Priscilla Presley files to control Lisa Marie Presley's estate despite Riley Keough being named trustee
Priscilla Presley believes she should be in charge of daughter Lisa Marie Presley's estate — but a legal document filed seven years ago suggests that wasn't what the singer-songwriter wanted should she die. It's the latest twist in Lisa Marie's complicated financial history.
Lisa Marie, the only child of Elvis Presley, passed away on Jan. 12 after suffering cardiac arrest.
On Thursday, Priscilla, 77, filed paperwork challenging the authenticity of a 2016 amendment seemingly made by Lisa Marie that removed her as trustee. In the purported amendment, Lisa Marie named her adult children, daughter Riley Keough and son Benjamin Keough, as successor co-trustees and removed Priscilla and her former business manager, Barry Siegel, whom she appointed in 2010. Benjamin died in 2020, so, per the amendment, Riley would be the sole trustee.
In the document obtained by Yahoo Entertainment, Priscilla asked a judge to determine the validity of the trust provision. The matriarch claims Lisa Marie's signature on the 2016 document "appears inconsistent with her usual and customary signature." The amendment was apparently never notarized and Priscilla alleges the document was never delivered to her as required by the terms of the 2010 arrangement. The matriarch says the date on the 2016 amendment is suspicious. It also apparently misspells Priscilla's name. Priscilla wants the court to restate the 2010 trust.
Priscilla believes Siegel "has already or will soon resign as a co-trustee of the Trust."
"Accordingly, in such event, Riley would become a co-trustee with [Priscilla] with respect to the trust and all trust created thereunder. Notwithstanding the foregoing, since Riley is over the age of 30, she may act as a co-trustee of her subtrust upon delivering a written instrument signed by her consenting to act in such capacity," the document reads.
It's unclear what Riley wants, though. Yahoo reached out to reps for Riley and Priscilla, but did not immediately receive responses.
One thing is for sure: There is no way Lisa Marie would have Siegel anywhere near her money and assets. In 2018, Lisa Marie sued the businessman and accused him of negligence and mismanaging her finances. According to documents that emerged as part of the $100 million lawsuit, Lisa Marie claimed she only had $14,000 in cash by 2016.
Lisa Marie claimed Siegel caused her "financial ruin," according to the lawsuit obtained by CBS News, and that she was "damaged in an amount that has not yet been fully ascertained, but is believed to be in excess of $100 million." At one point, Lisa Marie alleged she was $16 million in debt.
Siegel countersued Lisa Marie and sought $800,000 in unpaid bills. He claimed she spent all her money from her father's inheritance on her her lavish lifestyle.
It has not been made public what happened with the dueling lawsuits. To further complicate financial matters, Lisa Marie was in a contentious legal battle with ex-husband Michael Lockwood, with whom she shares 14-year-old twins Finley and Harper. They fought over money and custody. Whoever takes control of Lisa Marie's estate likely has a lot of issues to sort through.
Priscilla is credited with turning Graceland into a huge financial success for the family. Elvis's former estate will go to Lisa Marie's three daughters in the wake of her death. It's where she was laid to rest.
Priscilla is still mourning the loss of her daughter. In a Facebook post on Thursday, she once again thanked supporters.
"I'm truly overwhelmed with your words, your prayers, your love and your support. Thank you from the bottom of my heart in trying to help me get through this loss. Every parent who has lost a daughter or son knows what a dark painstaking journey it is," she wrote.
