‘Blindsided’: Lisa Marie Presley’s Daughter Riley Shocked By Grandmother Priscilla’s Move To Take Control Of Trust After $35 Million Life Insurance Were Revealed
Lisa Marie Presley’s daughter Riley Keough was “blindsided” by her grandmother Priscilla rushing to court days after her mom died to be named co-trustee of her trust, RadarOnline.com has learned.
According to sources close to the situation, Riley had no idea Priscilla was planning to file a petition.
“She can’t believe that her grandmother is already at the courthouse trying to get her hands on the estate when Lisa Marie was just buried. It’s looking like a huge showdown is brewing!” said a source.
As RadarOnline.com previously reported, Lisa Marie died last month after suffering a cardiac arrest at her home in Calabasas, California.
As we first reported, Lisa Marie was heavily in debt at the time of her death. She owed millions in back taxes and had a $1.1 million loan she was working to repay. In total, she owed $3 million to various creditors.
However, Lisa Marie had two life insurance policies that brought $35 million into her estate after she died.
Last month, Priscilla filed a petition asking that she be named co-trustee of the trust created by Lisa Marie. She said the trust was originally created in 1993 and amended in 2010.
Elvis’ one-time wife said that she was named the co-trustee along with Lisa Marie’s ex-business manager, Barry Siegel.
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She said there was a 2016 amendment she was recently made aware of. However, she said the amendment, which made Riley and Lisa Marie’s late son Benjamin the co-trustees and kicked her out, was not signed by her daughter. She said the 2016 amendment should be dismissed.
Her attorney said, “[Priscilla] recently received a .pdf file of the Purported 2016 Amendment allegedly dated March 11, 2016. Petitioner notes that the .pdf file shows a comment by "rbernste" dated March 14, which inserts the number 11 in the date of the document, March 11, 2016.
“Also, the signature page of the Purported 2016 Amendment does not contain any text of the amendment, which can present a higher risk for fraud. Also, the Decedent's signature appears to be inconsistent with the Decedent's usual and customary signature. Lastly, the original version of the Purported 2016 Amendment has not yet been located. Since the original Purported 2016 Amendment has not been located, it is presumed that it was destroyed,” her lawyer said.
Priscilla said Barry planned to step down which would make way for Riley to be co-trustee with her. However, sources said Riley had no idea Priscilla was planning to ask the court to invalidate the 2016 amendment.
Riley has yet to respond to the petition in court.