Riley Keough will now be the sole trustee of her grandfather, Elvis Presley’s Graceland estate amid the family legal dispute.
The news was confirmed one month after Keough and her grandmother Priscilla Presley reached an agreement over the late Lisa Marie Presley’s estate, via People Magazine.
The Daisy Jones & the Six star, 34, had petitioned the court to approve last month’s settlement agreement in documents filed Monday in Los Angeles.
According to her lawyer, Justin Gold, the estate will be saving money if the court approves Keough since she will not charge for her services as a trustee; therefore, “the beneficiaries all save money that would have gone to Priscilla who was going to charge a trustee fee.”
He added, “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.”
Per the documents, Priscilla, 78, was officially removed as Trustee of the estate on May 11th, 2023, and that the change will remain in place whether Keough’s petition is approved or not, as Priscilla signed a settlement agreement.
The lawsuit was first filed by Priscilla, two weeks following the death of her daughter, Lisa Marie Presley, in January, in which she challenged the legitimacy of the 2016 amendment in her late daughter’s will that left Riley in-charge and ousted her and business manager Barry Siegel as trustees.
According to Entertainment Tonight, Priscilla will receive a lump sum, one-time payment from the Trust for an undisclosed amount, following the settlement.
The documents also reveal that Priscilla will now serve as ‘Special Advisor to the Trust’ while Keough would be paying her an undisclosed monthly salary for the role.
Meanwhile, apart from being the sole trustee of her mother’s estate, she will also be the trustee of the sub-trusts for her 14-year-old twin sisters Harper and Finley Lockwood. Her attorney explained that she will also safeguard and invest the money “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee.”
On the other hand, Priscilla will be Trustee of the sub-trust of her son (and Lisa Marie’s half-brother) Navarone Garibaldi, who will be granted 1/9 of the Trust.