Priscilla Presley and Riley Keough have received formal court approval for the settlement of Lisa Marie Presley's estate, avoiding a potential multimillion-dollar legal battle.
The final agreement, which was filed in Los Angeles County probate court and approved by a judge, states that upon Priscilla's death, she can be buried in the Meditation Garden of Graceland as close to Elvis as possible without disturbing any existing gravesites.
The settlement also allows Priscilla's son, Navarone Garibaldi, to participate in the memorial ceremony.
According to Rolling Stone, the settlement confirms that 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.
In addition, Riley 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 settlement also includes an agreement that Keough will make efforts to prevent litigation against Priscilla related to her name, image, and likeness.
Keough requested court approval of the settlement to provide a court order for third parties, such as the life insurance company, to confirm her sole trustee status.
The agreement emphasizes that the parties involved wish to settle all disputes as a family and avoid the time and expense of litigation.
In a petition for court approval, Keough's lawyer stated that the settlement should be considered in the context of Priscilla's previous lawsuit against the Promenade Trust.
The lawyer emphasized that the settlement saves significant legal fees and is in the best interests of the family.
It was also revealed that Priscilla received a one-time payment of $50,000 when she resigned as co-trustee of Lisa Marie's trust in May.
The shares of the trust were subsequently distributed, with Navarone receiving 1/9th of the life insurance trust and Keough and her half-sisters Harper and Finley splitting the remaining 8/9ths.
An amendment to the settlement was made on October 26, 2023, stating that lawyer Martin Singer will serve as trustee for Navarone's portion of the trust.
Lisa Marie Presley passed away on January 12, 2023, at the age of 54.
The cause of death was complications from an obstruction in her bowel.
Prior to her passing, Lisa Marie attended the Golden Globes with her mother, Priscilla, and witnessed actor Austin Butler win an award for his portrayal of Elvis.
Riley Keough spoke about the family's loss in an interview with Vanity Fair, expressing the chaos and confusion they experienced after Lisa Marie's death.
She emphasized the need for clarity regarding the family's personal and business matters.
In a statement, Priscilla expressed her gratitude that the family has resolved their issues and requested privacy to properly grieve and spend time together.
The approved settlement ensures that Priscilla's burial plans near Elvis are officially recognized and that she receives the agreed-upon payments from Lisa Marie's estate.
