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After Lisa Marie Presley’s death, Elvis’ ex-wife Priscilla went to court to challenge documents that say Riley Keough, her granddaughter, is now the sole trustee of Elvis’ estate. This is just one part of the trouble and drama that has plagued the Presley family over the years.
Along with music and movies and licensing rights to merchandise, Elvis’ legacy also involves battles with addiction, divorce, and spending issues. But all that is generally overshadowed by the quality of his music, tours of Graceland, and the interest in the value he brought to entertainment.
Now, the focus is on the untimely death of Lisa Marie, who was the trustee of his estate. In 2005, 85% of Elvis Presley Enterprises was sold off by Lisa Marie and her business manager. The sale brought debt relief, stock, and cash totaling nearly $97 million. Since that time, most of the funds from the sale have been depleted.
The Trust is still estimated to be worth tens of millions, with Lisa Marie drawing $1.25 million per year from it up until her death. Now, the beneficiaries of the Trust are Keough and her two half-sisters. Priscilla isn’t necessarily trying to stop them from receiving money from the Trust, but to stop Keough from having sole control of its administration.
In the years leading up to Lisa Marie’s death, her relationship with her mother Priscilla was strained. So far, Keough hasn’t commented on the court filings or whether Priscilla should or should not be a trustee. Allegedly, Priscilla was removed as a trustee in 2018, but she argues that the signature on the documents taking that action are inconsistent with other signatures.
In short, Priscilla is looking to be reinstated as a trustee, under the claim that she was never legally removed in the first place due to the questionable signature and a lack of notification. Sources close to Lisa Marie say that her plan was always to have Keough and her brother, Ben, as the only two trustees. Ben died by suicide in 2020.
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