UPDATE 02/02/2023: Yesterday would have been Lisa Marie Presley’s 55th birthday. Priscilla Presley posted a tribute to her late daughter on Instagram, writing, “My wish is to protect my three grandchildren and keep our family together. From the first moment I held Lisa in my arms, I’ve protected, loved and guided her, as I have my son.”
Meanwhile, Joel Weinshanker, the managing partner at Elvis Presley Enterprises, has spoken with People about Lisa Marie’s intentions for her trust and legacy, saying,
“We discussed this many many times [before] she passed, and that was always Riley and Ben. There was never a question in her mind that they would be the stewards, that they would look at it the exact same way that she did. And obviously when Ben passed, it really sat with Riley.”
In a sort of dig, he prefaced by saying,
“We got along so well because we were both trying to do what was best for Elvis, regardless of what somebody else was trying to do, regardless of what a family member would do,” he said. “Lisa couldn’t be bought, she couldn’t be pushed. If she felt that something wasn’t in Elvis’ best interest, it was never about money. And she really is the only Presley that you could say that about.”
This story will be updated as it develops.
Following the death of Lisa Marie Presley this month, at 54 years old, it was revealed in Presley’s will that access to the family trust would be split between Presley’s remaining children. Presley had four children: Riley Keough, 33; Finley and Harper Lockwood, 14; and Benjamin Keough, who died at 27 years old. An amendment in Lisa Marie’s will places a minimum age of 30 years old to become a full trustee on the estate. As following, the trust would be in the sole control of Keough.
The same amendment, added to the trust in 2016, saw Lisa Marie remove her mother, Priscilla Presley, and her former manager, Barry Siegal, as co-trustees. At the time, the removals were in response to a lawsuit put forth by Presley, accusing Siegal of mismanagement, after it was found that the trust held roughly $14,000 and held $500,000 in debts. Siegal countersued Presley for overspending her inheritance.
Priscilla has claimed that the signature on the amendment does not match her daughter’s, and that she was not notified of the change while Lisa Marie was alive. Without proper notification, Priscilla’s claim to the estate will be investigated by lawyers.
For new mother, Riley Keough, this means denouncing total control of her mother’s estate, or else embarking on a complex legal battle against her own grandmother.
There is debate over the current actual value of the Presley trust. Per Rolling Stone, a Presley family representative claimed in 2020 that the estate was valued between $400 and $600 million. That said, sources report that Presley, herself, had attained between $16 and $20 million in private debt, as well as $1 million to the IRS.
Riley Keough is currently worth around $5 million. If Priscilla’s claim is unsuccessful, Keough’s net worth will immediately increase by 100-fold.
Neither Keough or Presley have commented on this development. As full custody of Harper and Finley has been awarded to their father, Michael Lockwood, Presley’s pursuant allocation of the trust is not to bolster any custody claims towards her underage granddaughters, but rather to retain control of Graceland and the Presley Foundation.