Riley Keough has been appointed as the sole trustee of her late mother Lisa Marie Presley's estate after a lengthy legal battle.
Following Lisa Marie Presley's passing in January, there were questions regarding who would control the estate of Elvis Presley and Priscilla Presley's daughter.
Now, after almost seven months since Priscilla Presley requested a judge to determine the validity of Lisa Marie Presley's will, the dispute has been resolved, with both grandmother and granddaughter claiming to be on good terms.
In an interview with The Hollywood Reporter on August 23, Priscilla Presley acknowledged Keough as the estate's “executor,” stating that it was the right decision.
She emphasized that she and Riley have always been on good terms and any suggestion otherwise was purely for publicity.
Keough echoed these sentiments in an interview with Vanity Fair, describing her relationship with her grandmother as consistently happy.
To understand the legal dispute over Lisa Marie Presley's trust, it is important to know about the Promenade Trust.
This trust holds the entire estate of Elvis Presley.
Lisa Marie Presley, as her father's sole heir, established a living trust in 1993 to protect her assets and determine their distribution after her death.
She also owned the Graceland mansion in Memphis, Tennessee.
According to court documents, the trust was completely restated on January 27, 2010, appointing Priscilla Presley and Barry Siegel, Lisa Marie's former business manager, as co-trustees.
In 2018, Lisa Marie Presley sued Siegel for negligence and mismanagement of her finances, resulting in a $100 million lawsuit.
By 2016, the trust had dwindled to $14,000 in cash and over $500,000 in credit card debt.
Siegel retaliated with an $800,000 lawsuit, accusing Lisa Marie Presley of squandering her inheritance due to her lifestyle choices.
Lisa Marie Presley tragically passed away on January 12 at the age of 54 after experiencing cardiac arrest.
Shortly after her death, Priscilla Presley filed a request to confirm her position as a trustee of Lisa Marie's estate and challenge a purported amendment to the trust made in 2016.
This amendment removed Priscilla Presley and Siegel as co-trustees and replaced them with Riley Keough and Benjamin Keough, who tragically passed away in 2020.
Priscilla Presley questioned the authenticity and validity of the 2016 amendment.
In May, she announced that the legal dispute had been settled out of court.
Subsequently, Riley Keough petitioned to be named the sole trustee of her mother's estate, which Priscilla Presley supported.
The settlement agreement designated Priscilla Presley as a trustee for her son Navarone Garibaldi Garcia, while Riley and her twin sisters, Harper and Finley Lockwood, would split the remainder of the trust.
Priscilla Presley was officially removed as trustee.
In August, the court approved Riley Keough's petition, granting her the role of sole trustee of her late mother's estate.
In interviews, both Priscilla Presley and Riley Keough emphasized that the dispute was a private matter for the family and that they were on good terms.
They expressed their commitment to each other and the preservation of Graceland and the Presley family legacy.
The resolution of the Lisa Marie Presley trust dispute brings clarity to the future management of her estate.
Riley Keough, entrusted with this responsibility, will undoubtedly ensure the preservation of her mother's legacy.
The unity between Priscilla Presley and Riley Keough demonstrates their shared commitment to preserving the memory of Elvis Presley and protecting their family's heritage.
