Riley Keough, the 34-year-old actress and granddaughter of Priscilla Presley, has agreed to pay her grandmother a lump-sum settlement of $1 million. This settlement comes after a legal battle concerning the estate left by Riley’s mother, Lisa Presley, who passed away earlier this year at the age of 54. The legal dispute arose because Riley was named the sole heir in her mother’s $35 million will. However, the exact details of the settlement were meant to be confidential.
Recently obtained court documents, which were partially redacted, shed some light on the terms of the agreement. According to People magazine, one line in the 95-page filing mentioned a $400,000 payment that Riley will make to her 78-year-old grandmother as reimbursement for legal fees and costs. It stated that this payment would coincide with a $1 million payment as specified in “Paragraph 6” of the agreement. Although the exact amount in Paragraph 6 was redacted, The New York Times reported that it is $1 million.
The agreement also involved Priscilla resigning as the trustee of her late daughter’s estate. After Riley receives the money from her mother’s life insurance policy, she will make the settlement payment. The court documents indicated that Priscilla’s removal as trustee occurred on May 11th, and she subsequently signed the settlement agreement.
In the legal documents, Riley’s lawyer emphasized that reaching this settlement helps avoid further litigation and saves significant legal fees. The resolution is seen as honoring Lisa’s wishes and acting in the best interests of the family. It also prevents any potential disputes from becoming a public spectacle.
Aside from becoming the sole trustee of her mother’s estate, Riley, known for her role in “Mad Max: Fury Road,” will take charge of the sub-trusts established for her 14-year-old half-sisters, Harper and Finley Lockwood. Her responsibility will be to safeguard and invest the money in a manner that aligns with the beneficiaries’ needs, without being influenced by personal desires.
On the other hand, Priscilla will take on the role of trustee for the sub-trust assigned to her son, Navarone Garibaldi. He will receive 1/9th of the trust, while the remaining amount will be divided among Lisa Marie’s three daughters.
The settlement brings a conclusion to the legal dispute and allows the family to move forward. It ensures that the estate is managed according to Lisa’s intentions, while addressing the financial arrangements for the family members involved.