Elvis Presley’s granddaughter has agreed to pay his wife Priscilla $1.4 million to take control of the family trust.
Riley Keough, 34, has been at loggerheads with her grandmother Priscilla, 78, since the death of Riley’s mother Lisa Marie Presley in January, at the age of 54.
The pair reached a deal in May, but the terms were confidential.
On Wednesday, it emerged that Keough had paid $1 million to her grandmother to relinquish control of Lisa Marie’s estate.
She also paid $400,000 to cover Presley’s legal fees, according to People, which obtained the documents.
Presley lost the right to be buried at Graceland next to her husband, according to The New York Post.
Lawyers for Priscilla Presley and Riley Keough (pictured in 2016 in Hollywood) announced last month at a Los Angeles probate court that the two had ‘reached a settlement’. On Wednesday it emerged Presley would be paid $1.4 million by Keough for control of Lisa Marie’s estate
Lisa Marie is pictured two days before her death, at the Golden Globe Awards in LA
On Monday, Keough filed paperwork requesting the court finalize the arrangement regarding the trust of her late mother, some five months after Lisa Marie’s death following multiple cardiac arrests.
Keough’s lawyers said that the finalizing of the agreement would prevent ‘the spectacle’ of the family battling through the courts, which was not what Lisa Marie would have wanted.
‘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,’ wrote Keough’s lawyer, Justin Gold.
Presley, in a statement to The New York Post, insisted that she had not sued her granddaughter.
‘My family has resolved all confusion as it relates to our plea to the court and request for document interpretation after my daughter Lisa Marie’s untimely passing,’ she said.
‘Although the media identified such a plea as a lawsuit, I want to make clear that there was never any lawsuit filed against my beloved granddaughter.
‘As a family, we are pleased that we resolved this together. My family and I hope that everyone will grant us the privacy we have needed to properly grieve Lisa Marie and spend personal time together.
‘We love and appreciate all of you and the Presley family is stronger than ever.’
Riley Keough, 34, has officially become the sole trustee of her mother’s estate after coming to an agreement with her grandmother, Priscilla Presley
As well as being the sole trustee of Lisa Marie’s estate, Keough is also the sub-trusts for her 14-year-old twin sisters Harper and Finley Lockwood.
Keough is set to invest the money ‘in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee,’ according to her lawyer.
The latest transaction involving the Santa Monica, California, native comes after she and her grandmother Priscilla, 78, came to an accord in May after lawyers for both parties announced at a Los Angeles probate court that a settlement had been reached.
Following the testy months-long legal battle, Keough ‘doesn’t want any drama with her grandmother,’ sources close to the actress said.
‘Riley is relieved to have settled the dispute over her mom’s estate,’ an insider told People.
The granddaughter of Elvis Presley ‘is still grieving her mom,’ who died shockingly at the age of 54 in January after going into cardiac arrest at her Calabasas home.
When the legal tussle broke out between Keough and Priscilla, Keough ‘was hoping they could reach a settlement quickly,’ the source added.
The source said the tension with Priscilla ‘has been very tough for’ Keough, who is mother to a baby daughter with husband Ben Smith-Petersen.
‘She wants to focus on making memories with her own daughter now,’ the insider told the magazine. ‘This is her priority.’
Riley Keough, Lisa Marie Presley and Priscilla Presley were pictured in June of 2022 at the Elvis premiere in Memphis
Priscilla’s attorney Ronson Shamoun told DailyMail.com she was happy when the settlement was reached, and that ‘the families are happy and unified and together and excited for the future.’
Asked if Keough was happy with the settlement, her attorney Justin Gold told DailyMail.com: ‘She would not have agreed to the settlement if she was not happy with it.’
Only two weeks after Lisa Marie’s death in January, her mother Priscilla filed a legal challenge to her daughter’s will – which gave control of Lisa Marie’s wealthy Promenade Trust to her daughter Keough.
Keough, who was reportedly furious when her grandmother went to court to protest the will, did not file an objection to Priscilla’s challenge.
Keough always supported her mother during her drawn out, often nasty divorce and child custody disputes with her fourth husband, musician Michael Lockwood, 62, father of Lisa Marie’s twin, 14-year-old daughters, Finley and Harper.
It’s been reported that Priscilla and Lisa Marie were ‘barely speaking‘ just before the latter’s death after Priscilla sided with Lockwood over custody of the twins.
Multiple sources told People the mother and daughter were not on speaking terms, despite appearing at multiple events together, including the premiere for the Elvis biopic starring Austin Butler.
‘Riley was always on her mom’s side when it came to Michael [Lockwood],’ one source told the magazine.
‘It bothered her that her grandmother and Michael flew to [Lisa Marie’s] funeral together.’