Actress Riley Keough will pay a lump sum to her grandmother and ex-wife of Elvis Presley, Priscilla Presley, as part of a settlement to resolve a dispute over custody of a family trust, according to court documents released by the court. agreed. on tuesday.
Lawyers for both parties were trying to keep the details of the agreement confidential, but the documents listed an alleged payment of $1 million.
In the 95-page petition, Keough also agreed to pay up to $400,000 in litigation costs related to a petition filed by Presley earlier this year, removing her from office in a 2016 document. challenged the validity of of an organization known as the Promenade Trust. The settlement makes Keough the sole trustee of a financial product established by her late mother, Lisa Marie, who died in January.
Keough also agreed to hire Presley as a “special advisor” to the trust and pay him an undisclosed annual sum for ten years or until his death, whichever comes first.
The terms of the contract are subject to approval by a judge in the Los Angeles Superior Court where they are filed. In exchange for Presley’s withdrawal from the trust, Keough will receive the proceeds of her mother’s life insurance policy and pay it out, the documents said.
“In resolving the claims pending in Priscilla’s petition, both parties have saved significant legal costs by avoiding litigation, which is likewise against Lisa’s wishes and not in the best interests of the family. We are also avoiding the spectacle of a lawsuit within the family that would be possible.”
If approved, the settlement would end a months-long legal battle between Keough and Presley.
Lisa Marie Presley died suddenly at the age of 54 and was subsequently buried at Graceland with Elvis. Priscilla Presley will soon file a letter in court challenging the 2016 trust amendment allegedly approved by Lisa Marie that removed Priscilla and her family’s former manager, Barry Siegel, from her trusteeship. submitted. She also named Mr Keough and her brother Benjamin Keough as joint trustees in the event of Lisa Marie’s death. (Keo died 2020, 27 years old)
Priscilla Presley’s attorney argued that the amendment was not given to Presley during Lisa Marie’s lifetime, as required by the terms of the trust, and that the amendment was invalid. The court papers also claimed that the proposed amendment was potentially fraudulent and that Lisa Marie’s signature was “inconsistent” with her usual handwriting. In the current dispute, Priscilla has asked the court to recognize herself as her trustee.
At a hearing last month, lawyers for Keough and Presley said the parties had reached a settlement, but did not disclose the details of the settlement.
Monday was the deadline set by Judge Lynn Skadoo to file additional petitions with attorneys. She has scheduled a public hearing for August 4 to formally consider approving the proposed settlement.
The Elvis brand continues to be profitable today, generating over $100 million in annual revenue. The Presley family’s share of these proceeds will be donated to the Promenade Trust. He owns a 15 percent stake in Elvis Presley Enterprises and the Graceland main building in Memphis, worth tens of millions of dollars. As The New York Times reported, Lisa Marie earned $1.25 million from the trust last year before her death.
The exact amount of the lump-sum payment Ms. Presley would receive was redacted in two instances from court documents released Tuesday. However, the statement discussing Mr. Keough’s role in collecting legal costs related to this dispute said it would be paid at the same time as the “$1 million payment” mentioned earlier in the statement discussing the lump sum.
The agreement also gave Presley the right to be buried at Graceland, near her ex-husband.
Sheerag McNeil contributed to the research.
