Riley Keough, who will soon become sole trustee of her late mother Lisa Marie Presley’s estate, has already settled with her grandmother Priscilla Presley for $1 million in a flat amount, according to court documents acquired by PEOPLE.
In May, attorneys for Riley, age 34, and Priscilla, age 78, said they had settled their case and that the terms of the payment would remain private. In court filings submitted on Monday in Los Angeles, practically all references to the payment are redacted; nevertheless, one sentence buried deep inside the filing of 95 pages shows the exorbitant price tag.
Priscilla will receive $400,000 from Riley “at the same time as the one million payment as stated in Paragraph 6 of this Agreement.” per the docs. The amount of the payment that “shall be made within 10 days after Riley’s receipt of the life insurance proceeds” from Paragraph 6 to Priscilla is blacked out.
New York Times readers were the first to learn of the million-dollar sum. Riley is to issue the payout “after receiving the proceeds of her mother’s life-insurance policy,” as stated in the documents, in exchange for Priscilla’s resignation.
The below tweet verifies the news:
Riley Keough to Pay Priscilla Presley $1 Million and $400K in Legal Fees to Settle Family Trust Suit https://t.co/EQsbSYoAWI
— People (@people) June 14, 2023
On Monday, Riley asked the court to approve the settlement deal reached in May. Her attorney, Justin Gold, wrote that if the settlement is allowed, the Daisy Jones & the Six actress will not charge for her services as a trustee, as he believes Priscilla would have.
Official paperwork shows that Priscilla’s daughter’s estate had her removed as Trustee on May 11, and that this change will stand regardless of the outcome of Riley’s petition. There was silence from Priscilla and Riley’s representatives.
Gold writes in the paperwork, “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.”
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Riley will be the sole trustee of her mother’s estate and of the sub-trusts for her 14-year-old twin sisters Harper and Finley Lockwood, and she will protect and invest the money “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee,” according to the petition.
Navarone Garibaldi, Priscilla’s son and Lisa Marie’s half-brother, will receive one-ninth of the Trust, and Priscilla will serve as Trustee of his sub-trust. Riley, Finley, and Harper will share the remaining funds. In January, at age 54, Lisa Marie passed away.
According to the Times, the Elvis brand still brings in over $100 million annually, with the Presley family’s cut being “funneled” to Promenade Trust.
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