Priscilla Presley filed a lawsuit against Riley Keough, alleging that she was removed from her role as trustee and that her daughter Lisa Marie’s “inconsistent signature” was used.
Priscilla had to complete legal documents to set aside funds to amend Lisa Marie’s 2010 trust. This update removes her and her daughter’s former business manager Barry Siegel from the trustee list and replaces them with Riley and the late Ben Keough.
Riley would be the sole trustee for Lisa Marie’s bequest because Ben Keough committed suicide in 2020, but Priscilla wants to overturn this move.
The date on the addition is supposedly unusual, Priscilla’s name is misspelled on the document, and Lisa Marie’s signature “appears dissonant with her usual and customary signature,” according to Priscilla, who has questioned its legality and legitimacy.
Lisa Marie signed a revocable living trust on January 29, 1993. On January 27, 2010, she updated and ultimately reiterated it.
According to the court petition, Lisa Marie Presley “selected her mother, Petitioner, and her former business manager, Barry Siegel, as co-Trustees effective as of the 2010 restatement.”
“The 2010 Restatement also states that in the event of Lisa Marie Presley’s subsequent infirmity and/or death, Petitioner and Barry Siegel shall continue to serve as co-trustees.”
In 2018, the King of Rock ‘n’ Roll’s daughter sued Siegel and Lisa Marie, saying that Siegel had placed his financial interests over Lisa Marie’s. Afterward, she severed relations with Siegel.
According to Priscilla’s most recent filings, she learned about an existing document with an addition filed on March 11, 2016, after Lisa Marie died.
According to court documents, “the Purported 2016 Amendment removed and replaced Petitioner [Priscilla] and Barry as both current and successor Trustees of the Trust, with Lisa Marie Presley as the current Trustee and naming Lisa Marie Presley’s daughter Riley Keough (“Riley”) and son Benjamin Keough (“Benjamin”) as successor co-Trustees of the Trust upon Lisa Marie Presley’s incapacity and/or death.”
“The legality and validity of the claimed 2016 Amendment are both called into question,”
The court document continues, saying:
The purported 2016 Amendment was never handed to the petitioner while Lisa Marie Presley was still alive, as required by the stated conditions of the Trust.
On March 14, a .pdf file containing the claimed trust amendment’s date was inserted.
Her mother’s name is misspelled in the supposed 2016 Amendment, which Lisa Marie Presley is said to have signed.
The alleged 2016 Amendment’s clauses are not listed on the signature page.
Lisa Marie Presley’s signature does not correspond to her usual or customary style.
The claimed 2016 Amendment was not notarized or witnessed.
Lisa Marie Presley, the only child of Elvis and Priscilla Presley, died on January 12 at the age of 54. She left behind a rock and roll legacy and a rocky financial career plagued with losses and money conflicts.
Lisa Marie, like her father, is a singer-songwriter, although she isn’t affluent enough to top Forbes’ list of the highest-paid artists. Some celebrity websites believed that Lisa Marie’s net worth may have been negative at her death.
According to a Graceland employee quoted in the Los Angeles Times, Lisa Marie still possessed a trust that allowed her children the right to inherit Graceland, Elvis Presley’s former home, now a major tourist destination.
When she sued Siegel in 2018, saying that he mismanaged her funds and reduced her $100 million trust to $14,000 in cash by 2016, a detailed picture of her financial situation became public.
According to Reuters, the lawsuit claimed that Lisa Marie had racked up a $500,000 credit card bill.
According to the lawsuit, Lisa Marie began an “11-year voyage to financial devastation” in 2005.
Lisa has sustained damages estimated to be more than $100 million but has yet to be completely determined.
She filed the lawsuit after formally divorcing musician Michael Lockwood in 2021.
According to TMZ, Lisa Marie alleged during the divorce process that she owed $16 million, most of which was due to unpaid taxes.
Priscilla ascribed most of her financial woes to a 2005 agreement to sell an 85% interest in the Elvis Presley Estate (EPE) to CKX. This media business also owned the television show “American Idol.”
According to the Associated Press, she received $50 million in CKX shares, a 15% ownership in EPE, and the title to Graceland.
Apollo Global Management then purchased CKX for $509 million.
In Lisa Marie’s case, Siegel was accused of putting his financial interests before hers by using trust funds to acquire a $9 million England property.
In his own case, Siegel contended that Lisa Marie’s financial problems resulted from her mistakes. According to Reuters, the complaint accused her of having “spendthrift ways” and said she had “twice wasted” her inheritance.
But, Lisa Marie, who was nine years old when her father died, continued to own Graceland, and her 15% investment in EPE most likely continues to generate a constant income.
Lisa Marie alleged last year that “Elvis Enterprises” paid her over $104,000 monthly.
Years passed as the case against Siegel dragged on.
In 2019, a judge granted her motion to stop responding to subpoenas for her bank information and limit her request to bank documents prior to 2016.
The case was still open in 2021.
When the two divorced in 2016, Lockwood asked for $263,000 a year to “enjoy a lifestyle closer to my marital state of living.”
He also sought $40,000 in child support.
They had a prenuptial agreement, but he claimed that his solicitors gave him bad advice.
The case was settled in her favor in 2018, but Lockwood returned to court in 2021 to collect child support. She had lied about her financial condition for years to avoid paying him support.
He insisted on payment, claiming she had lots of money thanks to her $1 million book deal and Elvis biography.
When she died, the investigation was still open.
Finley and Harper Vivienne, Lockwood and Lisa Marie’s 14-year-old twins, were the focus of a custody battle that appeared to be settled last week. According to TMZ, the 61-year-old musician has been given complete custody.
According to insiders, the teenagers had resided with Lockwood since Lisa Marie’s death, with whom the musician had previously shared joint custody.
According to the article, Lisa Marie’s ex, Danny Keough, considered filing for custody after returning to her home to help support her full-time.
Lockwood already had shared custody; therefore, under California law, he could only have been refused sole custody if it was determined that he was unfit.