Riley Keough Became The Sole Trustee of LMP’s Estate After Legal Battle With Priscilla
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Family matters. Lisa Marie Presley’s sudden death shocked the world and her family. As one of Elvis’ beneficiaries in his will, Lisa Marie Presley inherited his whole estate after the death of her father. So who’s next in line?
Lisa Marie died on the evening of January 12, 2023. She was 54 years old. Her mother, Priscilla Presley, confirmed her death. “It is with a heavy heart that I must share the devastating news that my beautiful daughter Lisa Marie has left us,” Priscilla said in a statement at the time. “She was the most passionate strong and loving woman I have ever known. We ask for privacy as we try to deal with this profound loss. Thank you for the love and prayers. At this time there will be no further comment.”
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How Did Lisa Marie Presley Die? Her Death Was Shockingly Similar to Her Father Elvis
Priscilla Presley's Net Worth Includes 'Millions' In Daughter Lisa Marie's Trust Settlement
Hours before Lisa Marie’s death, Elvis’ daughter was rushed to the hospital after suffering a cardiac arrest. According to TMZ, EMTs responded to a cardiac arrest call at Lisa Marie’s home after she was found unresponsive in her bedroom by her housekeeper. TMZ reported that Lisa Marie’s ex-husband, Danny Keough, performed CPR on her until the paramedics arrived and took over. After noticing Lisa Marie had “signs of life,” the paramedics transferred her to a local hospital for “immediate medical care,” where she later died, according to People.
Elvis & Me by Priscilla Presley
In January 2023, two weeks after Lisa Marie’s death, her mother and Elvis’ ex-wife Priscilla Presley filed legal documents to dismiss an amendment in Lisa Marie’s trust, according to TMZ. Priscilla and Elvis’ manager, Barry Siegel, were named trustees of Lisa Marie’s trust after her father’s death in 1977. Between that time and Lisa Marie’s death, there was an amendment in the trust replacing Priscilla and Siegel as trustees and appointing Lisa Marie’s eldest children, Riley and Benjamin, instead. Benjamin died in 2020, before his mother’s death. Priscilla claimed in her 2023 legal filings that the amendment may be fraudulent as it was never delivered to her. She also contended that the date seemed suspicious, the document misspelled her name, and Lisa Marie’s signature “appears inconsistent with her usual and customary signature.” Priscilla filed for the amendment to be declared invalid.
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So who will inherit Lisa Marie’s estate, Priscilla Presley or Riley Keough? Read on for what we know about who will inherit Lisa Marie’s estate.
Who will inherit Lisa Marie’s estate?
Who will inherit Lisa Marie Presley’s estate? According to Entertainment Tonight and court documents filed in Los Angeles on June 12, 2023, Riley Keough reached a settlement with her grandmother, Priscilla. The settlement terms will see the Daisy Jones & The Six actor serve as the sole trustee of her mother’s estate and the sub-trusts for her sisters, twins Harper and Finley Lockwood.
Priscilla will also receive a lump sum, one-time payment from the Trust for an undisclosed amount and she was removed as trustee of Lisa Marie’s estate on May 11, 2023. According to People, Keough’s attorney, Justin Gold, wrote: “In settling the claims pending in Priscilla’s Petition, the parties are saving significant legal fees by avoiding litigation, and they are likewise avoiding the spectacle of intra-family litigation that would have been inimical to Lisa’s wishes and not in the best interests of the family.”
He added: “In settling the claims pending in Priscilla’s Petition, the parties are saving significant legal fees by avoiding litigation, and they are likewise avoiding the spectacle of intra-family litigation that would have been inimical to Lisa’s wishes and not in the best interests of the family.”
After Lisa Marie’s death in 2023, Graceland and her trust were inherited by her daughters, Keough and Harper and Finley Lockwood, a representative for Graceland confirmed to People. Lisa Marie shared Riley with her ex-husband, Danny Keough, whom she divorced in 1994. She shared twins Harper and Finley with her ex-husband Michael Lockwood, whom she separated from in 2016 and divorced in 2021. Lisa Marie’s son Benjamin Keough, whom she shared with Danny, died by suicide in 2020. He was 27 years old.
The matter has escalated within the family according to a source via Entertainment Tonight on February 16, 2023. “It has been a very tense and heartbreaking few weeks for both Riley and Priscilla. Riley has been mourning the loss of her mother and is heartbroken to have to deal with a trust dispute with a family member. Priscilla is adamant that she has a valid case and that she will prevail in court. Riley and Priscilla aren’t communicating at this time, but have been in communication through lawyers,” the source shared. The source added that while “they are both gearing up for court, Riley would prefer to settle this dispute privately.”
On how Lisa Marie’s daughter feels about the situation, the source added, “She is heartbroken that this has turned into a public matter and knows her mother would never want this. Riley is very stressed at the moment and has been trying to keep a positive attitude and outlook ahead of her new series coming out,” the source says of Riley’s role in Daisy Jones & The Six. “Her daughter and husband have been keeping her in good spirits.” However, Priscilla feels that she “is right in her heart,” when it comes to her late daughter’s trust. “She is convinced that old documents had been forged,” the source confirmed.
Priscilla revealed a statement about the situation via Entertainment Tonight in January 2023. “I loved Elvis very much as he loved me. Lisa is a result of our love,” Priscilla said. “For anyone to think anything differently would be a travesty of the family legacy and would be disrespectful of what Elvis left behind in his life. There is an individual that bought their way into the family enterprise that is trying to speak on behalf of our family. This person is not a representative of Elvis or our family,” she added, without sharing whom she was referring to. “Please allow us the time we need to work together and sort this out. Please ignore ‘the noise.’ As I have always been there for Elvis’ legacy, our family and the fans, I will continue to forge a pathway forward with respect, honesty, dignity, integrity and love.”
Priscilla shared in an interview with The Hollywood Reporter, weeks after a judge officially approved a settlement between the two that names Keough the sole trustee of Lisa Marie’s estate that she and her granddaughter’s relationship was stable. “Riley is now the executor, which should be right, obviously, being her daughter,” Presley told the outlet. “Riley and I are on good terms. We were never not on good terms. That was all publicity.”
After Elvis’ death, the beneficiaries of Elvis’ trust were Vernon; Lisa Marie; and Elvis’ grandmother, Minnie Mae Presley. Because Lisa Marie was 9 years old at the time of her father’s death, her inheritance was held until her 25th birthday.
Joel Weinshanker, a Managing Partner at Elvis Presley Enterprises, revealed that he was in favor of Riley maintaining her trustee role after her mother’s death. “When Elvis passed away, he left everything to his little girl. He did so knowing that she would be the one to keep his legacy going,” he said on SiriusXM’s Elvis Radio. “I can tell you that [Lisa Marie] has, without falter, no matter what else was happening in her life, in her career, always been the one to look at what was best for Elvis… regardless of what somebody else was trying to do, regardless of what another family member [was trying to] do.”
“We just want to think about what Lisa would’ve wanted and that’s what’s best for Elvis. She never had a doubt in her mind that that’s Riley,” Joel continued. “There’s no question on anyone’s mind [because] Lisa had spoken [about] it, there’s numerous amounts of written information, she had talked to so many of her friends about it. There was never a question, and anybody who’s speaking differently isn’t looking out for Elvis, isn’t looking out for Lisa, certainly isn’t looking out for Riley.”
After Vernon’s death in 1979, Priscilla was named as one of three trustees in Elvis’ will. The other trustees were the National Bank of Commerce in Memphis and Joseph Hanks, who had been Elvis’ accountant. After Minnie Mae’s death in 1980, Lisa Marie became the only surviving beneficiary. Lisa Marie inherited Elvis’ whole estate on her 25th birthday on February 1, 1993. Due to his years of excessive spending and being bilked by his manager, Colonel Tom Parker, Elvis’ estate was worth $5 million at the time of his death, with just $1 million dedicated to Lisa Marie before the deaths of Vernon and Minnie Mae. However, by the time Lisa Marie inherited Elvis’ whole estate in 1993, the amount had grown to $100 million, thanks to the stewardship of Priscilla. “I tried to ignore it,” Lisa Marie told People at the time. “I think it’s time. I do [have new responsibilities], but it’s not like a major new thing, except maybe for people who didn’t know my role.” She continued of her new role at the time as the owner of the Elvis Presley Trust, “Everything remains the same, except I’m on the management team now.”
At the time of her death, Lisa Marie’s net worth was negative $10 million at the time of her death, according to Celebrity Net Worth. In 2018, Lisa Marie sued her former manager, Barry Siegel, for the alleged “reckless and negligent mismanagement” of her estate, which had left her with only $14,000, according to court documents obtained by The Blast. Siegel countered the suit and claimed that the low amount was a result of Lisa Marie’s excessive spending. He also demanded $800,000 in damages from Lisa Marie for non-payment.
In the court documents, Siegel claimed that Lisa Marie’s 2005 deal to sell 85 percent of her share of Elvis Presley Enterprises, which he negotiated, “cleared up over $20m in debts Lisa had incurred and netted her over $40m cash and a multi-million dollar income stream.” Lisa Marie, however, claimed that the deal lost her millions due to a subsequent investment in Core Entertainment, the production company behind American Idol that went bankrupt in 2016.
Elvis by the Presleys
For more about Elvis and his family, including his marriage to Priscilla and raising his only daughter, Lisa Marie, you have to read Elvis by the Presleys; an intimate account of life at the Graceland ranch by the people who knew it best. This revealing memoir features hours of exclusive family interviews, quotes from The King himself as well as private photos and family memorabilia from the Graceland and Elvis Presley archives.
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