Priscilla Presley, Riley Keough Settle Dispute Over Lisa Marie Presley's Estate

Elvis Presley's ex-wife Priscilla Presley and her granddaughter Riley Keough have reportedly settled their dispute over Lisa Marie Presley's trust.

According to PEOPLE, Priscilla and Riley's legal teams reached a settlement at a Los Angeles courthouse Tuesday. However, details of the settlement were kept private.

TMZ sources noted that Lisa Marie's estate paid Priscilla an undisclosed sum of money to settle the dispute, and it's reportedly in the millions.

After the hearing, Ronson Shamoun, Priscilla's attorney, told reporters outside the courtroom: "They have reached a settlement. Families are happy. Everyone is happy. Unified and together and excited for the future."

Justin Gold, Riley's lawyer, added: "[Riley] would not have agreed to the settlement if she was not happy with it." The next hearing and motion for approval are reportedly set for August 4.

According to Los Angeles probate attorney David Esquibias, many families resolve disputes like this quietly and settle out of court, with lawyers acting as quick negotiators.

TMZ reported that at the time of her passing, Lisa Marie Presley reportedly had at least $35 million in life insurance policies.

"A 'life insurance trust' is typically created by wealthy people. It is an irrevocable trust that is funded with life insurance," explained Esquibias.

For someone like Lisa Marie Presley, he added that a life insurance trust's primary objective is "to avoid tax at death."

Priscilla Presley Wants to Remain a Co-Trustee For Lisa Marie Presley's Estate

Lisa Marie Presley, who died at 54 last January 12, changed her will in 2016 to remove her 77-year-old mother, Priscilla Presley, and make her 33-year-old daughter Riley Keough the executor.

Lisa Marie has three surviving children: Keough and 14-year-old twin daughters Harper Vivienne Ann and Finley Aaron Love.

So currently, the trust of the late Lisa Marie, which reportedly includes the Graceland mansion and a stake in the Elvis Presley Enterprises (EPE), names Riley as a co-trustee. However, Priscilla is legally challenging that.

Lisa Marie had previously named her mother and former business manager Barry Siegel as co-trustees in 2010. However, a 2016 amendment removed the two as co-trustees and put the trust in the hands of her daughter and her late son Benjamin.

Last January, Priscilla's lawyers filed a petition in Los Angeles questioning the "authenticity and validity" of the 2016 document. Priscilla's camp alleged that her daughter's signature on the 2016 amendment "appears inconsistent with her usual and customary signature."

She also argued that her daughter's name had been spelled wrong and that the document was never notarized. In filing the petition, Priscilla reportedly wanted confirmation from the court that she would continue to be a trustee of Lisa Marie's estate.

The only child of Elvis Presley owned Graceland, the estate in Memphis that her father bought in 1957. Despite having no ownership or role in the company, Priscilla was reportedly being paid $900,000 a year by EPE.

EPE is a corporate entity formed by "The Elvis Presley Trust" to conduct business and manage its assets, including Graceland and worldwide licensing of Elvis-related products. EPE's major source of revenue is the Graceland operation.

A friend of Lisa Marie told The New York Post that Priscilla, who had been a longtime Elvis estate trustee, also failed to have her contract renewed by EPE in 2020.

Priscilla Presley's Statement After She and Riley Keough Reach Settlement Over Lisa Marie Presley's Trust

In a statement sent to Fox News Digital, Priscilla Presley, through her representatives, said her family has resolved "all confusion as it relates to our plea to the court and request for document interpretation after my daughter Lisa Marie's untimely passing."

She also clarified that it was not a lawsuit against her granddaughter.

"Although the media identified such a plea as a lawsuit, I want to make clear that there was never any lawsuit filed against my beloved granddaughter. As a family, we are pleased that we resolved this together," Priscilla noted.

She also asked for privacy so she and her family could "properly grieve Lisa Marie and spend personal time together."

"We love and appreciate all of you and the Presley family is stronger than ever," Priscilla concluded.

This is owned by Latin Post.

Written by: Bert Hoover

WATCH: Priscilla Presley & Riley Keough Settle Estate Dispute - Form E! News