Several months after reaching an agreement between Riley Keough and Priscilla Presley regarding Lisa Marie Presley’s estate, official approval has been granted by a Los Angeles Superior Court judge. Judge Lynn Scaduto affixed her signature to the agreement on Monday, solidifying various key provisions.
These include Priscilla, aged 78, receiving a $1 million lump-sum payment sourced from Lisa Marie’s $25 million life insurance policy, designating Lisa Marie’s son, Navarone Garibaldi, as a beneficiary of her trust, and specifying that Priscilla’s final resting place will be near her ex-husband Elvis Presley at Graceland.
Although several aspects of the settlement were disclosed by PEOPLE in June when Riley, aged 34, officially assumed the role of sole trustee for her late mother’s estate, the unredacted agreement was filed by Riley’s attorney, Justin Gold, and subsequently obtained by PEOPLE.
Lisa Marie Presley, Riley Keough and Priscilla Presley (Credits: Getty Images)
This unredacted version, which was initially agreed upon in May, discloses additional details. In addition to the lump-sum payment, Priscilla will receive an annual payment of $100,000 for her role as a special advisor to the Promenade Trust related to its shareholder interest in Elvis Presley Enterprises. These payments will be disbursed in monthly installments and are guaranteed for a decade or until Priscilla’s demise, regardless of whether Riley decides to terminate her role as a special advisor.
Lisa Marie Presley, Elvis Presley’s only child, passed away in January at the age of 54 due to a small bowel obstruction. After her demise, Priscilla contested the “authenticity and validity” of a 2016 amendment that removed her and Lisa Marie’s former business manager as co-trustees and entrusted the responsibilities to Lisa Marie’s children. Priscilla and Riley eventually settled their dispute, with Riley also assuming control over the sub-trusts for her 15-year-old half-sisters, Harper and Finley Lockwood, on behalf of their father, Michael Lockwood, who approved the arrangement.
The documents clarify that Riley and Lockwood insisted on court approval of the settlement due to Harper and Finley being represented by a Guardian Ad Litem, and any settlement agreement on their behalf needed the court’s endorsement. As beneficiaries, Riley, Harper, and Finley will equally share 8/9ths of Lisa Marie’s trust, while Priscilla’s son, Navarone Garibaldi, will receive the remaining 1/9.
Regarding Priscilla’s burial plans, the documents state that both she and Riley desire her interment at Graceland, with her final resting place in the Meditation Garden as close to Elvis as possible without disturbing any existing gravesites. Riley also commits to including Navarone in the planning of any memorial service, as well as any individuals named by Priscilla as her executor or participants in her will.
Probate attorney David A. Esquibias notes, “Conflict among high net-worth family members sometimes begins after the death of a family leader. In that event, typically, the deceased family member’s estate plan has become irrevocable due to his or her death. If a post-death settlement is reached among the warring family members, it typically involves a change to the deceased person’s irrevocable estate plan requiring the approval of the court.”
In an August interview with Vanity Fair, Riley expressed that her relationship with her grandmother had found a peaceful resolution. She stated, “Things with Grandma will be happy. They’ve never not been happy. There was a bit of upheaval, but now everything’s going to be how it was. She’s a beautiful woman, and she was a huge part of creating my grandfather’s legacy and Graceland… It’s a big responsibility she has tried to take on.
None of that stuff has really ever been a part of our relationship prior. She’s just been my grandma.” Priscilla, in the same month, told The Hollywood Reporter that she and her granddaughter “are on good terms.” She clarified, “We were never not on good terms. That was all publicity. We understand what needs to be done. I’m there for her. She knows that. She wants me there for her to help her.”
