Riley Keough, the granddaughter of Elvis Presley, has settled a court dispute with her grandmother, Priscilla Presley, over control of the family trust. As part of the settlement, Keough will become the sole trustee of the Promenade Trust, established by her mother, Lisa Marie Presley, who passed away earlier this year. Keough will also pay a lump-sum of $1 million to Priscilla Presley and up to $400,000 to cover her legal fees related to the petition she filed earlier this year. The settlement still needs to be approved by a judge in Los Angeles Superior Court.
The dispute arose over a 2016 amendment to the trust, which removed Priscilla Presley and the family’s former business manager as trustees and designated Keough and her brother as co-trustees in the event of Lisa Marie’s death. Priscilla Presley’s lawyers argued that the amendment was invalid and potentially fraudulent. The settlement ends months of legal jousting between Keough and Priscilla Presley.
The Promenade Trust retains 15 percent of Elvis Presley Enterprises and the main Graceland house in Memphis, making it worth tens of millions of dollars. Lisa Marie drew an income of $1.25 million from the trust last year. The settlement avoids the spectacle of intra-family litigation that would have been inimical to Lisa’s wishes and not in the best interests of the family.
Keywords: Riley Keough, Priscilla Presley, family trust, settlement, dispute, control, Promenade Trust, Lisa Marie Presley, co-trustees, legal fees, lump-sum payment, invalid, potentially fraudulent, Elvis Presley Enterprises, Graceland.
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