Riley Keough Slams Bank Demanding She Pay Hefty Loan Taken By Her Mom Lisa Marie Presley
By Favour Adegoke on January 31, 2024 at 9:15 AM EST
Actress Riley Keough has challenged a bank seeking repayment for a 2010 loan taken by her late mother, Lisa Marie Presley.
The bank, Barclay's, alleges that Lisa Marie had an outstanding balance of $1.6 million with them for an estate she purchased in the UK over a decade ago.
As the sole trustee, Keough argues the trust isn't liable, citing a statute of limitations, which ran out on Lisa Marie's death anniversary this year.
Riley Keough Argues Statute Of Limitations Has Passed On $1.6 Million Loan Taken By Her Mother
Keough is pushing back against a bank pursuing repayment for a loan obtained by her late mother, Lisa Marie Presley, in 2010.
According to a report, Lisa Marie acquired Coes Hall, a UK estate, using a Barclay's Bank loan. The "Lights Out" singer later sold the 11-bedroom manor in 2021 for £3.35 million [$4.2 million].
The financial institution now claims an outstanding $1.6 million balance and that Lisa Marie personally guaranteed she would make payments when she received the loan.
Keough, now the sole trustee of her mother's estate, seeks a legal declaration that the trust isn't liable for the payment. In the legal filing, the "Mad Max: Fury Road" actress asserts multiple reasons why the trust shouldn't bear the loan burden.
Firstly, the statute of limitations has elapsed as it expired on January 12, 2024, marking one year since Lisa Marie's passing—the alleged deadline for the bank to file a claim.
Keough further claimed her mother committed only to interest payments on the loan from 2010 to 2015, relieving the trust of responsibility for the outstanding principal, as per the filing. A judge has yet to make a decision on this matter.
Priscilla Presley Filed Lawsuit Against Riley Keough Over Lisa Marie Presley's Estate
Lisa Marie, the renowned daughter of the King of Rock and Roll, Elvis Presley and Priscilla Presley, passed away in January 2023 due to cardiac arrest at her Calabasas, California residence, shortly after the 2023 Golden Globes. An autopsy later revealed a "small bowel obstruction" resulting from bariatric surgery as the cause.
In January, Priscilla initiated legal action against her granddaughter, challenging the validity of Lisa Marie's will. The dispute centered on a 2016 amendment removing Priscilla as the estate's trustee, a change she allegedly learned of only after her daughter's death.
The amendment replaced Priscilla and business manager Barry Siegel with Lisa Marie's children, Riley and the late Benjamin Keough.
At the time, Insiders close to the "Zola" actress shared with Daily Mail that she was "grieving" the loss of her mother and was frustrated when her grandmother initiated the legal challenge to the will.
The source also shared that tension with Priscilla "has been very tough" for Keough, who had become a mother herself to a daughter with her husband, Ben Smith-Petersen.
Priscilla Presley And Riley Keough Finally Reached A Settlement Late Last Year
In August, Keough reached a settlement with her grandmother agreeing to a $1.4 million payment and secured the role of the sole trustee of her mother's estate.
The settlement was later approved by Los Angeles Superior Court Judge Lynn Healey Scaduto in November.
Keough is also now responsible for sub-trusts benefiting her half-sisters, the late Lisa Marie's twin daughters, Harper and Finley, from her marriage to Michael Lockwood.
Keough's lawyer emphasized her commitment to managing the funds "in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee."
Priscilla Presley's Settlement Details Revealed
In the settlement, Priscilla received a $1 million lump-sum payment from Lisa Marie's life insurance, and her son Navarone Garibaldi is a trust beneficiary. The settlement also ensures Priscilla's burial near Elvis at Graceland in the future.
The details of the settlement were unveiled in an unredacted agreement after Riley's attorney, Justin Gold, requested it.
People magazine obtained the document, revealing that alongside the lump-sum payment, Priscilla will receive an annual $100,000 as a special advisor "for her role as special advisor of the Promenade trust related to its shareholder interest in Elvis Presley Enterprises, a non-fiduciary role."
These payments, guaranteed for ten years or until Priscilla's passing, will be disbursed in monthly installments. It is worth noting that Keough can not terminate her grandmother's special advisor role, irrespective of circumstances.
