The months-long legal battle over Lisa Marie Presley’s trust is finally complete, with a Los Angeles Superior Court judge giving final approval to the settlement agreement between her daughter Riley Keough and her mother, Priscilla Presley.
CNN reports Judge Lynn Scaduto signed an order on Monday confirming the settlement originally reached in May. Keough, 34, was previously approved as the sole trustee of her late mother’s estate and the owner of Graceland, but this week’s proceedings confirmed financial details of the agreement.
According to a copy of the settlement acquired by CNN, 78-year-old Priscilla will receive a one-time payment of $1 million “in exchange” for her resignation as a trustee of Lisa’s Irrevocable Trust, a fiduciary entity Lisa Marie created in 1993. That payment will come from Lisa Marie’s $25 million life insurance policy. The late singer’s daughters—Keough, along with Harper and Finley Lockwood—and her half-brother Navarone Garibaldi Garcia are beneficiaries of the policy.
Priscilla, who was married to music legend Elvis Presley for six years, will also receive $100,000 annually as a “special advisor” to the Promenade Trust, a separate trust Lisa Marie established.
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It was previously reported that Garcia, 36, will receive a one-ninth sub-trust as part of the arrangement. He is Priscilla’s son through her relationship with producer Marco Garibaldi.
Actor Keough, the star of Daisy Jones & the Six, has also agreed to cover up to $400,000 of Priscilla’s legal fees. Additionally, Priscilla has the right to be buried near Elvis in the Graceland estate’s Meditation Garden, as previously reported by The Los Angeles Times.
Lisa Marie died from a small bowel obstruction in January 2023 at age 54. That same month, Priscilla challenged an amendment to Lisa Marie’s will that named Keough and her brother, Benjamin Keough—who died by suicide in 2020—as beneficiaries of the Promenade Trust. This included control of the Graceland property in Memphis, Tennessee, as well as a 15 percent stake in Elvis Presley Enterprises.
The challenge reportedly created a rift between Keough and Priscilla that left the two on non-speaking terms. However, Keough has said their relationship is cordial following the settlement. “Things with Grandma will be happy,” she told Vanity Fair in an August interview. “They’ve never not been happy.” With the approval of the settlement putting an end to their legal drama, the entire family can officially now move forward on peaceful terms.
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Tyler Piccotti first joined the Biography.com staff as an Associate News Editor in February 2023, and before that worked almost eight years as a newspaper reporter and copy editor. He is a graduate of Syracuse University. When he's not writing and researching his next story, you can find him at the nearest amusement park, catching the latest movie, or cheering on his favorite sports teams.
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