A settlement agreement between Priscilla Presley and her granddaughter Riley Keough has been approved by a Los Angeles Superior Court judge, ending a months-long legal dispute related to the estate of the late Lisa Marie Presley.
Judge Lynn Scaduto signed an order approving the settlement on Monday, according to a copy of the legal filing obtained by CNN. The agreement stems from a petition filed by Priscilla Presley in January questioning the validity of her daughter Lisa Marie’s will.
CNN previously reported that lawyers for Priscilla and Keough, Lisa Marie’s eldest daughter, told Judge Scaduto during a court hearing in May that they had reached a settlement. The full scope of the details in the agreement were not made public at the time, but Keough’s lawyer Justin Gold filed an unredacted copy of the settlement on Friday.
The settlement, a copy of which was obtained by CNN, confirms previous reports that Priscilla will receive a one-time payment of $1 million “in exchange” for her resignation as Trustee of a fiduciary entity created by Lisa Marie in 1993, known as Lisa’s Irrevocable Trust, making Keough the sole Trustee of her late mother’s estate.
The $1 million payout that Priscilla will receive will be funded by Lisa Marie’s $25 million life insurance policy, which Keough, Lisa Marie’s half-brother Navarone Garibaldi, and her youngest daughters, twins Finley and Harper, are the beneficiaries of, according to the filing.
Lisa Marie, Elvis Presley’s only child, died in January after being hospitalized following an apparent cardiac arrest at her California home.
CNN has reached out to representatives for Priscilla and Keough for comment.
Priscilla will also receive $100,000 annually while serving in a “non-fiduciary role” as a “special advisor” to the Promenade Trust, a separate trust executed by Lisa Marie in 1993 that Keough is the now the Trustee of as it relates “to its shareholder interest in Elvis Presley Enterprises, Inc.,” according to the filing.
In addition, Keough agreed to pay up to $400,000 in Priscilla’s legal fees, according to the filing, which also states that Priscilla has the right to be buried near her late husband Elvis Presley in the Meditation Garden at the Graceland estate.
When lawyers for Priscilla and Keough told Judge Scaduto they’d reached a settlement in May, Priscilla’s attorney Ronson J. Shamoun told reporters outside court after the hearing that “the families are happy. Everyone is happy, unified, together and excited for the future.”
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