LOS ANGELES — Priscilla Presley is challenging a purported amendment to the trust of her daughter, late singer Lisa Marie Presley, that would give her grandchild control of rock ‘n’ roll’s most illustrious estate.
Lisa Marie was 54 when she died Jan. 12 in Los Angeles. On Thursday, an attorney representing Priscilla filed a petition in L.A. County Superior Court seeking to disprove a modification of Lisa Marie’s trust that would give Lisa Marie’s 33-year-old daughter Riley Keough control of the trust and, in effect, Elvis Presley’s estate.
The filing by attorney Brian M. Malloy argues a document purported to amend the trust to remove Priscilla as a trustee is invalid.
It alleges Priscilla was not notified — as required — of the amendment, that it only exists as a PDF copy, includes a signature claiming to be Lisa Marie’s but which appears inconsistent with her handwriting, and has Lisa Marie’s signature on a blank page devoid of language pertaining to the amendment.
While Priscilla and business manager Barry Siegel are named as current trustees, the would-be amendment from 2016 would essentially shift that responsibility to Keough. It also named her brother, Benjamin Keough, as a trustee before his death in 2020.
The petition seeks to have the court declare the purported amendment invalid and a 2010 version of the trust — with Priscilla and Siegel acting as co-trustees — in effect.
The petition states Siegel is likely to exit the trust agreement soon, which would give Keough a place as a co-trustee alongside her grandmother.
Representatives for Keough, Lisa Marie and Priscilla did not immediately respond to a request for comment. Attorneys for Siegel and Priscilla have also not responded to requests for comment.
Priscilla, 77, is believed to have successfully revived Elvis’ estate during its darkest days of debt. She wants to retain control of the trust, the filing indicates.
It’s not clear how much money could be at stake. The estate has had ups and downs that include reports of debt and estimations of a nine-figure value.
In 2005, Lisa Marie sold a major portion of her holdings in the Elvis business, and at her death retained 15% ownership in Graceland Holdings, parent of Elvis Presley Enterprises. The latter operates Graceland, the tourist destination that is Elvis’ final resting place, and licenses related products, music tours and events.
Lisa Marie wholly owned Graceland Mansion in Memphis, Tennessee, according to the attraction. That includes its more than 13 acres as well as many of Elvis’ remaining personal effects, such as costumes, wardrobe, awards, furniture, and cars, according to Graceland.
“She has made the mansion property and her father’s personal effects permanently available for tours of Graceland,” it states.
Lisa Marie, whose cause of death has not been determined, was buried at Graceland, her childhood home, next to her son Benjamin.
A spokesperson for the estate previously said Lisa Marie’s three surviving children — Keough and twins Harper and Finley Lockwood — would inherit Graceland.
Source: | This article originally belongs to Nbcnews.com
