Riley Keough, the granddaughter of Elvis Presley, became the sole trustee of her mother Lisa Marie Presley’s estate, which includes the rights to Elvis’ name and likeness, and Graceland Mansion. Keough had previously been one of three co-trustees, but the other two resigned in 2020. Keough has been actively involved in managing the estate since 2019 and has a close relationship.
Riley Keough, the granddaughter of Elvis Presley, agreed to pay $1 million to settle a lawsuit with her stepfather, Lisa Marie Presley’s ex-husband, Michael Lockwood, who had been seeking a portion of Presley’s inheritance. The settlement was reached after Lockwood made a claim on a trust that was set up for the benefit of Presley’s daughters, which included Keough.
The trust was established by Elvis Presley’s estate and was meant to provide for his grandchildren, including Keough, after his daughter Lisa Marie’s death. Lockwood argued that he was entitled to some of the trust’s money, as he had been married to Lisa Marie during the time when some of the funds were deposited into the trust.
As part of the settlement, Keough agreed to pay $1 million to the trust, which would be distributed to both of Presley’s daughters, including Lockwood’s estranged wife, Lisa Marie. The settlement also specified that Lockwood would not make any further claims on the trust or its assets in the future.
What was the Reason for Lockwood’s Claim On the Trust?
Lockwood argued that he was entitled to some of the trust’s money because he had been married to Lisa Marie during the time when some of the funds were deposited into the trust. It’s not entirely clear what specific grounds Lockwood had for his claim, but it’s possible that he believed he was entitled to a portion of the trust’s assets as part of his divorce settlement with Lisa Marie, or that he believed he was owed money for his role in raising the children. Ultimately, the matter was settled out of court, with Keough agreeing to pay $1 million to the trust in order to resolve the dispute.
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Keough paid $1 million to the trust set up for the benefit of Lisa Marie Presley’s daughters, including Keough, to settle Lockwood’s claim on the trust.