According to the New York Times, only a few weeks after the death of Lisa Marie, Priscilla Presley's only child with Elvis Presley, Priscilla went to court to challenge the appointment of her granddaughter, Riley Keough, as the sole trustee of the Presley estate. In 2016, a change was made that removed Priscilla Presley and Barry Siegel (the former manager of Lisa Marie) as co-trustees of Lisa Marie's trust. They were replaced by Lisa Marie's two eldest children, Riley and Benjamin Keough. Benjamin died by suicide in 2020, leaving his sister, Riley, with complete control of the trust. The trust includes Graceland and 15 percent of Elvis Presley enterprises.
However, Priscilla Presley, who was married to the superstar from 1967 to 1972 and remained lifelong friends with him, claims she had no knowledge of the 2016 change in the document and that it should be voided as Lisa Marie never informed her of any changes to the trust, as required by terms of the trust.
Voiding the 2016 document would allow Priscilla and Riley to serve as co-trustees.
"Priscilla doesn't want Riley solely in charge, because then she has no say," a source told People (quote via People). "Meanwhile, Riley doesn't want Priscilla to butt in."
The Elvis brand takes in over $100 million a year, a significant portion of which comes from licensed merchandise, such as apparel, and tickets to Graceland. However, the Presley family only receives a portion of the proceeds.
According to court documents, in 2005, Lisa Marie and her business manager sold 85 percent of Elvis Presley Enterprises for about $50 million in cash, $25 million in stock in investor Robert F.X. Sillerman's entertainment company, CKX, and $22 million in debt relief. In turn, Lisa Marie's trust would keep 15 percent of Elvis Presley Enterprises and the Graceland mansion, which was appraised at $5.6 million in 2021.
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