Priscilla Presley & Riley Keough Negotiate A Settlement In Legal Dispute Over Late Lisa Marie's Estate

Priscilla Presley and her granddaughter, Riley Keough, have finally settled their fight over the late Lisa Marie Presley's estate.

The legal dispute started four days after Lisa Marie's memorial when Priscilla contested the 2016 amendment that removed her and Lisa Marie's former business manager as co-trustees and gave control to Riley, Lisa Marie's daughter, and Benjamin, her late son. 

She argued that she was unaware of its existence and that Lisa Marie failed to inform her as required by the trust's terms.

Keep on reading to learn more.

A significant development, a resolution have been reached in the ongoing dispute over Lisa Marie Presley's estate. Tuesday, attorneys representing Priscilla Presley and Riley Keough successfully negotiated a settlement at a courthouse in Los Anesday.

According to People magazine, Keough's legal team will submit a confidential settlement request covering the Promenade and insurance trust. Confirming the agreement, Ronsen Shamoon, Priscilla's lawyer, addressed the media, stating, "They settled. Families are happy. Everyone is happy. Unified and together and excited for the future."

Justin Gold, Keough's attorney, added, "[Riley] would not have agreed to the settlement if she was not happy with it." The next step in the process will be a hearing and motion for approval, scheduled for August 4.

Tragedy struck in January when Lisa Marie Presley, the beloved daughter of iconic musician Elvis Presley and ex-wife Priscilla, passed away at 54 following a cardiac arrest.

Unfortunately, the aftermath of her death brought about a contentious battle over her trust. Four days after the "Light Out" singer's memorial, Priscilla's legal team filed a petition in Los Angeles challenging the "authenticity and validity" of a 2016 amendment made to Lisa Marie's living trust.

The will amendment, which removed Priscilla and Lisa Marie's former business manager Barry Siegel as co-trustees, granted control of the trust to Keough, Marie's 33-year-old daughter, and her late son, Benjamin. Tconfidenceust encompassed the renowned Graceland mansion and a significant 15 percent stake in Elvis Presley Enterprises (Reportedly generating a staggering $110 million in revenue in 2022.

Priscilla, asserting that she was unaware of the 2016 amendment until after her daughter's passing, argued for its nullification based on various grounds. One such argument was that Marie had failed to fulfill the trust's requirement of informing her about the changes.

However, a close friend of the deceased confirmed to People that there was no doubt about her intentions, "Lisa wanted Riley and Ben to be the trustees — and for all her children to be the beneficiaries."

Priscilla and Keough will become co-trustees if the court deems the 2016 amendment invalid.

Speaking to People, a confidential source close to the family revealed, "Priscilla doesn't want Riley solely in charge because then she has no say. Meanwhile, Riley doesn't want Priscilla to butt in." A source close to Keough added, "an unfortunatey sad situation. Riley is shocked Priscilla is contesting the amendment."

On February 3, Priscilla released a statement affirming her actions were guided by "integrity and love." Additionally, a source connected to Lisa Marie's ex-husband, Michael Lockwood, who serves as guardian ad litem for their 14-year-old twin daughters, noted that Priscilla maintains a close relationship with Lockwood to remain involved in her grandchildren's lives.

Insiders close to the situation have been vocal about Lisa Marie's firm intention to leave her estate to her children.

According to a trusted source who spoke with People, Lisa's motive was clear, "ally didn't feel that Priscilla was doing anything in her best interest." The source emphasized Lisa's commitment to living authentically and "wouldn't remain quiet when she was being taken advantage of." 

"No one can rewrite the past seven or eight years and claim otherwise," the insider added.

Joel Weinshanker, the Managing Partner at Elvis Presley Enterprises, echoed the sentiment, expressing his dedication to honoring Lisa's desires. In a statement to Entertainment Tonight, Weinshanker emphasized the importance of considering what Lisa would have wanted, stating, "We just want to think about what Lisa would've wanted, and that's what's best for Elvis. She had no doubt in her mind that that's Riley."

He added that "numerous amounts of written information" support Lisa's intentions, saying she "had talked to so many of her friends about it." "There was never a question, and anybody who's speaking differently isn't looking out for Elvis, isn't looking out for Lisa, certainly isn't looking out for Riley," he firmly asserted at the time.