Riley Keough, the eldest daughter of Lisa Marie Presley and the granddaughter of Elvis Presley, has reached an agreement with her grandmother, Priscilla Presley, to become the sole trustee of Lisa Marie’s estate, which includes a 15% stake in Elvis Presley Enterprises and ownership of Graceland and Elvis’ possessions.
The deal comes after a brief legal battle that erupted following Lisa Marie’s sudden death in January at the age of 54. Priscilla had challenged a 2016 amendment to the trust that sought to remove her and former business manager Barry Siegel as co-trustees and replace them with Riley and her brother, Benjamin, who died by suicide in July 2020.
Priscilla argued that the amendment was invalid and never delivered to her during Lisa Marie’s lifetime, as required by the trust agreement. She also raised doubts about the authenticity of Lisa Marie’s signature and the spelling of Priscilla’s name on the document.
Riley, however, insisted that the amendment was valid and reflected Lisa Marie’s wishes to have her children in charge of her estate. She also accused Priscilla of mismanaging Lisa Marie’s finances and causing her to lose millions of dollars.
In May, the two parties announced that they had settled the matter amicably, and the terms of the agreement were revealed in June. Riley will pay Priscilla $1 million, along with $400,000 in legal fees, and will take over the trust. Priscilla will retain a lifetime interest in Graceland and will continue to be involved in shaping Elvis’ legacy.
In a recent interview with Vanity Fair, Riley said that there was “a lot of chaos” in the aftermath of Lisa Marie’s death, but that “clarity has been had” and “things with Grandma will be happy.” She also said that she plans to honor her mother’s vision for Graceland and Elvis Presley Enterprises, which she described as “a huge business side of our family.”
Riley is an Emmy-nominated actress who recently starred in the series “Daisy Jones & The Six,” in which she plays a singer in a ’70s rock band. She is also expected to participate in an upcoming network Christmas music special that will be filmed at Graceland and feature “major stars.”
