Elvis Presley's Former Son-In-Law Scores Massive Win In Reimbursement Motion
The drama within Elvis Presley's surviving family appears to be over, as his late daughter's ex-husband walks away with a six-figure sum.
Lisa Marie Presley, the King of Rock and Roll's only child, tied the knot for the fourth time to Michael Lockwood. She welcomed twin daughters with him, children he vehemently fought for amid disagreements over her trust.
Following the settlement between the beneficiaries, Michael Lockwood filed a reimbursement motion. He asked that his step-daughter, Riley Keough, and Elvis Presley's trust repay his legal fees and expenses.
Lisa Marie Presley's Ex-Husband To Receive Funds From Elvis Presley's Trust
According to court documents, a Los Angeles Superior Court judge granted Michael's motion to be reimbursed the six-figure sum he spent on legal fees. He used the money while fighting for the rights of his 15-year-old twin daughters, Finley and Harper Lockwood.
Like Michael wanted, the court agreed that Lisa Marie's oldest daughter, Riley Keough, must pay him $188,275.32 in legal expenses. As a trustee of the Promenade Trust, the 35-year-old couldn't escape the responsibility of reimbursing her late mother's ex-husband.
However, the responsibility didn't fall on her alone. The court noted that $94,137 would be deducted from the twins' interest in the Promenade Trust, which included most of Elvis' estate, such as the famous Graceland.
In Michael's motion for fees, In Touch reported that he referenced the heated fight over his former wife's trust. The 63-year-old seemingly implied a settlement would never have happened without his interference and used that claim to plead for reimbursement.
Michael Lockwood Argues That He Played A Crucial Part In The Trust Settlement
Michael's lawyer, per the documents, recalled that "After Lisa Marie's death, the Promenade Trust was the subject of litigation, primarily focused on who should be the trustee." He continued:
"To protect and represent their interests in this litigation, Finley and Harper sought and secured the court appointment of their father, Michael Lockwood, to serve as their Guardian Ad Litem."
The attorney praised Michael, claiming that "through the significant efforts and contributions of the parties, including Mr. Lockwood and his counsel, all disputes surrounding Lisa Marie's estate were amicably and efficiently resolved."
"From the outset, Michael and his counsel played a central role in helping keep the parties focused on resolving those issues with minimal court intervention," the lawyer concluded.
Elvis' Former Wife Fought Against Their Daughter's Will
The settlement Michael allegedly helped with was reached after a heated battle between Elvis's former wife, Priscilla, and their granddaughters. When Lisa Marie died in January 2023, she named Riley her estate administrator.
Riley and the twins were the only beneficiaries of the estate, while Michael was appointed as his daughters' guardian and given sole custody. Unfortunately, Priscilla challenged the signature on her late daughter's will.
The Presley family's matriarch tried to enforce a previous will that named her the co-administrator of the estate. Priscilla's actions resulted in months of legal drama and a speculated feud between her and her grandchildren.
Riley Keough Became The Sole Trustee Per The Settlement
In July 2023, The Blast reported that Lisa Marie's twin daughters, Harper and Finley, had retained lawyers to secure their part of Elvis's fortune. Their legal move came at the heels of the settlement between them, Riley, and their grandmother.
Per the agreement, Riley became the sole trustee of her mother's estate and the sub-trusts for Harper and Finley. She was responsible for safeguarding, investing, and ensuring the money met the needs of all beneficiaries.
As for their grandmother, Priscilla was in charge of the sub-trust of her son and Lisa Marie's half-brother, Navarone Garibaldi. He was granted one-ninth of the trust while she received a one-time payment for an undisclosed amount.
Elvis Presley's Granddaughter Refused To Pay Her Late Mother's Debt
In January, Riley made waves for fighting against a bank over Lisa Marie's debts. The Blast shared that her late mother allegedly owed $1.6 million for a loan she took in 2010; however, the 35-year-old refused to be held accountable.
Despite being the sole trustee of her mother's estate, Riley argued that the trust couldn't be held responsible to repay the loan. She claimed the statute of limitations for the bank's claim had expired on January 12, 2024.
She also argued that Lisa Marie was accountable for making interest payments on the loan from 2010 to 2015. Therefore, the trust had zero responsibility for covering the outstanding principal beyond the highlighted period.
Will Michael Lockwood's reimbursement motion be the final payment coming out of Elvis Presley's trust, or will another debt pop up?
