The actress from “Daisy Jones & the Six” is the only executor of Lisa Marie Presley’s inheritance.
According to court records, Riley Keough will send her grandma Priscilla Presley a lump-sum payment of $1 million as part of a previous agreement made between the two as she takes over as the sole trustee of her late mother Lisa Marie Presley’s estate.
Riley, 34, and Priscilla, 78, came to a settlement in May; at the time, lawyers vowed to keep the contents of the deal private. And although almost all references to the payment in court filings submitted on Monday in Los Angeles have been redacted, one sentence in the 95-page filing reveals the high price.
According to the agreements, Riley will pay Priscilla $400,000 for legal expenses and costs “at the same time as the one million payment as stated in Paragraph 6 of this Agreement.”
Riley is required to make a payment to Priscilla in the aforementioned Paragraph 6, although the specific quantity is censored and is stated to “be made within 10 days after Riley’s receipt of the life insurance proceeds.” The New York Times broke the $1 million news first.
Riley is required to make the payment “after receiving the proceeds of her mother’s life-insurance policy,” as stated in the contract, in exchange for Priscilla resigning.
Riley on Monday asked the court to accept the May settlement agreement, and her lawyer Justin Gold stated that if it is, Riley won’t charge for her services as a trustee, unlike Priscilla, who, according to Gold, would have done so.
Nevertheless, according to the filings, Priscilla was formally replaced as Trustee of her late daughter’s estate on May 11, and the change will stand regardless of Riley’s petition’s outcome because Priscilla agreed to a settlement.
Representatives for Riley and Priscilla were silent.
“By 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, which would have been contrary to Lisa’s wishes and not in the best interests of the family,” Gold continues in the documents.
The petition states that Riley will act as the sole trustee of her mother’s estate as well as the sub-trusts for her twin sisters Harper and Finley Lockwood, both of whom are 14 years old. Riley will also safeguard and invest the funds “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee,” the petition states.
The records specify that Priscilla will be the Trustee of the sub-trust for her son Navarone Garibaldi, who will receive 1/9 of the Trust, and who is also Lisa Marie’s half-brother. Riley, Finley, and Harper will share the remainder.
54-year-old Lisa Marie passed away in January.
According to The Times, the Presley family’s share of the money generated by the Elvis brand is “funneled” to Promenade Trust. The Elvis brand continues to earn more than $100 million annually.
