HomeViralPriscilla Presley, Riley Keough reach settlement in real estate battle
Priscilla Presley, Riley Keough reach settlement in real estate battle
May 17, 2023
Priscilla Presley and his grandson Riley Keoughthey finally settled their fight about being late Lisa Marie Presleyproperty.
The legal dispute began four days after Lisa Marie’s memorial, when Priscilla challenged a 2016 amendment that removed her and Lisa Marie’s former business manager and handed control to Riley, Lisa Marie’s daughter, and Benjamin, her late son.
He argued that he was unaware of its existence and that Lisa Marie had not informed him as per the terms of the trust.
Read on to learn more.
“Families are happy; Everyone is happy with the settlement
A significant development and a solution have been reached in the dispute surrounding Lisa Marie Presley’s estate. On Tuesday, attorneys representing Priscilla Presley and Riley Keough successfully negotiated a settlement in a Los Angeles court.
Based on People magazine, Keough’s legal team files a confidential settlement request for Promenade and the insurance trust. Confirming the agreement, Ronsen Shamoon, Priscilla’s lawyer, spoke to the media and stated: “They agreed. Families are happy. Everyone is happy. We look forward to the future unitedly, together and excitedly.”
Justin Gold, Keough’s attorney, added, “(Riley) wouldn’t have agreed to the settlement if he wasn’t happy with it.” The next step in the process will be a hearing and motion to approve, scheduled for Aug. 4.
Priscilla Presley questioned the “authenticity” of Lisa Marie’s trust.
Tragedy struck in January when Lisa Marie Presley, the beloved daughter of iconic musician Elvis Presley and his ex-wife Priscilla, died of cardiac arrest at the age of 54.
Unfortunately, the aftermath of his death sparked debate about his trustworthiness. Four days after the “Light Out” singer’s memorial, Priscilla’s legal team filed a petition in Los Angeles challenging the “authenticity and validity” of a 2016 amendment to Lisa Marie’s living trust.
The will amendment, which removed Priscilla and Lisa Marie’s former business manager Barry Siegel as trustees, transferred the trust to Keough, Marie’s 33-year-old daughter, and her late son, Benjamin. The AT trust included the famous Graceland mansion and a substantial 15 percent stake in Elvis Presley Enterprises (which is said to generate a staggering $110 million in revenue by 2022).
Priscilla, who claimed she only knew about the 2016 amendment after her daughter’s death, argued for its invalidation on various grounds. One such argument was that Marie had failed to comply with the trust’s requirement to inform her of the changes.
However, a close friend of the deceased confirmed it People “Lisa wanted Riley and Ben to be the trustees – and all her children to be the beneficiaries.”
Priscilla Presley says she acts out of “honesty and love.”
Priscilla and Keough will be co-guardians if the court invalidates the 2016 amendment.
comment People, a source close to the family revealed, “Priscilla doesn’t want Riley to be solely responsible because then she has no say. Meanwhile, Riley doesn’t want Priscilla to get involved. A source close to Keough added: “Unfortunately, it’s a sad situation. Riley is shocked that Priscilla disputes the amendment.”
On February 3, Priscilla released a statement confirming that her actions were driven by “honesty and love”. Additionally, a source close to Lisa Marie’s ex-husband Michael Lockwood, who serves as guardian of their 14-year-old twin daughters, noted that Priscilla maintains a close relationship with Lockwood to remain involved in her grandchildren’s lives.
Lisa Marie couldn’t believe that Priscilla was acting in her “best interest”.
Insiders close to the situation have voiced Lisa Marie’s strong intention to leave her estate to her children.
According to a reliable source he spoke to People, Lisa’s motive was clear: “the ally did not feel that Priscilla had done anything for her.” The source emphasized Lisa’s commitment to living authentically and “not staying silent when taken advantage of.”
“No one can rewrite the last seven or eight years and say otherwise,” the insider added.
Joel Weinshanker, managing partner of Elvis Presley Enterprises, echoed that sentiment, expressing his commitment to honoring Lisa’s wishes. In a statement Fun tonight, Weinshanker emphasized the importance of considering what Lisa would have wanted, stating, “We just want to think about what Lisa would have wanted and what’s best for Elvis. He had no doubt that she was Riley.
He added that there was “a large amount of written information” to support Lisa’s intentions, saying she had “spoken to so many of her friends about this”. “There’s never been a question and anyone who says otherwise isn’t watching Elvis, isn’t watching Lisa, and certainly isn’t watching Riley,” he stated emphatically at the time.