Riley Keough, daughter of late singer-songwriter Lisa Marie Presley, has become the sole trustee of her late mother’s estate, RadarOnline.com can confirm.
In the latest development to come after months of infighting between Riley and her grandmother, Priscilla Presley, over Lisa Marie’s estate, Riley has reportedly agreed to give Priscilla a $1 million lump-sum payment to settle the months-long family trust lawsuit.
The $1 million payment will reportedly be made within ten days of Riley receiving the $35 million life insurance proceeds and, although the settlement amount was redacted in the newly released court documents, the New York Times confirmed the payment to Priscilla to be $1 million.
Riley will reportedly issue the payment “after receiving the proceeds of her mother’s life insurance policy,” the documents stated.
According to the documents, Priscilla was officially removed as Trustee of Lisa Marie’s estate on May 11.
The court documents also stated that Riley is to give her grandmother $400,000 for legal fees and costs that will come “at the same time as the one million payment as stated in Paragraph 6 of this Agreement.”
Riley will oversee her mother’s estate and the sub-trusts for her 14-year-old twin sisters, Harper and Finley Lockwood. She also vowed to safeguard and invest the money “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee.”
Meanwhile, Priscilla will be the Trustee of the sub-trust of Lisa Marie’s half-brother, Navarone Garibaldi, who will be granted 1/9 of the Trust. The rest will be split among Riley, Finley, and Harper.
Although a March 2016 document listed Riley and Lisa Marie’s late son, Benjamin Keough, as successor co-trustees of the late singer’s estate, Priscilla filed a request for a judge to set that amendment aside and instead recognize Priscilla as trustee per Lisa Marie’s original 2010 will.
Riley was reportedly “blindsided” by her grandmother’s decision to contest Lisa Marie’s will and, according to sources close to the Daisy Jones and the Six actress, Riley had no idea Priscilla planned to file the petition.