In the wake of Lisa Marie Presley’s passing, a battle ensued over her estate between her mother, Priscilla Presley, and her daughter, Riley Keough. Priscilla, eager to assert her role in the matter, hastily sought legal action, requesting to be named co-trustee of her late daughter’s trust.
It is no secret that Lisa Marie was burdened by substantial debt at the time of her demise. As reported by Radar Online, revealed outstanding debts ranging from $3 to $4 million owed to various creditors. However, a glimmer of financial relief came through several life insurance policies, which disbursed a total of $35 million into her trust following her passing.
The beneficiaries of the trust are solely Riley and her younger twin sisters, Harper and Finley. Priscilla’s petition alleged that Lisa Marie’s will designated her and her late daughter’s former business manager, Barry Siegel, as trustees.
The worst part was that Priscilla questioned all of this.
However, she contended that an alleged 2016 amendment had surfaced, appointing Riley as the new trustee and effectively excluding her.
Adding fuel to the fire, Priscilla questioned the authenticity of Lisa Marie’s signature on the amendment, further complicating the legal proceedings. Meanwhile, sources revealed that Riley was deeply angered by her grandmother’s decision to escalate the matter to court.
In a recent development, it was unveiled that Riley, in a bid to reach a resolution, paid Priscilla a substantial sum of money. The settlement included a payment of $1 million, along with an additional $400,000 to cover legal fees. As part of their agreement, Riley will assume the sole trusteeship of Lisa Marie’s estate, bringing an end to the contentious dispute.
Seeking to protect the privacy of their financial arrangements, Riley filed a motion to seal certain portions of the petition, asserting that “the parties’ interest in maintaining this limited financial information under seal overrides any limited public right of access to this information, and supports sealing.”
The resolution of this familial conflict marks a significant step forward, allowing the family to navigate the delicate intricacies of their beloved Lisa Marie’s estate with renewed harmony. As the legal proceedings retreat from the public eye, the Presley family can now focus on preserving their cherished memories while honoring the legacy of their beloved daughter, sister, and mother.