money from Lisa Marie Presley’s estate?
Riley Keough plans to invest the money from her mother’s estate “in a manner consistent with the needs of the beneficiaries and not influenced by the desire of a trustee,” according to her lawyer, Justin Gold. If the court approves Keough’s petition to be the sole trustee of her mother’s estate, she will not charge for her services as a trustee.