Priscilla Presley and Riley Keough have reached a final agreement regarding the estate of Lisa Marie Presley, avoiding a potentially costly legal battle.
The agreement, which has been approved by a judge in Los Angeles County probate court, allows Priscilla to be buried as close to Elvis as possible at Graceland and permits her son, Navarone Garibaldi, to participate in the memorial ceremony.
The agreement states that Riley agrees to allow Priscilla to be buried in the Meditation Garden of Graceland, at the location closest to Elvis, without disturbing any existing gravesites.
Additionally, Priscilla will receive a $1 million lump-sum payment from Lisa Marie's irrevocable trust, which is funded by a $25 million life insurance policy.
As part of the settlement, Keough has agreed to pay Priscilla $100,000 per year for her services as a “special advisor” to the Promenade Trust, which holds the family's shareholder interest in Elvis Presley Enterprises, Inc.
This non-fiduciary role will last for 10 years or until Priscilla's death.
The agreement also includes a provision where Keough agrees to use her best efforts to prevent Elvis Presley Enterprises, Inc., or any successor, from pursuing litigation against Priscilla related to her name, image, and likeness.
Keough requested court approval of the settlement in order to provide a court order to third parties, such as the life insurance company, to clarify that she is the sole trustee.
The parties involved in the settlement expressed their desire to avoid litigation and settle all disputes as a family.
In his petition for court approval, Keough's lawyer emphasized that the settlement should be viewed in the context of Priscilla's previous lawsuit against the Promenade Trust.
The lawyer stated that settling the claims in Priscilla's petition saves significant legal fees and avoids intra-family litigation that would not align with Lisa's wishes or the best interests of the family.
Gold confirmed that Priscilla also received a one-time payment of $50,000 when she resigned as co-trustee of Lisa Marie's irrevocable trust in May.
With Priscilla no longer a trustee, Navarone will receive 1/9th of the life insurance trust, and Keough, along with her half-sisters Harper and Finley, will split the remaining 8/9ths.
An amendment to the settlement was made on October 26, 2023, stating that lawyer Martin Singer will serve as trustee of Navarone's portion of the trust.
Lisa Marie Presley passed away on January 12, 2023, at the age of 54.
Her death was caused by complications from an obstruction in her bowel.
Both Priscilla and Keough paid tribute to Lisa Marie at her Graceland memorial.
In an interview with Vanity Fair, Keough reflected on the chaos that followed her mother's passing and the need for clarity in moving forward.
She acknowledged the complexity of their family, which includes both personal and business aspects.
In a statement released in May, Priscilla clarified that there was never a lawsuit filed against her granddaughter and expressed gratitude that the family had resolved their issues together.
She requested privacy to properly grieve Lisa Marie and spend time with her loved ones.
