Riley Keough Breaks Silence on Battle With Priscilla Presley Over LMP’s Estate

Riley Keogh breaks silence

In Vanity Fair‘s September 2023 cover story, Riley spoke publicly about the supposed clash with her grandmother Priscilla and where things stand between them now. “Things with Grandma will be happy,” Riley said. “They’ve never not been happy,” she added.

She continued, “There was a bit of upheaval, but now everything’s going to be how it was. She’s a beautiful woman, and she was a huge part of creating my grandfather’s legacy and Graceland. It’s very important to her. He was the love of her life. Anything that would suggest otherwise in the press makes me sad because, at the end of the day, all she wants is to love and protect Graceland and the Presley family and the legacy. That’s her whole life. So it’s a big responsibility she has tried to take on. None of that stuff has really ever been a part of our relationship prior. She’s just been my grandma.”

Family reaches settlement

According to Entertainment Tonight and court documents filed in Los Angeles on June 12, 2023, Riley Keough reached a settlement with her grandmother, Priscilla. The settlement terms will see the Daisy Jones & The Six actor serve as the sole trustee of her mother’s estate and the sub-trusts for her sisters, twins Harper and Finley Lockwood.

Priscilla will also receive a lump sum, one-time payment from the Trust for an undisclosed amount and she was removed as trustee of Lisa Marie’s estate on May 11, 2023. According to People, Keough’s attorney, Justin Gold, wrote: “In settling the claims pending in Priscilla’s Petition, the parties are saving significant legal fees by avoiding litigation, and they are likewise avoiding the spectacle of intra-family litigation that would have been inimical to Lisa’s wishes and not in the best interests of the family.”

He added: “In settling the claims pending in Priscilla’s Petition, the parties are saving significant legal fees by avoiding litigation, and they are likewise avoiding the spectacle of intra-family litigation that would have been inimical to Lisa’s wishes and not in the best interests of the family.” 

Legal battle escalates

The matter escalated within the family according to a source via Entertainment Tonight on February 16, 2023. “It has been a very tense and heartbreaking few weeks for both Riley and Priscilla. Riley has been mourning the loss of her mother and is heartbroken to have to deal with a trust dispute with a family member. Priscilla is adamant that she has a valid case and that she will prevail in court. Riley and Priscilla aren’t communicating at this time, but have been in communication through lawyers,” the source shared. The source added that while “they are both gearing up for court, Riley would prefer to settle this dispute privately.”

On how Lisa Marie’s daughter feels about the situation, the source added, “She is heartbroken that this has turned into a public matter and knows her mother would never want this. Riley is very stressed at the moment and has been trying to keep a positive attitude and outlook ahead of her new series coming out,” the source says of Riley’s role in Daisy Jones & The Six. “Her daughter and husband have been keeping her in good spirits.” However, Priscilla feels that she “is right in her heart,” when it comes to her late daughter’s trust. “She is convinced that old documents had been forged,” the source confirmed.

Riley is “rightful trustee”

Joel Weinshanker, a Managing Partner at Elvis Presley Enterprises, revealed that he was in favor of Riley maintaining her trustee role after her mother’s death. “When Elvis passed away, he left everything to his little girl. He did so knowing that she would be the one to keep his legacy going,” he said on SiriusXM’s Elvis Radio. “I can tell you that [Lisa Marie] has, without falter, no matter what else was happening in her life, in her career, always been the one to look at what was best for Elvis… regardless of what somebody else was trying to do, regardless of what another family member [was trying to] do.”

“We just want to think about what Lisa would’ve wanted and that’s what’s best for Elvis. She never had a doubt in her mind that that’s Riley,” Joel continued. “There’s no question on anyone’s mind [because] Lisa had spoken [about] it, there’s numerous amounts of written information, 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.”

Elvis’ will

After Vernon’s death in 1979, Priscilla was named as one of three trustees in Elvis’ will. The other trustees were the National Bank of Commerce in Memphis and Joseph Hanks, who had been Elvis’ accountant. After Minnie Mae’s death in 1980, Lisa Marie became the only surviving beneficiary. Lisa Marie inherited Elvis’ whole estate on her 25th birthday on February 1, 1993.

Due to his years of excessive spending and being bilked by his manager, Colonel Tom Parker, Elvis’ estate was worth $5 million at the time of his death, with just $1 million dedicated to Lisa Marie before the deaths of Vernon and Minnie Mae.

However, by the time Lisa Marie inherited Elvis’ whole estate in 1993, the amount had grown to $100 million, thanks to the stewardship of Priscilla. “I tried to ignore it,” Lisa Marie told People at the time. “I think it’s time. I do [have new responsibilities], but it’s not like a major new thing, except maybe for people who didn’t know my role.” She continued of her new role at the time as the owner of the Elvis Presley Trust, “Everything remains the same, except I’m on the management team now.”

Priscilla’s statement

Priscilla revealed a statement about the situation via Entertainment Tonight in January 2023. “I loved Elvis very much as he loved me. Lisa is a result of our love,” Priscilla said. “For anyone to think anything differently would be a travesty of the family legacy and would be disrespectful of what Elvis left behind in his life. There is an individual that bought their way into the family enterprise that is trying to speak on behalf of our family. This person is not a representative of Elvis or our family,” she added, without sharing whom she was referring to. “Please allow us the time we need to work together and sort this out. Please ignore ‘the noise.’ As I have always been there for Elvis’ legacy, our family and the fans, I will continue to forge a pathway forward with respect, honesty, dignity, integrity and love.”

After Elvis’ death, the beneficiaries of Elvis’ trust were Vernon; Lisa Marie; and Elvis’ grandmother, Minnie Mae Presley. Because Lisa Marie was 9 years old at the time of her father’s death, her inheritance was held until her 25th birthday.

Lisa Marie Presley’s net worth

At the time of her death, Lisa Marie’s net worth was negative $10 million at the time of her death, according to Celebrity Net Worth. In 2018, Lisa Marie sued her former manager, Barry Siegel, for the alleged “reckless and negligent mismanagement” of her estate, which had left her with only $14,000, according to court documents obtained by The Blast. Siegel countered the suit and claimed that the low amount was a result of Lisa Marie’s excessive spending. He also demanded $800,000 in damages from Lisa Marie for non-payment.

In the court documents, Siegel claimed that Lisa Marie’s 2005 deal to sell 85 percent of her share of Elvis Presley Enterprises, which he negotiated, “cleared up over $20m in debts Lisa had incurred and netted her over $40m cash and a multi-million dollar income stream.” Lisa Marie, however, claimed that the deal lost her millions due to a subsequent investment in Core Entertainment, the production company behind American Idol that went bankrupt in 2016.