Lisa Marie Presley passed away on Jan. 12, and two weeks later her mother, Priscilla Presley, filed a legal challenge to an update in her late daughter's will naming Riley as the sole trustee of both Lisa Marie's irrevocable trust and the Promenade Trust.
Riley Keough quietly filed a petition in Los Angeles County Superior Court on Monday asking that she be named the sole trustee of her late mother's estate.
Lisa Marie Presley passed away on Jan. 12, and two weeks later her mother, Priscilla Presley, filed a legal challenge to an update in her late daughter's will naming Riley as the sole trustee of both Lisa Marie's irrevocable trust as well as the Promenade Trust.
That battle is now tentatively over after Riley and her attorneys reached a settlement agreement with Priscilla, according to court papers obtained by Inside Edition Digital.
In that petition filed on Monday, Keough and her attorney tell the court that Riley will pay Priscilla $1 million and cover up to $400,000 of her attorney fees in the case soon as she signs documents removing herself as trustee of both the Lisa's irrevocable trust and the Promenade Trust.
In addition, Priscilla "will be entitled to receive [redacted] per year for ten years or life, which ever is shorter, from the Promenade Trust to serve as Riley's 'Special Consultant,' with Riley maintaining the power to identify duties for Priscilla as well as Riley retaining the right to terminate Priscilla for any or no reason, at any time," states the 74-page petition.
Priscilla also secured her resting spot next to Elvis Presley at Graceland upon her passing as another condition of the settlement.
"Riley and Priscilla desire for Priscilla to be buried at Graceland," reads the petition. "To the extent of her authority, Riley agrees to allow Priscilla to be buried upon her death in the Meditation Garden of Graceland. The burial location will be at the location closest to Elvis Presley without moving any existing gravesite."
Riley's final concession to her grandmother is a promise to "assist Priscilla in retrieving all of Priscilla's personal belongings whether owned by her individually or jointly owned with another person or entity which remain at Graceland or at any storage facility controlled by Graceland."
RILEY KOEUGH AND PRISCILLA PRESLEY SETTLEMENT PETITION
Priscilla will also not be completely abandoning her trustee position as Riley is electing to set aside just over 11 percent of the trust to Navarone Garibaldi, her mother's half-brother and Priscilla's son. Riley appointed Priscilla as trustee.
The details of Lockwood's settlement are not spelled out in the petition but rather a separate legal filing.
"Riley and Lockwood shall jointly file an ex parte Petition for Approval of Settlement Agreement in both actions," the petition says. "The parties shall seek Court permission to file the Settlement Agreement under seal and shall seek to have the Settlement Agreement maintained under seal."
Lockwood also agreed to sign off on Riley serving as the trustee of her sisters Harper and Finley's trusts in his capacity as their court-appointed guardian ad litem.
Riley also makes a case as to why she is a good choice to oversee the trust that controls her late grandfather's Memphis property Graceland, and millions of dollars worth of memorabilia.
"The settlement provides that Riley shall remain the sole Trustee oft he sub-trusts for herself and her sisters, and because she does not intend to charge any compensation for her services as Trustee, the beneficiaries all save money that would have gone to Priscilla, who was going to charge trustee fee," reads the petition.
Priscilla is not mentioned by name in Elvis' will, and only gained access to his estate upon being appointed by Lisa Marie to serve as a co-trustee of her trust.
In his final will and testament, Elvis appointed his father, Vernon, as executor and trustee, giving him the freedom to distribute funds to four beneficiaries — himself, Elvis' grandmother Minnie Mae, his daughter Lisa Marie, and "relatives ... in need of emergency assistance."
The will stipulates that after Vernon's death, no relative may receive money from the estate and after the death of both Vernon and Minnie, the remaining money be divided equally among Elvis' lawful children.
Elvis stated that upon Vernon's death, the National Bank of Commerce in Memphis would become the executor of his estate.
The only provision provided to Priscilla in the will was money for Lisa Marie prior to her 25th birthday, at which time she would be able to access her trust.
Lisa Marie assumed control of the estate in 1993 and formed a new trust with her mother and the National Bank. Priscilla would have not been able to access any of the funds generated by Elvis' estate if not for her daughter's decision to name her as co-trustee.
This new trust created Elvis Presley Enterprises, Inc. (EPE), and in 2005 Lisa Marie sold 85% of her stake in the company.
LAST WILL AND TESTAMENT OF ELVIS A. PRESLEY
The deal was worth approximately $100 million for a share that would now be worth $850 million. That 85% stake changed hands again in 2013, and is now controlled by Graceland Holdings LLC. That sale had no impact on Lisa Marie's ownership.
EPE continues to manage the operations of Graceland and its related properties as well as the Graceland Archives, which is comprised of thousands of artifacts from Elvis’ home and career. That company also produces and licenses Elvis' likeness, Elvis-themed live events, tours and attractions worldwide.
Lisa Marie retained 15% ownership in EPE at the time of her death, as well as complete ownership of Graceland Mansion and the 13 acres of land her father acquired when he initially purchased the property. She also owned all of her father's personal effects and memorabilia, including his costumes and stage wardrobe, awards and cars.
As part of the deal made at the time of the 2005 sale, Lisa Marie agreed to lend out the home and the memorabilia to EPE, which in turn oversaw day-to-day operations at Graceland.
A representative for Graceland previously told Inside Edition Digital that Riley Keough and Finley and Harper Lockwood will inherit their mother's portion of the property and her 15% stake in the estate of her late father.
"Nothing will change with the operation or management," a representative tells Inside Edition Digital.
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