Riley Keough to Pay Priscilla Presley $1 Million and $400K in Legal Fees to Settle Family Trust Suit

The ‘Daisy Jones & the Six’ actress is the sole trustee of her late mother Lisa Marie Presley’s estate

As Riley Keough becomes the sole trustee of her late mother Lisa Marie Presley’s estate, she’ll give her grandmother Priscilla Presley a $1 million lump-sum payment as part of a previous settlement reached by the pair, court documents obtained by PEOPLE seem to indicate.

Riley, 34, and Priscilla, 78, reached an agreement in May, with lawyers saying at the time that terms of the settlement would be kept confidential. And while nearly all mentions of the payment are redacted in court documents filed Monday in Los Angeles, one line deep into the 95-page filing indicates the hefty price tag.

The documents state that a $400,000 payment Riley is to give Priscilla for legal fees and costs will come “at the same time as the one million payment as stated in Paragraph 6 of this Agreement.”

The aforementioned Paragraph 6 mentions a sum to be paid to Priscilla by Riley, though the amount — which “shall be made within 10 days after Riley’s receipt of the life insurance proceeds” — is redacted. The $1 million amount was first reported by The New York Times.

In return for Priscilla resigning, Riley is to issue the payment “after receiving the proceeds of her mother’s life-insurance policy,” per the docs.

Riley on Monday petitioned the court to approve the May settlement agreement, with her attorney Justin Gold writing that if it’s approved, the Daisy Jones & the Six actress won’t charge for her services as a trustee, something he says Priscilla would have done.

Even so, the documents indicate that Priscilla was officially removed as Trustee of her late daughter’s estate on May 11, and that the change will remain in place whether Riley’s petition is approved or not, as Priscilla signed a settlement agreement.

Reps for Priscilla and Riley had no comment.

In the documents, Gold adds: “In settling the claims pending in Priscilla’s Petition, the parties are saving significant legal fees by avoiding litigation, and they are likewise avoiding the spectacle of intra-family litigation that would have been inimical to Lisa’s wishes and not in the best interests of the family.”

Riley will be the sole trustee of her mother’s estate and of the sub-trusts for her 14-year-old twin sisters Harper and Finley Lockwood, and she’ll also safeguard and invest the money “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee,” the petition says.

Priscilla, meanwhile, will be Trustee of the sub-trust of her son (and Lisa Marie’s half-brother) Navarone Garibaldi, who will be granted 1/9 of the Trust, the documents state. The rest will be split among Riley, Finley and Harper.

Lisa Marie died in January at age 54.

The Times reported that the Elvis brand continues to generate more than $100 million a year, and that the Presley family share of that money is “funneled” to Promenade Trust.