An alleged change to the late singer Lisa Marie Presley’s trust that would give her grandchild ownership of the most famous estate in rock ‘n’ roll is being contested by Priscilla Presley.
Lisa Marie passed away on Jan. 12 in Los Angeles at 54. A petition was submitted on Thursday in Los Angeles County Superior Court by an attorney for Priscilla to challenge a revision to Lisa Marie’s trust that would have given Riley Keough, Lisa Marie’s 33-year-old daughter, power over the trust and, in turn, Elvis Presley’s inheritance.
In his lawsuit, lawyer Brian M. Malloy contends that a document that was supposed to alter the trust by Priscilla’s removal as trustee is invalid. It claims that Priscilla was not informed of the amendment as needed, that it only exists as a PDF copy, that it has a signature purporting to be Lisa Marie’s but differing from her handwriting, and that it has Lisa Marie’s signature on a blank page with no reference to the amendment.
Although the present trustees are listed as Priscilla and business manager Barry Siegel, the proposed modification from 2016 would essentially transfer that duty to Keough. Before his passing in 2020, it also designated her brother Benjamin Keough as a trustee.
The petition asks the court to rule that the putative change is illegal and that the trust should instead be deemed to have been created in 2010 with Priscilla and Siegel serving as co-trustees.
According to the petition, Siegel will likely terminate the trust agreement soon, making Keough a co-trustee with her grandmother. Keough, Lisa Marie, and Priscilla’s representatives did not immediately reply to a request for comment. Requests for feedback from the lawyers for Siegel and Priscilla have also gone unanswered.
Priscilla, 77, is thought to have successfully turned around the Elvis estate during its most difficult financial times. According to the paperwork, she wants to keep ownership of the trust.
The amount of money that could be at risk is unclear. The estate’s value has fluctuated, with tales of debt and nine-figure valuations among its ups and downs.
Lisa Marie sold a significant portion of her stake in the Elvis enterprise in 2005. However, she still held a 15% ownership stake in Graceland Holdings, the parent company of Elvis Presley Enterprises, at the time of her passing. The latter runs Elvis’ ultimate resting place, Graceland, and licenses associated goods, music tours, and events.
According to the attraction, Lisa Marie owned Graceland Mansion in Memphis, Tennessee. According to Graceland, this comprises more than 13 acres and many of Elvis’ remaining belongings, including costumes, clothing, trophies, furniture, and automobiles.
“She has made the mansion property and her father’s personal effects permanently available for tours of Graceland,” it says.
Lisa Marie, whose cause of death has not been determined, was buried at Graceland, her childhood home, next to her son Benjamin. A spokesperson for the estate has said Lisa Marie’s three surviving children — Keough and twins Harper and Finley Lockwood — would inherit Graceland.
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