Riley Keough to pay settlement to Priscilla Presley
Riley Keough has agreed to pay Priscilla Presley $400,000 in legal fees and other costs, as well as a $1 million lump-sum after resolving their dispute over Lisa Marie Presley's trust.
Riley Keough must pay her grandmother, Priscilla Presley, a $1 million lump-sum payment.
The 34-year-old actress was locked in a legal battle with the 'Naked Gun' actress after she was made the sole heir in the $35 million will left by her mother Lisa Presley - who died earlier this year at the age of 54 - but the pair reached a settlement last month.
And while the terms of the agreement were to be kept confidential, redacted court documents obtained by People magazine showed reference to the payment, as well as additional legal costs.
According to the outlet, one line in the 95-page filing states that a $400,000 payment the 'Daisy Jones and the Six' star is to give her 78-year-old grandmother for legal fees and costs will come "at the same time as the one million payment as stated in Paragraph 6 of this Agreement."
Paragraph 6 references a sum to be paid by Riley to Priscilla which "shall be made within 10 days after Riley’s receipt of the life insurance proceeds". The amount is redacted but the New York Times newspaper reported it would be $1million.
In return for Priscilla resigning as trustee, her granddaughter is to issue the payment “after receiving the proceeds of her mother’s life-insurance policy."
The documents state Priscilla was officially removed as trustee of her late daughter's estate on 11 May and signed a settlement agreement.
Riley's lawyer wrote in the document: "In settling the claims pending in Priscilla's Petition, the parties are saving significant legal fees by avoiding litigation, and they are likewise avoiding the spectacle of intra-family litigation that would have been inimical to Lisa's wishes and not in the best interests of the family."
As well as being sole trustee of her mother's estate, the 'Mad Max: Fury Road' star will also take charge of the sub-trusts for her 14-year-old half sisters Harper and Finley Lockwood and will safeguard and invest the money “in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee."
Priscilla will act as trustee of the sub-trust of her son, Lisa Marie's half-brother Navarone Garibaldi, who will be granted 1/9th of the trust, with the rest split among the singer's three daughters.
