Priscilla Presley filed a lawsuit against Riley Keough, alleging that she was fired as trustee and that her daughter Lisa Marie’s “inconsistent signature” was used.
Priscilla had to file legal paperwork to update Lisa Marie’s 2010 trust. This amendment removes her and her daughter’s former business manager, Barry Siegel, from the trustee list and replaces them with Riley and the late Ben Keough.
Because Ben Keough committed suicide in 2020, Riley would be the sole trustee for Lisa Marie’s inheritance, but Priscilla wishes to overturn this change.
The addendum’s date is allegedly off, Priscilla’s name is misspelled, and Lisa Marie’s signature “appears discordant with her usual and customary signature,” according to Priscilla, who has questioned its legality and authenticity.
On January 29, 1993, Lisa Marie signed a revocable living trust. On January 27, 2010, she revised and restated it completely.
Lisa Marie Presley “nominated her mother, Petitioner, and her former business manager, Barry Siegel, as co-Trustees effective as of the 2010 restatement,” according to the court document.
“The 2010 Restatement also states that if Lisa Marie Presley becomes disabled or dies, Petitioner and Barry Siegel will continue to function as co-Trustees.”
In 2018, the daughter of the King of Rock ‘n’ Roll sued Siegel and Lisa Marie, alleging that Siegel had prioritized his financial interests over Lisa Marie’s. Then she cut ties with Siegel.
Priscilla learned about an existing document with an addendum filed on March 11, 2016, after Lisa Marie died, according to her most recent filings.
“The Purported 2016 Amendment removed and replaced Petitioner Priscilla and Barry as both current and successor Trustees of the Trust, with Lisa Marie Presley as the current Trustee and naming Lisa Marie Presley’s daughter Riley Keough (“Riley”) and son Benjamin Keough (“Benjamin”) as successor co-Trustees of the Trust upon Lisa Marie Presley’s incapacity and/or death,” according to court documents.
“There are numerous questions about the legitimacy and validity of the purported 2016 Amendment,”
The court document goes on to say:
The alleged 2016 Amendment was never given to the petitioner while Lisa Marie Presley was still alive, as required by the Trust’s explicit terms.
On March 14, a .pdf file containing the alleged trust amendment’s date was inserted.
Her mother’s name is misspelled in the ostensibly signed 2016 Amendment by Lisa Marie Presley.
The provisions of the purported 2016 Amendment are not included on the signature page.
Lisa Marie Presley’s signature does not appear to match her usual or customary style.
The alleged 2016 Amendment was not witnessed or notarized.
Lisa Marie Presley, Elvis and Priscilla Presley’s only child, died on January 12 at 54. She left a rock and roll legacy and a rocky financial path littered with losses and money battles.
Lisa Marie is a singer-songwriter like her father, but she isn’t wealthy enough to make Forbes’ list of the highest-paid artists. Some celebrity websites speculated that Lisa Marie’s net worth at the time of her death may have been negative.
According to a Graceland official, Lisa Marie still held a trust that gave her children the right to inherit Graceland, Elvis Presley’s former home that is now a popular tourist destination.
When she sued Siegel in 2018, claiming that he mismanaged her finances and reduced her $100 million trust to $14,000 in cash by 2016, her financial situation became public.
According to Reuters, Lisa Marie was also accused of running up a $500,000 credit card bill.
According to the lawsuit, Lisa Marie began an “11-year odyssey to financial disaster” in 2005.
Lisa has incurred damages estimated to be more than $100 million but has yet to be determined in full.
After legally divorcing musician Michael Lockwood in 2021, she filed a lawsuit.
Lisa Marie stated during the divorce process that she owed $16 million, most of which was due to unpaid taxes, according to TMZ.
According to Priscilla, the main source of her financial difficulties was a 2005 agreement to sell an 85% interest in the Elvis Presley Estate (EPE) to CKX. This media corporation also owned the television show “American Idol.”
According to the Associated Press, she received $50 million in CKX stock, a 15% stake in EPE, and the title to Graceland.
Later, Apollo Global Management paid $509 million for CKX.
In Lisa Marie’s lawsuit, Siegel was accused of putting his financial interests ahead of hers by using trust funds to buy a $9 million English mansion.
In his case, Siegel argued that Lisa Marie’s financial problems were caused by her own mistakes. According to Reuters, the lawsuit accused her of having “spendthrift ways” and of “twice spending” her fortune.
Lisa Marie, who was nine years old when her father died, continued to own Graceland, and her 15% investment in EPE most likely continues to generate a consistent income.
Lisa Marie claimed last year that “Elvis Enterprises” paid her more than $104,000 per month.
The case against Siegel dragged on for years.
In 2019, a judge granted her request to stop responding to subpoenas for her bank information and to limit her request to bank records before 2016.
The case was still pending in 2021.
When the couple divorced in 2016, Lockwood asked for $263,000 per year to “enjoy a lifestyle closer to my marital state of living.”
He also demanded $40,000 in child support.
They had a prenuptial agreement, but he claimed his attorneys misled him.
Although the case was settled in her favor in 2018, Lockwood went back to court in 2021 to seek child support. For years, she had lied about her financial situation to avoid paying him support.
He insisted on payment, claiming she had plenty of money thanks to her $1 million book deal and Elvis biography.
The case was still open when she died.
Finley and Harper Vivienne, Lockwood and Lisa Marie’s 14-year-old twins, were the subject of a custody battle that appeared to be resolved last week. The 61-year-old guitarist was granted full custody, according to TMZ.
According to sources, the teenagers had been living with Lockwood since Lisa Marie’s death, with whom the musician had previously shared joint custody.
According to the report, Lisa Marie’s ex Danny Keough was considering suing for custody after returning to her home to help support her full-time.
Lockwood already had shared custody, so under California law, he could have been denied sole custody only if it was determined that he was unfit.
