Priscilla contested her late daughter's will back in January, claiming a new amendment, which removed her as a trustee, had issues regarding the "authenticity and validity" of Lisa Marie's signature. The petition also alleged that the document misspells Priscilla's name and it was not witnessed or notarized. As a result of this amendment, Lisa Marie's daughter Riley Keough was appointed as the sole trustee of her mother's estate. Now, Priscilla has "reached a settlement," according to her attorney Ronson J. Shamoun, CNN reports.
The agreement reached pertains to the Promenade Trust, in which Keough is named as the beneficiary of the estate, which reportedly includes the Graceland mansion and a stake in Elvis Presley Enterprises, TMZ reports. Priscilla also reportedly walked away from the settlement with "millions" of dollars after Lisa Marie's estate paid "an undisclosed sum of money" to settle the dispute.
Other details about the settlement were not discussed in court in Los Angeles on Tuesday (May 16). Both parties plan to file a motion to seal the settlement agreement; the judge asked for the motion to be filed by June 12 and set another hearing for August 4.
"The families are happy. Everyone is happy, unified, together and excited for the future," Shamoun said outside the court. Keough's attorney Justin Gold said "she is very content."
Throughout this legal battle, at the center of which are Lisa Marie's two life insurance policies — one for $25 million and one for $10 million — Riley and Priscilla are reported to have no longer been on speaking terms. Priscilla set the record straight last month, however, saying that she and her granddaughter "are just fine." Lisa Marie's ex-husband Michael Lockwood has also been involved in the legal drama as the father of 14-year-old twins Harper Vivienne Ann Lockwood and Finley Aaron Love Lockwood. He filed documents in court to ask a judge to appoint him guardian ad litem — and he was appointed legal guardian of the girls, giving him authority to speak on their behalf in hearings over Lisa Marie's trust.
He has reportedly taken sides with Priscilla, "drawing battle lines" between the two against Keough. This is reportedly "the last thing" Lisa Marie wanted, an insider told Page Six at the time.