A resolution has been reached among the family members of the late Lisa Marie Presley in their dispute over her trust.
Despite ongoing reports of family tensions and efforts by Priscilla Presley to downplay the situation actress Riley Keough has maintained silence regarding the legal dispute surrounding the Presley family trust. She has refrained from publicly expressing her perspective on the matter for several months.
Continuing her previous silence actress Riley Keough and her grandmother Priscilla Presley had their lawyers announce at a hearing in Los Angeles that a settlement has been reached in their legal dispute over the Presley family trust. However, the specific terms of the settlement were left confidential, leaving the public curious about the detail.
Judge Lynn Scaduto has set a date of June 12 deadline for the lawyers involved in the case to file additional petitions, which may include a motion to keep the settlement agreement confidential. Furthermore, an August 4 hearing date has been scheduled during which the judge officially review and approve the agreement. This timeline provides an outline for the next steps in the legal process surrounding the dispute.
Following the hearing Ronson J. Shamoun, the lawyer representing Ms. Presley expressed a positive sentiment regarding the outcome stating, ‘The family is delighted, united and looking forward to what lies ahead.’ This statement a sense of contentment and optimism among the family members involved in the dispute.
Justin B. Gold, one of the lawyers representing Ms. Keough’ kept his statement regarding the outcome, saying ‘Riley is content’.
In the mutually agreed decision Michael Lockwood, Lisa Marie’s fourth husband with whom she had a tumultuous divorce battle will be the guardian of their minor children, Finley and Harper Lockwood. This arrangement will involve Michael looking after the legal matters concerning the children who are beneficiaries of the trust along with Ms. Keough.
Despite various controversies that have arisen over the year, the Elvis brand continues to be a lucrative enterprise generating an annual revenue of more than $100 million a year. The substantial earnings generated are channeled into the family trust known as the Promenade Trust. It holds 15 percent of Elvis Presley Enterprises and the main Graceland house in Memphis, making it worth tens of millions of dollars.
What family dispute is surrounding the Late Lisa Marie Presley?
Shortly after the unexpected passing of Lisa Marie Presley at age 54 in January, Priscilla Presley took legal action by filing court documents challenging a trust amendment made in 2016. This move by Priscilla Presley shortly within two weeks of Marie Presley’s death indicated a swift response in addressing the matter.
The contested trust amendment, allegedly authorized by Lisa Marie Presley, involved the removal of Priscilla Presley and the family’s former business manager Barry Siegel as trustees. Additionally, the amendment included Ms. Keough and Benjamin Keough as co-trustees. This amendment appears to have significantly altered the trusteeship structure, leading to the legal dispute between Priscilla and other family members.
Priscilla Presley’s legal team contended in their petition that amendments were invalid, They argued that the amendments were not properly delivered to Priscilla Presley during Lisa’s life and as stipulated by the trustee’s language.
According to TMZ, at the time of Lisa Marie’s death, she had life insurance policies worth $35 million.
Who is Lisa Marie Presley?
Lisa Marie Presley was an American singer and songwriter. Her music career consisted of three studio albums – To Whom It May Concern, Storm & Grace, and Now What. Beyond her music career, Lisa was known for her humanitarian works, supporting causes relating to child welfare, poverty alleviation, and humanitarian efforts. Her passionate spirit and commitment to making a positive impact further exemplified her character and influence.
Lisa Marie, the only child of Elvis Presley and his ex-wife Priscilla, passed away in January at the age of 54 after suffering a cardiac arrest.