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Actress Riley Keough will become the sole administrator of her mother Lisa Marie Presley’s estate and owner of her grandfather Elvis Presley’s famed Memphis mansion Graceland, according to court documents obtained by The Washington Post.
In the settlement, she agreed to pay her grandmother, Priscilla Presley — Elvis Presley’s former wife — a lump sum payment, the amount of which was not specified in the court documents.
Keough also agreed to reimburse Priscilla Presley for up to $400,000 in legal fees and expenses. The payment will be made concurrently with a separate payment of $1 million.
Accordingly In the 95-page settlement document, Keough agreed to pay Presley as the trust’s “special counsel” for an unspecified amount for 10 years — or until her death.
The actress’ lawyer, Justin Gold, wrote in the filing that the settlement will allow the parties to save “significant attorney fees by avoiding litigation, and they also avoid the spectacle of an intra-family litigation that would have gone against Lisa’s wishes and would not have.” in accordance with Lisa’s wishes. “Good for the family.”
Gold said Keough, as sole trustee, will protect the money and invest it “in a manner that meets the needs of the beneficiaries and is not influenced by a trustee’s desire,” the court documents said.
Gold and an attorney for Presley did not immediately respond to requests for comment.
A judge has yet to approve the agreement, which was filed in Los Angeles Superior Court. It would end an ongoing legal battle over Elvis Presley’s estate foundation.
According to the Los Angeles Times, Keough first filed with the court in May for approval of a settlement she made with her grandmother over the estate, which the Los Angeles Times said had sparked heated arguments with the Presley family.
According to Wednesday’s settlement court document, in 1993 Lisa Marie appointed her mother, Priscilla, and her managing director, Barry Siegel, as co-administrators of the trust.
But when her daughter passed away earlier this year, Priscilla Presley said she found an amendment to her will that replaced her and Siegel as trustees with Keough and her brother Benjamin Keough, according to the LA Times. Benjamin Keough passed away in 2020.
Priscilla Presley then filed a motion to establish the validity of the will, challenging her daughter’s signature and the notarization of the will, the LA Times reported.
According to the court document, the parties entered into a settlement hearing to resolve issues related to the trust. They reached an agreement on May 11, 2023. From that date, Riley Keough became the sole trustee, Wednesday’s filing said.
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