Priscilla Presley sued Riley Keough, claiming that Lisa Marie’s “inconsistent signature” was used and that she had been relieved of her trustee duties.
Priscilla had to complete the necessary legal paperwork to set aside money to modify Lisa Marie’s 2010 trust. With this modification, Riley and the late Ben Keough replace her and her daughter’s former business manager Barry Siegel on the trustee list.
Riley would be Lisa Marie’s sole trustee because Ben Keough committed suicide in 2020, but Priscilla wants to reverse this decision.
The date on the addition is allegedly unusual, Priscilla’s name is misspelt on the document, and Lisa Marie’s signature “appears dissonant with her usual and customary signature,” according to Priscilla, who has questioned its legality and legitimacy.
On January 29, 1993, Lisa Marie signed a revocable living trust. She revised it and then reaffirmed it on January 27, 2010.
Lisa Marie Presley “selected her mother, Petitioner, and her former business manager, Barry Siegel, as co-Trustees effective with the 2010 restatement,” the court petition claims. “.
“The 2010 Restatement also provides that Petitioner and Barry Siegel shall continue to act as co-trustees in the event of Lisa Marie Presley’s ensuing infirmity and/or demise. “.
The daughter of the King of Rock ‘n’ Roll filed a lawsuit against Siegel and Lisa Marie in 2018, claiming that Siegel had prioritised his financial interests over Lisa Marie’s. She broke off her relationship with Siegel after that.
The most recent documents filed by Priscilla state that she became aware of a record already existing and had an addition filed on March 11, 2016, following Lisa Marie’s passing.
Under court records, “the Purported 2016 Amendment removed and replaced Petitioner [Priscilla] and Barry as both current and successor Trustees of the Trust, with Lisa Marie Presley as the current Trustee and naming Lisa Marie Presley’s daughter Riley Keough (“Riley”) and son Benjamin Keough (“Benjamin”) as successor co-Trustees of the Trust upon Lisa Marie Presley’s incapacity and death. “.
According to this statement, the claimed 2016 Amendment’s validity and legality are both disputed.
The court document goes on to state:
While Lisa Marie Presley was still alive, it was necessary to provide the petitioner with the purported 2016 Amendment, as stated in the Trust’s terms. However, this was never done.
A .pdf file with the claimed trust amendment’s date was added on March 14.
Her mother’s name is misspelt in the purported 2016 Amendment that Lisa Marie Presley is said to have signed.
The signature page does not contain a list of the purported clauses of the 2016 Amendment.
Lisa Marie Presley’s signature does not reflect her typical or usual style.
The allegedly amended 2016 document was neither witnessed nor notarised.
On January 12 at 54, Lisa Marie Presley passed away. She was the only child of Elvis and Priscilla Presley. She left behind a rock and roll legacy and a rocky financial career marked by economic setbacks and disputes.
Lisa Marie is a singer-songwriter like her father, but she isn’t wealthy enough to be at the top of Forbes’ list of the highest-paid artists. According to some celebrity websites, Lisa Marie’s net worth may have been negative at the time of her death.
Elvis Presley’s former home, Graceland, which is now a popular tourist destination, was still in Lisa Marie’s possession, according to a Graceland employee quoted in the Los Angeles Times. This trust gave Lisa Marie’s children the right to inherit Graceland.
Her financial situation was made public when she filed a lawsuit against Siegel in 2018, alleging that he mismanaged her money and had reduced her $100 million trust to $14,000 in cash by 2016.
Reuters reported that Lisa Marie was accused of accruing a $500,000 credit card bill in the lawsuit.
The lawsuit claims that Lisa Marie set out on an “11-year voyage to financial ruin” in 2005.
The exact extent of Lisa’s damages, estimated to be worth more than $100 million, is unknown.
Having legally separated from musician Michael Lockwood in 2021, she brought the lawsuit.
The majority of the $16 million debt Lisa Marie claimed she owed was the result of unpaid taxes, according to TMZ. Lisa Marie made this claim during the divorce proceedings.
Most of Priscilla’s financial difficulties were attributed to a 2005 agreement to sell CKX an 85 per cent interest in the Elvis Presley Estate (EPE). This media company also owned the American Idol television program. “.
According to the Associated Press, she also received a 15% ownership in EPE, $50 million in CKX shares, and Graceland’s title.
Then, for $509 million, Apollo Global Management bought CKX.
In the case of Lisa Marie, Siegel was charged with putting his financial interests ahead of hers by using trust funds to buy a $9 million property in England.
Siegel argued that Lisa Marie’s financial issues were due to her errors in his case. Reuters reports that the complaint claimed she had “spendthrift ways” and “twice wasted” her inheritance.
But Lisa Marie, who owned Graceland and was nine years old when her father passed away, kept it, and her 15% stake in EPE likely continues to bring in a steady income.
Last year, Lisa Marie claimed that “Elvis Enterprises” paid her more than $104,000 monthly.
The case against Siegel dragged on for years.
A judge granted her motion in 2019 to stop answering subpoenas for bank information and to restrict her request for bank records from before 2016.
In 2021, the case was still unresolved.
During the 2016 divorce, Lockwood requested $263,000 annually to “enjoy a lifestyle closer to my marital state of living. “.
In addition, he demanded $40 000 in child support.
Despite having a prenuptial agreement, he complained that his lawyers had given him bad advice.
Although the dispute was resolved in her favour in 2018, Lockwood returned to court in 2021 to seek child support. She lied about her financial situation for years to avoid having to pay him support.
Despite having a $1 million book deal and writing an Elvis biography, he insisted on payment, saying she had a significant income.
The investigation was ongoing at the time of her death.
The 14-year-old twins, Finley and Harper Vivienne, of Lockwood and Lisa Marie, were the subjects of a custody dispute that appeared to be resolved last week. The musician, 61, reportedly has full custody, according to TMZ.
Insiders claim that Lockwood, with whom the musician had previously shared joint custody, had cared for the teenagers since Lisa Marie’s passing.
Danny Keough, Lisa Marie’s ex-husband, reportedly thought about applying for custody after moving back in with her to support her full-time.
Given that he already had joint custody, Lockwood could only have been denied sole custody if it had been determined that he was unfit, according to California law.
