Riley Keough has been named the sole trustee of her late mother Lisa Marie Presley's estate, ending a lengthy legal battle.
Following the death of Lisa Marie Presley in January, the question of who would control the estate of Elvis Presley and Priscilla Presley's daughter became a point of contention within the family.
Now, after almost seven months, the dispute has been resolved, with both grandmother and granddaughter claiming to be on good terms.
Priscilla Presley, in an interview with The Hollywood Reporter on August 23, acknowledged Keough as the estate's “executor.”
She stated that their relationship is amicable and that they have always been on good terms, dismissing any previous negative publicity.
Keough echoed these sentiments in an interview with Vanity Fair, assuring that her relationship with her grandmother will remain happy as it has always been.
To understand the legal dispute over Lisa Marie Presley's trust, let's take a look at the timeline of events:
The Promenade Trust is the entity that holds Elvis Presley's entire estate.
Lisa Marie Presley, as the sole heir, established a living trust in 1993 to protect her assets and determine their distribution upon her death.
She was also the sole owner of the Graceland mansion in Memphis, Tennessee.
However, court filings indicate that the trust was restated in 2010, appointing Priscilla Presley and Lisa Marie Presley's former business manager, Barry Siegel, as co-trustees.
In 2018, Lisa Marie Presley filed a $100 million lawsuit against Siegel, alleging negligence and mismanagement of her finances.
Siegel had taken over managing her finances when she inherited her father's wealth at the age of nine.
By 2016, the trust had dwindled to $14,000 in cash and over $500,000 in credit card debt.
Siegel, in turn, filed his own lawsuit against Lisa Marie Presley, accusing her of squandering her inheritance.
Lisa Marie Presley passed away on January 12 at the age of 54 after suffering a cardiac arrest.
Following her death, Priscilla Presley sought control of her daughter's trust, questioning the validity of a purported 2016 amendment that removed Priscilla and Siegel as co-trustees and replaced them with Lisa Marie Presley's children, Riley Keough and Benjamin Keough.
In May, Priscilla Presley announced that the dispute had been settled out of court.
A month later, Keough petitioned to become the sole trustee of her mother's estate, with Priscilla Presley filing a declaration of support.
The settlement agreement designated Priscilla Presley as a trustee for her son Navarone Garibaldi Garcia, while Keough and her twin sisters would split the remainder of the trust.
Priscilla Presley was officially removed as trustee for her late daughter's estate.
In August, Keough's petition was approved by the court, making her the sole trustee of Lisa Marie Presley's estate.
Both Priscilla Presley and Riley Keough have emphasized the private nature of the dispute and their amicable relationship.
Priscilla Presley stated that she is there to support Keough and help her navigate the process.
Keough expressed her admiration for her grandmother, acknowledging her role in preserving the legacy of Elvis Presley and Graceland.
She emphasized that their relationship has always been strong and that they are focused on protecting the family's legacy.
With the resolution of the trust dispute, Riley Keough now holds the responsibility of managing her mother's estate and ensuring the preservation of Elvis Presley's legacy.
