Photo credit: US National Archives
After the death of Elvis’ only daughter, Lisa Marie Presley, a dispute arose over control of the family fund. Now this “dispute” is settled.
Priscilla Presley and her granddaughter Riley Keough agreed to take control of the family fund. “My family has now cleared any confusion surrounding our appeal to the court and request for document interpretation following the sad and untimely death of my daughter Lisa Marie. Although the media has identified such a cause of action as a lawsuit, I want to be clear that no lawsuit was ever filed against my beloved granddaughter. As a family, we are happy that we solved this together.” says Statement by Priscilla Presley.
Lisa Marie Presley died on January 12 at the age of 54. Two weeks after the death, Priscilla filed a motion in Los Angeles Superior Court reconsidering a 2016 amendment that removed her from the family fund. This amendment replaced them with Lisa Marie’s children, Benjamin Keough and Riley Keough. Benjamin passed away in 2020.
Priscilla argued the amendment was invalid and possibly fraudulent since the signature did not match Lisa Marie’s handwriting and Priscilla’s name was misspelled. In the days after her death, a dispute over control of Lisa Marie’s estate was reported.
The Promenade Trust holds a 15% stake in the company that controls the Elvis Presley brand, having sold the rest of its shares in 2005. He also owns Graceland, the former home of Elvis Presley, which is now a museum and tourist attraction in Memphis. Tennessee.
Details of the agreement were not made public, but the dispute that heated up in the media a few weeks ago is now being reformulated. In the Time of her death TMZ reports that Lisa Marie owns around $35 million worth of life insurance policies, which may also have been controversial. Lisa Marie’s lavish spending reportedly left her with $4 million in debt when she died, more than $2.5 million of which was owed to the IRS.