Lisa Marie Presley’s loved ones have reached a settlement in thebattle over her trust.
Legal counsel forPriscilla PresleyandRiley Keoughreached a settlement at a Los Angeles courthouse Tuesday, with Riley’s side set to submit a settlement request under seal for both the Promenade and a life insurance trust, PEOPLE confirms.
“They have reached a settlement. Families are happy,” Ronson Shamoun, Priscilla’s lawyer, told reporters. “Everyone is happy. Unified and together and excited for the future.”
Justin Gold, Keough’s attorney added, “[Riley] would not have agreed to the settlement if she was not happy with it.”
The next hearing and motion for approval is scheduled for Aug. 4.
Riley Keough, Harper Lockwood, Lisa Marie Presley, Finley Lockwood, Priscilla Presley.Steve Cohn/Shutterstock
According toLos Angeles probate attorney David Esquibias, “most families (high net-worth or not) resolve their disputes privately and settle out of court.”
“Lawyers are amazingly quick negotiators when they need to be. The parties could have started negotiating yesterday or back in January,” adds Esquibias.
At the time of her death, Lisa Marie reportedly hadat least $35 millionin life insurance policies, according to TMZ.
“A life insurance trust also provides a great deal of creditor protection to Lisa Marie and her trust beneficiaries,” says Esquibias.
Lisa Marie, the only child ofElvis Presleyand ex-wifePriscilla, died in January at the age of 54 after suffering a cardiac arrest.
Anongoing trust battleensued four days after Lisa Marie’s memorial in January, when lawyers for Priscillafiled a petitionin Los Angeles questioning the “authenticity and validity” of a 2016 amendment to Lisa Marie’s living trust.
Priscilla Presley, Lisa Marie Presley and Riley Keough.Eric Charbonneau/Invision/AP/Shutterstock
The change had removed Priscilla and Lisa Marie’s former business manager Barry Siegel as cotrustees and gave control of the trust — the Graceland mansion and a 15 percent stake in Elvis Presley Enterprises (EPE), which together brought in a reported $110 million in 2022 — to Riley, 33, and Benjamin.
RELATED VIDEO: Inside Priscilla Presley and Riley Keough’s Fight Over Lisa Marie’s Trust: ‘They Don’t See Eye to Eye’
If the 2016 amendment is voided in court, Priscilla and Riley would be cotrustees.
“Priscilla doesn’t want Riley solely in charge, because then she has no say,” a family insiderrecently told PEOPLE. “Meanwhile, Riley doesn’t want Priscilla to butt in.”
A Riley source added: “It’s a very sad situation. Riley is shocked Priscilla is contesting the amendment.”
In a Feb. 3 statement, Priscilla maintained she is acting with “integrity and love,” and a source close to Lisa Marie’s ex-husband Michael Lockwood (who is guardian at litem for the pair’s 14-year-old twin daughters) said the matriarch remains close to Michael to “be a part of her grandchildren’s lives.”
A source added that Riley is focused on her acting career — she stars in Amazon Prime Video’s new limited seriesDaisy Jones & the Six— as well as new motherhood. At her mother’s memorial, Riley’s stuntman husband,Ben Smith-Petersen, revealed that the pair welcomed their first child in 2022.
source: people.com
