Priscilla Presley & Riley Keough Reach Agreement Over Lisa Marie Presley’s Estate
After a months-long dispute over the late Lisa Marie Presley‘s estate, her daughter Riley Keough and mother Priscilla Presley reached an agreement on May 16. “Everyone is happy. Unified and together and excited for the future,” said Ronson Shamoun, Priscilla’s lawyer
New details about the settlement were released on Monday (June 12). Riley filed a petition in the Los Angeles County Superior Court indicating she will take over as the sole trustee of her late mother’s estate. She will also own her grandfather Elvis‘ Graceland property in Memphis, Tennessee.
RELATED: RILEY KEOUGH WILL BE SOLE TRUSTEE OF MOTHER LISA MARIE PRESLEY’S ESTATE
Priscilla agreed to not serve as a co-trustee of Lisa Marie’s estate. This comes after she filed a petition in January questioning the authenticity of an amendment to Lisa Marie’s living trust that removed her as a co-trustee.
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“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,” Riley’s lawyer, Justin Gold, wrote in the new petition.
Priscilla was also granted permission to be buried at Graceland following her death, though not next to Elvis as she originally requested.
RELATED: PRISCILLA PRESLEY GRANTED REQUEST TO BE BURIED AT GRACELAND
Priscilla Issues Response To Latest Development Regarding Presley Settlement
PEOPLE obtained a declaration Priscilla filed on Wednesday (June 14) in response to Riley’s latest petition. Priscilla stated she was happy with the terms they agreed upon:
“My daughter’s passing was both devastating and heartbreaking,” she said. “We have learned that the fans realize that we are ‘Just a Family.’ Elvis would be proud and his and Lisa’s wishes are what are most important to all of us.”
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Priscilla also indicated that the original petition she filed in January was “misconstrued” as a “fight” over Lisa Marie’s trust. She said she never intended for that to happen. Rather, she wanted to “resolve all potential uncertainty” about the interpretation of the trust.
Priscilla has since fired the law firm that filed her original petition.
New Details Emerge Concerning Agreement Over Lisa Marie Presley’s Trust
Once the settlement is approved, Riley will also become the trustee of the sub-trusts established for her 14-year-old twin sisters, Harper and Finley Lockwood. She’ll be tasked with protecting their money and investing it “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee.”
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Priscilla will serve as the trustee of a sub-trust established for her son, Navarone Garibaldi, who is Lisa Marie’s half-brother. He will be granted 1/9 of the trust. The remaining part of the trust will be split between Lisa Marie’s three daughters.
The court documents PEOPLE obtained appear to indicate that Riley will give Priscilla a lump-sum payment of $1 million. These documents also state that Riley will give Priscilla an additional $400,000 payment for legal fees and costs.
A previous PEOPLE report stated a motion for hearing and approval is scheduled for August 4. We’ll continue to keep you updated as this story develops.