Damning court records put Priscilla Presley against Riley Keough, saying that she was removed from her position as trustee and that her daughter Lisa Marie’s “inconsistent signature” was used.
In order to put aside an update to Lisa Marie’s 2010 trust, Priscilla had to file legal paperwork. This amendment removes her and her daughter’s former business manager Barry Siegel off the trustee list and adds Riley and the late Ben Keough in their stead.
Riley would be the only trustee for Lisa Marie’s inheritance because Ben Keough committed suicide in 2020, but Priscilla wants to invalidate this change.
The date on the addendum is allegedly odd, Priscilla’s name is misspelled on the document, and Lisa Marie’s signature “appears discordant with her usual and customary signature,” according to Priscilla, who has questioned its legality and authenticity.
Lisa Marie signed a revocable living trust on January 29, 1993. On January 27, 2010, she revised it and entirely restated it.
According to the court document, Lisa Marie Presley “nominated her mother, Petitioner, and her former business manager, Barry Siegel, as co-Trustees effective as of the date of the 2010 restatement.”
“The 2010 Restatement additionally specifies that upon Lisa Marie Presley’s subsequent disability and/or death, Petitioner and Barry Siegel shall continue to function as co-Trustees.”
The daughter of the King of Rock ‘n’ Roll engaged Siegel and Lisa Marie in a protracted legal dispute in 2018, alleging that Siegel had prioritized his own financial interests over Lisa Marie’s. Then she severing ties with Siegel.
According to Priscilla’s most recent filings, she learned about an existing document with an addendum filed on March 11, 2016, after Lisa Marie passed away.
According to court documents, “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.”
“The legitimacy and validity of the purported 2016 Amendment are subject to numerous questions,”
The court document continues by adding:
As required by the explicit terms of the Trust, the alleged 2016 Amendment was never given to the petitioner while Lisa Marie Presley was still alive.
On March 14, a.pdf file containing the date of the purported trust amendment was inserted.
The name of her mother is misspelled in the purported 2016
Amendment, which Lisa Marie Presley is said to have signed.
The purported 2016 Amendment’s provisions are not included on the signature page.
The signature of Lisa Marie Presley doesn’t seem to match her regular or customary style.
The alleged 2016 Amendment was not notarized or witnessed.
The only child of Elvis and Priscilla Presley, Lisa Marie Presley passed away on January 12 at the age of 54. She left behind a rock and roll legacy, as well as a bumpy financial path littered with losses and battles over money.
Like her father, Lisa Marie is a singer-songwriter, but she wasn’t wealthy enough to make Forbes’ list of the highest-paid artists. In fact, some celebrity websites speculated that Lisa Marie’s net worth may have been negative at the time of her passing.
According to a Graceland official quoted in the Los Angeles Times, Lisa Marie still held a trust that gave her children the right to inherit Graceland, the former home of Elvis Presley that is now a popular tourist destination.
When she sued Siegel in 2018, claiming that he had mismanaged her finances and caused her $100 million trust to shrink to $14,000 in cash by 2016, a thorough picture of her financial status became public.
According to Reuters, the lawsuit also alleged that Lisa Marie had accumulated up a $500,000 credit card bill.
According to the lawsuit, Lisa Marie went through a “11-year odyssey to financial disaster” beginning in 2005.
Lisa has suffered damages that are estimated to be in excess of $100 million but have not yet been fully determined.
She filed the lawsuit after legally divorcing musician Michael Lockwood in 2021.
According to TMZ, Lisa Marie stated during the divorce process that she owed $16 million, the most of which was due to unpaid taxes.
Priscilla attributed the main cause of her financial difficulties to a 2005 agreement to sell an 85% interest in the Elvis Presley Estate (EPE) to CKX, a media corporation that also controlled the television program “American Idol.”
According to the Associated Press at the time, she received $50 million plus shares in CKX, kept a 15 percent stake in EPE, and received the title to Graceland.
Later, Apollo Global Management purchased CKX for $509 million.
In Lisa Marie’s lawsuit, it was alleged that Siegel put his own financial interests ahead of hers by utilizing the trust’s funds to purchase a $9 million English mansion.
In his own case, Siegel argued in response that Lisa Marie’s financial issues were brought on by her own mistakes. According to Reuters, the lawsuit accused her of having “spendthrift ways” and said she had “twice spent” her fortune.
However, Lisa Marie, who was nine years old when her father passed away, continued to own Graceland alone, and her 15% investment in EPE probably continues to bring in a consistent income.
Last year, Lisa Marie claimed that “Elvis Enterprises” paid her over $104,000 each month.
Years passed as the case against Siegel dragged on.
She achieved a little victory in 2019 when a judge approved her move to stop responding to subpoenas for her bank information and limited her request to bank records from before 2016.
As of 2021, the case was still pending.
When the two originally separated up in 2016, Lockwood was requesting $263,000 a year from her so he could “enjoy a lifestyle that is closer to my marital state of living.”
In addition, he demanded child support of $40,000.
They had a prenuptial agreement, but he claimed that his attorneys gave him improper advice.
The matter was resolved in her favor in 2018, but Lockwood returned to court in 2021 to seek child support. She had lied about her financial situation for years in order to avoid paying him support.
He insisted that she pay up, claiming that she had plenty of money because to her $1 million book deal and the Elvis biography.
When she passed away, the case was still open.
Finley and Harper Vivienne, Lockwood and Lisa Marie’s twins, who are 14 years old, were the subject of a custody dispute that seemed to be resolved last week. According to TMZ, the 61-year-old guitarist was granted full custody.
The teenagers had lived with Lockwood since Lisa Marie’s passing, according to sources, with whom the musician had previously shared joint custody.
According to the report, there was talk about Lisa Marie’s ex Danny Keough possibly suing for custody after returning to her house to help support her full-time.
Lockwood already had shared custody, therefore according to California law, he could only have been denied sole possession if there had been a determination that he was unfit.
