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. Priscilla Presley will remain a « special adviser » to the trust and receive an undisclosed annual amount for 10 years or until her death. The terms of the agreement still need 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 argued that the amendment was invalid and potentially fraudulent. The settlement ends months of legal jousting between Keough and Priscilla Presley and 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.
The Elvis brand continues to be a moneymaker, taking in more than $100 million a year. The Presley family share of those earnings is funneled to Promenade Trust, which 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 last year of $1.25 million from the trust before her death.
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