Riley Keough and Priscilla Presley’s settlement is approved by judge which confirms $1million payment and burial near Elvis for former wife – months after Lisa Marie’s death
The settlement between Elvis Presley’s granddaughter Riley Keough and ex-wife Priscilla Presley has been approved by a judge ten months after the death of Lisa Marie Presley.
The two had reached a settlement agreement months ago that resulted in the 34-year-old Daisy Jones And The Six actress becoming the sole trustee of her late mother’s estate and becoming the owner of the iconic Graceland mansion in Memphis, Tennessee.
The 78-year-old former Mrs. Elvis Presley will receive a $1 million lump sum funded by Lisa Marie’s life insurance policy in the settlement recently officially approved by a Los Angeles Superior Court judge, according to documents obtained by People.
Additionally, her son Navarone Garibaldi will also be a beneficiary of Lisa Marie’s trust and perhaps most importantly, Priscilla will be buried next to her ex Elvis in Graceland when she passes away.
The terms of the settlement have been reported in recent months, but the weekly publication obtained an unredacted copy of the agreement after Riley’s attorney Justin Gold requested it.
Peace: Elvis Presley’s granddaughter Riley Keough and ex-wife Priscilla Presley’s settlement has been approved by a judge 10 months after Lisa Marie Presley’s death; Priscilla, Lisa Marie and Riley are seen from left to right in Los Angeles in May 2015
Terms: The two had reached a settlement agreement months ago that resulted in the 34-year-old Daisy Jones And The Six actress becoming the sole trustee of her late mother’s estate and ownership of the iconic Memphis mansion Graceland; they are seen together in May 2016
People reports that in addition to the aforementioned lump sum, Priscilla will also be paid $100,000 per year for her role as special advisor “for her role as special advisor to the promenade trust related to its shareholder interest in Elvis Presley Enterprises, a non-fiduciary role.”
According to the paperwork, these payments will be divided into monthly installments guaranteed for 10 years or Priscilla’s death, regardless of whether Riley ever ends Priscilla’s role as special advisor.
Lisa Marie died in January after suffering cardiac arrest at her home in Calabasas, California.
It was later discovered that she died of a “small bowel obstruction” caused by bariatric surgery that she had undergone, according to the autopsy.
In August, Riley was named sole administrator of the family estate as she now owns Graceland, following a battle with her grandmother Priscilla.
The appointment was approved earlier today during a hearing before Los Angeles Superior Court Judge Lynn Healey Scaduto. Deadline reported.
Her grandmother had filed a petition in January challenging the validity of her late daughter Lisa Marie Presley’s will
The two have been at odds since Lisa Marie’s death in January this year at the age of 54. Riley is Elvis’s eldest surviving grandchild; her brother Benjamin committed suicide three years ago and she has two 14-year-old half-sisters, Harper and Finley Lockwood.
Riley Keough speaks on stage during Deadline Contenders Television at Directors Guild Of America on April 15, 2023
Riley Keough, Lisa Marie Presley and Priscilla Presley at a special screening of ELVIS, Memphis, TN, June 11, 2022
The Presley family estate is now in the hands of Keough, Elvis Presley’s granddaughter
The legal action challenged a 2016 amendment to Lisa Marie’s will that excluded Priscilla as administrator of the estate.
Lawyers for Priscilla said she was only made aware of the amendment after her daughter’s death.
The amendment removed Barry Siegel, Priscilla and Lisa Marie’s former business manager, and replaced him with Lisa Marie’s children, Riley and Benjamin Keough.
Benjamin died in 2020 after shooting himself at the family’s mansion, with sources revealing he was struggling at the time.
Keough reached an agreement with her grandmother in June of this year, agreeing to pay her $1.4 million.
She will now chair the sub-trusts of her half-sisters Harper and Finley – the daughters of Lisa Marie and her fourth husband, Michael Lockwood.
For her role, Priscilla Presley will be a special advisor to the trusts and will receive a monthly payment for her role.
The last known photo of Lisa Marie was taken just days before she passed away at the 80th annual Golden Globe Awards
Priscilla will also be buried at Graceland, Elvis Presley’s Memphis home, which will now be owned by Keough
Priscilla will also be allowed to be buried at Graceland, Elvis Presley’s home in Memphis, which will now be owned by Keough.
Keough’s attorney had previously said she would invest the money “in a manner consistent with the needs of the beneficiaries, and not influenced by the wishes of a trustee.”
The entire rancorous legal battle followed the death of Lisa Marie, who died suddenly at the age of 54 in her Calabasas home.
Sources close to Keough previously told DailyMail.com that she was “still grieving” the loss of her mother and was angry when her grandmother legally challenged the will.
When the legal battle broke out between Keough and Priscilla, “Keough hoped they could reach a settlement quickly,” the source added.
The source said the tension with Priscilla has “been very hard on” Keough, who is mother to a daughter with husband Ben Smith-Petersen.
Keough always supported her mother during her lengthy, often nasty divorce and custody disputes with her fourth husband, musician Michael Lockwood, 62, father of Lisa Marie’s twin, 14-year-old daughters, Finley and Harper.
Finley Lockwood, Lisa Marie Presley, Priscilla Presley, Riley Keough and Harper Lockwood Three Generations of Presley’s Hand and Footprint Ceremony, Los Angeles, California, June 21, 2022
Lisa Marie Presley poses for her first photo, on the lap of her mother, Priscilla, on February 5, 1968, with her father, Elvis Presley
It has been reported that Priscilla and Lisa Marie “barely spoke” shortly before the latter’s death, after Priscilla sided with Lockwood over custody of the twins.
Multiple sources told People that the mother and daughter were unable to speak despite appearing at multiple events together, including the premiere of the Elvis biopic starring Austin Butler.
“Riley was always on her mother’s side when it came to Michael (Lockwood),” a source told the magazine. “It bothered her that her grandmother and Michael flew to Lisa Marie’s funeral together.”