In a recent court filing, it was revealed that Priscilla Presley, the former wife of Elvis Presley, will receive a generous payout as part of the settlement agreement over her daughter's estate.
The settlement, approved by L.A. Superior Court Judge Lynn H. Scaduto, named Priscilla's granddaughter, Riley Keough, as the sole trustee of Lisa Marie Presley's irrevocable trust.
As part of the agreement, Priscilla resigned as co-trustee in exchange for several benefits.
When Priscilla passes away, she will be buried in the Meditation Garden at Graceland, alongside her ex-husband Elvis.
Additionally, she will have a memorial service on the iconic Memphis property, which is now owned by Keough.
Furthermore, Priscilla, who is 78 years old, will receive a lump sum payment of $1 million.
This payment will be funded by her daughter's $25 million life insurance policy.
The details of Priscilla's payout were made public last week when the unredacted copy of the agreement was filed in court.
In addition to the lump sum payment, Priscilla will also receive $100,000 annually for her role as a nonfiduciary special advisor on a trust related to Elvis Presley Enterprises.
These monthly payments are guaranteed for 10 years or until Priscilla's death, regardless of whether Keough decides to terminate her grandmother's role.
The settlement agreement also includes provisions for other beneficiaries.
Priscilla's son, Navarone Garibaldi, will benefit from his half-sister's trust, along with Lisa Marie's minor twins, Harper and Finley Lockwood.
Attorney Martin Singer has been named the trustee of the sub-trust benefiting Garibaldi, while Lisa Marie's ex-husband, Michael Lockwood, will serve as guardian ad litem for the twins.
To avoid any future complications with third parties, the court confirmed that Keough would be the sole trustee of Lisa Marie's trust.
This request was made due to the complex history of the trust, which involved multiple co-trustees and resignations over the years.
The legal dispute over Lisa Marie's estate and Elvis' legacy began after her death in January at the age of 54.
Priscilla contested her daughter's will, questioning the authenticity and validity of the appointment of Keough and her late brother as co-trustees.
The trust includes Elvis' famous Graceland property and Lisa Marie's 15% ownership of his estate.
In other news, Lisa Marie Presley recently made headlines for criticizing director Sofia Coppola's portrayal of her parents' courtship and relationship in the film “Priscilla.”
In letters written before her death, Lisa Marie expressed concerns about the film's depiction of her father, Elvis, and feared it would bring unwanted attention to her children.
According to the L.A. County medical examiner's autopsy report, Lisa Marie died from complications of a small-bowel obstruction, which was linked to previous bariatric surgery.
