Lisa Marie Presley's Ex-Husband Michael Fears Riley Keough's Second Baby Will Impact His Cut of $110 Million Estate: Report
Michael Lockwood fears Riley Keough expanding her family will impact his bottom line.
Nov. 6 2023, Published 6:00 a.m. ET
Riley Keough is set to have a second surrogate baby, but that's no bundle of joy for her late mother's ex-husband Michael Lockwood, who reportedly fears the new addition will mean less money for him from the massive estate, RadarOnline.com has learned.
Lockwood, 64, has full-custody of 34-year-old Riley's teenage twin half-sisters, Harper and Finley, since the death of their mom, Lisa Marie Presley. While the 64-year-old has full-custody of the twins, he's dependent on Riley's management of the estate for cash for their care.
Lisa Marie's daughter Riley Keough is the sole trustee of her mother's estate.
"The twins are 14 and Michael knows he only has a limited time to receive and manage funds for them before they're emancipated," an insider told the National Enquirer.
"Now he's concerned more money will go to Riley's children and there will be less cash for him to get his hands on while he can," the tipster claimed.
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Lisa Marie split with Lockwood, her fourth husband, in 2016.
As previously reported, Lisa Marie rewrote her will before her shocking death on January 12 from cardiac arrest. In her updated version, Lisa Marie left control of the $110 million estate to Riley.
Sources claimed that Lisa Marie wanted no part of her unemployed musician ex-husband after their bitter 2016 split. Lisa Marie and Lockwood eventually finalized their divorce in 2021.
Now sources claim Riley remains wary of Lockwood managing money for her 14-year-old sisters — especially after he demanded a whopping $40,000 a month in child support last December.
Priscilla filed a motion to dismiss the lawsuit, with her attorney claiming the accusations have no merit.
After much legal haggling, Lockwood was forced to settle for $6,000 a month in child support from the Riley-controlled estate.
"News of another child sent him into a panic," a tipster said. "All he can see is more money going to Riley and her family and less opportunity for him!"
Riley used a surrogate to carry Tupelo Storm, her first child with Australian stuntman husband, Ben Smith-Petersen, in August 2022.
Riley plans to have a second child via surrogate.
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This isn't the first time that concern over the twin's share of the estate has been raised.
As RadarOnline.com previously reported, Harper and Finley hired legal counsel to represent them in estate matters because they're minors. Essentially, the teens wanted to guarantee that they received a fair share of their mother's estate regardless of their age.
The twins hired legal representation after their maternal grandmother, Priscilla Presley, dropper her case to be named co-trustee on the estate in exchange for a $1 million payout from granddaughter Riley.
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