Lisa Marie’s daughter to become sole trustee of her estate after deal with Priscilla Presley

Lisa Marie Presley’s daughter is taking over as sole trustee of her late mother’s estate, according to a proposed settlement filed in court.

Riley Keough filed a petition Monday in Los Angeles County Superior Court to approve a settlement that would involve an undisclosed payout to her grandmother, Priscilla, who agreed not to be co-trustee of the Lisa Marie Presley estate.

The petition reveals new details of an agreement reached last month to end a potentially protracted family dispute over control of Lisa Marie Presley’s estate, which includes the Graceland Mansion in Memphis, Tenn., and many of Elvis Presley’s personal possessions.

The agreement allows for Elvis’ widow, Priscilla, to be buried at Graceland, which Keough will now own, according to the filing.

A representative for Priscilla Presley was not immediately available. An attorney for Keough declined to comment.

“In 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 that would have been inimical to Lisa’s wishes and not in the best interests of the family,” Keough’s attorney Justin Gold wrote in the petition.

Earlier this year, Priscilla Presley sought to challenge the validity of a document that would have replaced her as a trustee, though she has denied that the legal maneuvers suggested any family split.

Lisa Marie Presley, 54, died in January in L.A. after a cardiac arrest. She is survived by her three daughters, actor Keough and twins Harper and Finley Lockwood, from two different marriages.

Before her passing, Lisa Marie Presley had helped oversee the King of Rock and Roll’s estate.

Lisa Marie Presley appointed her mother and then business manager Barry Siegel as co-trustees of her trust in 1993, according to court documents.

After she died on Jan. 12, her mother said she discovered an amendment to the will, dated March 11, 2016, that replaced them both as trustees upon her death. The change, if valid, would have replaced her and Siegel with Keough, 33, and Benjamin Keough, who died in 2020 at age 27.

But Priscilla Presley questioned the authenticity of Lisa Marie Presley’s signature on the document, adding that it also misspelled Priscilla Presley’s name and was not delivered to her during her daughter’s lifetime as required by the trust, court records state.

In addition, Presley said the amendment was neither witnessed nor notarized. Priscilla had expected her granddaughter Riley to succeed Siegel as co-trustee.