After months spent at odds with her grandmother, Priscilla Presley, in a legal battle over the late Lisa Marie Presley's will, Riley Keough will get to keep her role as sole trustee of the estate.
The legal battle over the estate first started after Lisa Marie's funeral at Graceland on January 22nd, when Priscilla contested an amendment the star made to her will in 2016 which made Riley, as opposed to her grandmother and Lisa Marie's former business manager Barry Siegel, the sole trustee of The Promenade Trust.
Priscilla and Barry had been co-trustees since 2010, but in 2016, they were removed in favor of Riley and her late brother Benjamin Keough – who died by suicide at age 27 in 2020 – a decision Priscilla has previously stated she was not aware of.
Last month on May 16, the two Presley women reached a settlement agreement, though details of the discussion and agreement were not disclosed.
Now, documents obtained by People reveal that Riley, 34, petitioned the court to approve last month's settlement agreement.
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The actress' lawyer Justin Gold wrote in the petition that Riley would not be charging a trustee fee, where the sole trustee is entitled to a commission based on the service they'll provide through their duties for the role.
© Photo: Getty ImagesThe document explained that instead the beneficiaries will "all save money" that would have gone to Priscilla, who Riley claims did plan to charge a trustee fee.
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The document further read: "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."
© GettyThe lawyer also shared that Riley presides over the sub-trust for her 14-year-old twin sisters Harper and Finley, from Lisa Marie's marriage to Michael Lockwood, and she will look over and manage their portion of the trust "in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee."
© GettyPriscilla was removed as trustee from the estate on May 11, a change that will remain in effect regardless of whether Riley's petition is approved or not, because of her signing the previous settlement agreement.
© GettyShe will however be trustee of the sub-trust of her son, Lisa Marie's half-brother Navarone Garibaldi. He will reportedly receive 1/9 of the trust, with the rest to be split between Riley, Harper and Finley. Priscilla will instead be receiving a one-time, lump sum payment from the trust, though the amount has not been disclosed.
Graceland – the home that Elvis Presley bought in 1957 for $100,000 at age 22, and that today generates millions of dollars per year in revenue – is included in Lisa Marie's estate.
© GettyAlso included is a 15 percent stake in Elvis Presley Enterprises, which since 2016 was meant to go to Riley, and also contributes to the millions of dollars the Presley estate generates each year.
Since 2013, Authentic, formerly Authentic Brands Group, has owned the rights to Elvis, and though Lisa Marie remained owner of Graceland until her death, the deal called for new management of the property at the time.
