A judge has approved the settlement agreement between Priscilla Presley and her granddaughter, actor Riley Keough, over Lisa Marie Presley’s estate and, by extension, the estate of the King of Rock ‘n’ Roll, Elvis Presley.
The order, signed Monday by L.A. Superior Court Judge Lynn H. Scaduto and filed Wednesday, officially named Keough, Elvis’ granddaughter and star of “Daisy Jones & the Six,” as the sole trustee of her mother’s irrevocable trust. As part of the May settlement agreement, Priscilla resigned as a co-trustee in exchange for other benefits that were revealed in a recent court filing.
As proposed in June, when Priscilla dies, she will be buried in the Meditation Garden at Graceland in an available grave site closest to her ex-husband, Elvis, to whom she was married from 1967 to 1973. She’ll also receive a memorial service on the iconic Memphis, Tennessee, property, which Keough now owns.
Additionally, the 78-year-old matriarch will receive a $1 million lump-sum payment that will be funded by her daughter’s $25 million life insurance policy, according to the ex parte petition to approve the settlement reviewed by the L.A. Times.
The family reached the settlement agreement in May, and while more details were made available in June, Priscilla’s specific payout details were made public only last week when Keough’s attorney filed a lengthy, unredacted copy of the agreement in L.A. Superior Court.
The document also said Priscilla will be paid $100,000 annually for her nonfiduciary special adviser role on a trust relating to Elvis Presley Enterprises. The monthly payments are guaranteed for 10 years or until Priscilla’s death, regardless of whether Keough ever terminates her grandmother’s role as special adviser.
Under the agreement, Priscilla’s son, Navarone Garibaldi, has been named among the beneficiaries of his half-sister’s trust, along with Keough and Lisa Marie’s minor twins, Harper and Finley Lockwood. Attorney Martin Singer has been named the trustee of the sub-trust benefiting Garibaldi, the documents said, and Lisa Marie’s ex-husband, Michael Lockwood, will serve as guardian ad litem for the former couple’s twin daughters. (Keough is in charge of the 15-year-olds’ sub-trusts.)
And, to avoid any future issues with third parties, the court confirmed the June proposal that Keough would be the sole trustee of Lisa Marie’s trust — a request made because of the convoluted history of the trust, which included multiple co-trustees and resignations over the years.
“In sum, Riley simply wants to have a Court Order she can deliver to third parties, such as the life insurance company, as appropriate, to clarify that she is the sole trustee and avoid unnecessary delays associated with third parties needing to determine who the trustee is,” the agreement said.
The tense legal dispute over Lisa Marie’s estate and Elvis’ legacy erupted after her death in January at age 54. Priscilla challenged her daughter’s will weeks later, contesting “the authenticity and validity” of Lisa Marie’s 2016 appointment of Keough and her late brother, Benjamin Keough as co-trustees. The trust includes Elvis’ iconic Graceland property in Memphis and Lisa Marie’s remaining 15% ownership of his estate.
Lisa Marie Presley was back in the news earlier this week for a diatribe reportedly directed at “Priscilla” director Sofia Coppola. Variety said the singer rejected the filmmaker’s take on her parents’ courtship and relationship, which began in 1959 when Priscilla was 14 and Elvis was 24. (The film, which is being hailed as one of Coppola’s best in years, is based on Priscilla’s 1985 memoir, “Elvis and Me.”)
In the letters, written by Lisa Marie about four months before her death, she told the “Virgin Suicides” director that the writing in the film was “shockingly vengeful and contemptuous.” She also claimed to fear that the movie would bring unwanted attention to Elvis and Priscilla’s grandchildren, who had already been grieving the loss of Lisa Marie’s son, Benjamin.
“I am worried that my mother isn’t seeing the nuance here or realizing the way in which Elvis will be perceived when this movie comes out,” Lisa Marie wrote, per Variety. “I feel protective over my mother who has spent her whole life elevating my father’s legacy. I am worried she doesn’t understand the intentions behind this film or the outcome it will have.”
In July, the L.A. County medical examiner’s autopsy report found that Lisa Marie Presley died from complications of a small-bowel obstruction, which was linked to previous bariatric surgery.
___
© 2023 Los Angeles Times
Distributed by Tribune Content Agency, LLC.
