Lisa Marie Presley’s Daughter Riley ‘Made Concessions’ in Million-dollar Settlement With Priscilla, Will Allow Grandmother to Voice Concerns Over Elvis: Sources
Lisa Marie Presley’s daughter Riley Keough had no desire to fight her grandmother Priscilla over her late mother’s trust worth $35 million — and decided to make “concessions” as part of their multi-million-dollar settlement, RadarOnline.com has learned.
According to sources close to the situation, Riley wanted to bring an end to Priscilla’s legal petition in court. In her filing, Priscilla demanded to be appointed co-trustee of Lisa Marie’s trust.
As we first reported, Lisa Marie died heavily in debt. She owed $3-$4 million to various creditors. However, she took out multiple life insurance policies that paid out $35 million when she died.
The only beneficiaries of the trust are Riley and her younger twin sisters, Harper and Finley. Priscilla said Lisa had appointed her and her ex-business manager Barry Siegel to manage the trust.
In court documents, Priscilla claimed there was an alleged 2016 amendment to the trust signed by Lisa Marie which removed her as co-trustee. The amendment appointed Riley as the sole person in charge.
However, Priscilla claimed the signature on the amendment was suspicious. She doubted Lisa Marie had actually signed the paperwork.
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Riley reached a deal with Priscilla before responding in court. Sources said Lisa Marie’s daughter agreed to pay Priscilla millions in exchange for control of the trust, which had ownership in Graceland and various companies related to Elvis.
Now, insiders revealed that “they both made concessions. Riley never wanted to fight her grandmother and Priscilla didn’t like the situation, either. They decided it’s better to get along.”
Another source added, “Word is, Priscilla will be getting millions from the trust. Riley agreed to allow Priscilla a payout and a say in what happens in the trust. She believes Lisa Marie would’ve wanted her mom to be taken care of.”
Insiders said Riley and Priscilla are back on good terms which is bad news for Lisa Marie’s ex-husband Michael Lockwood.
Michael had become close to Priscilla after Lisa Marie’s death, but sources claimed Riley disdained him. The source said Riley has pushed her grandmother to cut ties with her mother’s ex-husband.