Monday, March 4, 2024

Riley Keough to Pay Priscilla Presley to Finish Elvis Household Belief Dispute

The actress Riley Keough has agreed to offer Priscilla Presley, her grandmother and the previous spouse of Elvis Presley, with a lump-sum cost as a part of a settlement that can resolve a dispute over management of the household belief, in accordance with court docket paperwork made public on Tuesday.

Attorneys for the events had sought to maintain particulars of their settlement confidential, however the papers listing what seems to be a cost of $1 million.

Within the 95-page submitting, Ms. Keough additionally agreed to pay as a lot as $400,000 to cowl Ms. Presley’s authorized charges associated to the petition Ms. Presley filed earlier this 12 months, difficult the validity of a 2016 doc that eliminated her as an official of the entity referred to as the Promenade Belief. With the settlement, Ms. Keough will grow to be the only trustee of that monetary instrument established by her mom, Lisa Marie, who died in January.

Ms. Keough additionally agreed to retain Ms. Presley as a “particular adviser” to the belief, for which she can be paid an undisclosed annual quantity for 10 years, or till her demise, whichever got here first.

The phrases of the settlement nonetheless have to be accredited by a choose in Los Angeles Superior Courtroom, the place they had been filed. The paperwork say that in alternate for Ms. Presley’s resignation from the belief, Ms. Keough would subject the cost after receiving the proceeds of her mom’s life-insurance coverage.

“In settling the claims pending in Priscilla’s petition, the events are saving important authorized charges by avoiding litigation, and they’re likewise avoiding the spectacle of intra-family litigation that might have been inimical to Lisa’s needs and never in the perfect pursuits of the household,” the submitting mentioned.

The settlement, if accredited, would finish months of authorized jousting between Ms. Keough and Ms. Presley.

Lisa Marie Presley died abruptly on the age of 54 and was subsequently buried at Graceland with Elvis. Priscilla Presley rapidly filed court docket papers difficult a 2016 modification to the belief, purportedly approved by Lisa Marie, which had eliminated Priscilla and the household’s former enterprise supervisor, Barry Siegel, as trustees. It had additionally designated Ms. Keough and Benjamin Keough, her brother, as co-trustees within the occasion of Lisa Marie’s demise. (Mr. Keough died in 2020 at age 27.)

Priscilla Presley’s legal professionals argued that the modification was invalid, saying that it had by no means been delivered to Ms. Presley throughout Lisa Marie’s lifetime, as required below the language of the belief. The court docket papers additionally claimed that the modification was probably fraudulent, asserting that Lisa Marie’s signature was “inconsistent” along with her ordinary penmanship. Within the present struggle, Priscilla was asking the court docket to acknowledge her as a trustee.

At a listening to final month, legal professionals for Ms. Keough and Ms. Presley introduced that the events had reached a settlement however didn’t describe it publicly.

Monday was the deadline the choose, Lynn Scaduto, had set for the legal professionals to file further petitions; she set an Aug. 4 listening to date to formally think about the settlement for approval.

The Elvis model at the moment continues to be a moneymaker, taking in additional than $100 million a 12 months. The Presley household share of these earnings is funneled to Promenade Belief. It retains 15 p.c of Elvis Presley Enterprises and the principle Graceland home in Memphis, making it price tens of hundreds of thousands of {dollars}. As The New York Instances reported, Lisa Marie, earlier than her demise, drew an revenue final 12 months of $1.25 million from the belief.

The precise quantity of the lump-sum cost Ms. Presley is to obtain was redacted in two situations from the court docket paperwork made public on Tuesday. However a paragraph that mentioned Ms. Keough’s position in selecting up authorized charges related to the dispute mentioned that they’d be paid similtaneously a “a million greenback cost” referred to earlier in a paragraph that mentioned a lump sum.

The settlement additionally offers Ms. Presley the precise to be buried at Graceland, close to her former husband.

Sheelagh McNeill contributed analysis.

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