"Riley Keough to Pay $1 Million to Grandmother Priscilla Presley in Settlement"

Introduction:

Riley Keough, the 34-year-old actress and granddaughter of music legend Elvis Presley, has reached a settlement in her legal battle with her grandmother, Priscilla Presley. The dispute arose after Riley was named the sole heir in her mother Lisa Presley's $35 million will following her untimely death earlier this year. While the terms of the agreement were meant to remain confidential, court documents obtained by People magazine reveal that Riley is required to make a $1 million lump-sum payment to Priscilla, along with additional legal costs. The settlement also involves Priscilla resigning as trustee of Lisa's estate and other arrangements regarding the distribution of assets and responsibilities.

Settlement Details:

According to redacted court documents, Riley Keough is obligated to make a $1 million payment to her 78-year-old grandmother, Priscilla Presley, in addition to covering legal fees and costs. The agreement specifies that the payment is to be made within 10 days after Riley receives the proceeds from her mother's life insurance policy. While the exact amount of the payment is redacted in the documents, it was reported by the New York Times to be $1 million. Priscilla officially stepped down as trustee of Lisa's estate on May 11th, as stated in the settlement agreement.

Family Resolution and Future Responsibilities:

The legal settlement not only resolves the ongoing disputes but also aims to honor the wishes of the late Lisa Presley and protect the best interests of the family. Riley Keough will assume the role of sole trustee of her mother's estate and oversee the sub-trusts for her 14-year-old half-sisters, Harper and Finley Lockwood. Her responsibilities will include safeguarding and investing the inherited funds in a manner that aligns with the needs of the beneficiaries. Priscilla Presley, on the other hand, will act as trustee of the sub-trust for Lisa's half-brother, Navarone Garibaldi, who will receive 1/9th of the trust, with the remaining assets divided among Lisa's three daughters.

Conclusion:

Riley Keough's legal dispute with her grandmother, Priscilla Presley, has reached a settlement that involves a $1 million lump-sum payment to Priscilla, along with additional legal costs. The agreement brings closure to the family's legal battles and ensures the smooth administration of Lisa Presley's estate. As Riley takes on the role of trustee, she will manage the sub-trusts for her half-sisters, prioritizing their best interests. The settlement reflects a commitment to preserving the family's well-being and respecting the wishes of the late Lisa Presley.