Riley Keough Appointed as the Lone Trustee of Elvis Presley's Former Assets
Riley Keough, an elder member of Elvis Presley's grandchildren, has been confirmed as the sole trustee of her deceased mother Lisa Marie Presley's estate. This decision, announced on Sunday, brings an end to a legal conflict between Keough and her grandmother, Priscilla Presley, who was married to Elvis in 1967 but later divorced him in 1971, two years before his death.
A judge from the Los Angeles Superior Court, Lynn Healey Scaduto, granted Keough's solitary trusteeship on Friday. In this new role, the 34-year-old Keough inherits the entirety of her mother's estate, estimated to be worth anywhere from $400 to $500 million according to a Presley company executive's words in 2020. She also becomes the new owner of Graceland, her grandmother's former residence in Memphis, Tennessee, where Elvis once lived as well.
Lisa Marie, Elvis' only child, was initially the sole beneficiary of a trust, which involved her grandmother, Priscilla, and her former business manager, Barry Siegel, as co-trustees. In 1993, she assigned these responsibilities to Priscilla and Siegel.
Change of Trust
Responding to Lisa Marie's unexpected death in January 2023 at the age of 54, caused by a minor intestinal blockage due to previous bariatric surgery, Priscilla filed for a legal challenge of her daughter's 2016 will amendment. The amendment had ousted Priscilla and Siegel as the estate's trustees, replacing them with Lisa Marie's four offspring: Riley; Harper and Finley Lockwood, her teenage twin half-sisters; and Benjamin Keough, who tragically took his life at the age of 27 in 2020.
Priscilla's attorneys argued that their client was unaware of the amendment until after Lisa Marie's passing. They pointed out that the amendment was potentially undelivered and that it possessed spelling mistakes, lacked notarization, and displayed inconsistency in Lisa Marie's signature.
By May, the trio of Riley, Priscilla, and Michael Lockwood (Father of Harper and Finley, who was Lisa Marie's fourth spouse before they parted ways) signed a mutual settlement, refraining from disclosing any particulars of the agreement.
As a result of the settlement, Priscilla is now an advisor to the estate helmed by Riley, gaining a regular financial allowance for this new task. Additionally, she will be permitted to be laid to rest at Graceland.
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Source: www.casino.org
