The sole executor of Lisa Marie Presley’s inheritance is the actress from “Daisy Jones and the Six.”.
As part of an earlier agreement they made, Riley Keough will, as the sole trustee of her late mother Lisa Marie Presley’s estate, send her grandmother Priscilla Presley a lump-sum payment of $1 million, according to court documents.
In May, Riley, 34, and Priscilla, 78, reached a settlement. At the time, the attorneys agreed to keep the terms of the agreement confidential. Furthermore, despite the fact that almost all references to the payment in court documents filed on Monday in Los Angeles have been redacted, one sentence in the 95-page filing reveals the high cost.
The agreements state that Riley will give Priscilla $400,000 in legal fees and costs “at the same time as the one million payment as stated in Paragraph 6 of this Agreement” for Riley’s legal representation. ”.
The aforementioned Paragraph 6 states that Riley must “be made within 10 days after Riley’s receipt of the life insurance proceeds,” but the amount Riley must pay Priscilla is censored. The $1 million news was initially published by The New York Times.
Riley’s payment is due “after receiving the proceeds of her mother’s life insurance policy,” as stated in the contract, in exchange for Priscilla’s resignation.
Riley on Monday asked the court to accept the May settlement agreement, and her attorney Justin Gold stated that if it is, Riley won’t charge for her services as a trustee, in contrast to Priscilla, who, according to Gold, would have done so.
However, according to the documents, Priscilla was formally replaced as Trustee of her late daughter’s estate on May 11, and the modification will stand regardless of the outcome of Riley’s petition because Priscilla consented to a settlement.
Riley and Priscilla’s apologists remained silent.
“By settling the claims pending in Priscilla’s Petition, the parties are saving significant legal fees by avoiding litigation, and they are likewise avoiding the spectacle of intra-family litigation, which would have been contrary to Lisa’s wishes and not in the best interests of the family,” Gold writes in the documents.
According to the petition, Riley will serve as the sole trustee of her mother’s estate and the sub-trusts for her twin sisters Harper and Finley Lockwood, both of whom are 14 years old. Riley will also manage and invest the money “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee,” the petition states.
The documents state that Priscilla will serve as the trustee of the sub-trust for her half-brother Navarone Garibaldi, who will receive 1/9 of the Trust and is also Priscilla’s son. The rest will be split between Riley, Finley, and Harper.
Lisa Marie, 54, passed away in January.
The Times claims that a portion of the revenue generated by the Elvis brand is “funneled” to Promenade Trust on behalf of the Presley family. More than $100 million is still made each year from the Elvis brand.
