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The sudden demise of Lisa Marie Presley on Jan. 12 despatched shockwaves all through the world and left her quick household devastated. Lisa Marie, the one youngster of Rock and Roll icon Elvis Presley and Priscilla Presley, was within the highlight together with her household for the later half of 2022 because of the widespread acclaim of Baz Luhrmann’s “Elvis,” starring Austin Butler and Tom Hanks. On all fronts, Lisa Marie’s household, together with her mom and eldest daughter Riley Keough, seemed to be as close-knit as ever, however following her demise in January 2023, stories of rigidity between the 2 over Lisa Marie’s belief has difficult her legacy.
According to sources shut with the household, Lisa Marie’s relationship with Priscilla was not what it appeared on the surface, and the 2 had allegedly spoken seldomly since Lisa Marie’s cut up from husband Michael Lockwood in 2016 (through People). Following Lisa Marie’s demise, Priscilla and Riley have been entangled in a bitter feud over who ought to and should not be a trustee of her remaining property, aka Elvis Presley Enterprises (EPE). “They don’t see eye to eye,” a household insider advised People.
Read on for a whole breakdown of the whole lot surrounding Priscilla and Riley’s belief battle.
Aug. 16, 1977: Elvis dies at age 42. Elvis was discovered unconscious in his Graceland residence, as reported by History.com. The King of Rock and Roll was transported to the hospital the place he later was pronounced lifeless. According to the docs that handled him, Elvis died of a coronary heart assault, doubtless a results of his barbiturate misuse. Upon his demise, Elvis’s father, Vernon Presley, inherited his property, with Lisa Marie (then 9 years-old) the inheritor to the inheritance.
1979: Lisa Marie inherits Elvis’s property, Priscilla is coexecutor. After Vernon died in 1979, Lisa Marie inherited the property, however being solely an 11-year-old youngster on the time, she could not handle the property. Per People, Vernon named Priscilla as a coexecutor of the property, together with Joseph Hanks, the Presley’s longtime accountant, and the National Bank of Commerce in Memphis. The three would have management over the property till Lisa Marie turned 25, at which period she would turn into the only beneficiary. At the time of Vernon’s demise, the Graceland property was costing greater than it was bringing in, and was value a mere $1 million. By 1982, nonetheless, Priscilla opened up Graceland as a vacationer attraction, which raised its worth to $75 million and introduced in an estimated $15 million a 12 months by 1989, as reported by the Los Angeles Times.
1993: Lisa Marie kinds the Promenade Trust when she turns 25. In 1993, Lisa Marie fashioned the Promenade Trust, which established her because the beneficiary of Elvis Presley Enterprises, with Priscilla and Barry Siegel, the Presley household’s enterprise supervisor, named as trustees, based on The New York Times. “Everything stays the identical, besides I’m on the administration group now,” Lisa Marie advised People in 1993. Despite being within the inexperienced, the property of EPE would considerably dwindle over the subsequent 10 years. By 2005, Lisa Marie and Siegel bought 85 p.c of EPE to Robert F.X. Sillerman, founding father of SFX Entertainment. The deal paid out $53 million in money and moreover offered Lisa Marie with $25 million in debt aid and an approximate $20 million share in CKX Inc., per the LA Times. This wouldn’t be the top to the monetary troubles of EPE, nonetheless.
2016: Lisa Marie amends her residing belief. With her oldest youngsters, Riley and Benjamin Keough now adults, Lisa Marie amended her residing belief in 2016 and named the 2 as co-trustees of the belief within the occasion of her demise, based on The New York Times. In doing this, Lisa Marie eliminated her mom and Siegel as trustees. Benjamin later died by suicide in 2020, which left Riley as the only beneficiary of the belief after Lisa Marie.
2018: Lisa Marie sues enterprise supervisor Barry Siegel. Robert Sillerman bought his share of EPE to Authentic Brands Group in 2013, and by 2015, CKX Inc. declared chapter, which meant Lisa Marie’s inventory (value hundreds of thousands) was gone. In addition to the lack of her inventory, the close to $50 million she obtained within the cope with Sillerman was almost depleted. According to The New York Times, the lack of funds was partially attributed to Lisa Marie’s spending, which included the acquisition of a house in England value $9 million. By 2015, the belief had simply $14,000 in money and tons of of hundreds of {dollars} in debt, which in the end led Lisa Marie to sue Siegel for mismanagement of funds in 2018. The lawsuit claimed Siegel “price her via reckless mismanagement,” whereas Siegel countered and claimed that Lisa Marie “twice squandered” her fortune on account of her extreme spending habits (through People). The two later settled out of court docket for an undisclosed quantity.
Jan. 12, 2023: Lisa Marie dies at age 54. Two days after she attended the Golden Globes in honor of the numerous “Elvis” nominations, Lisa Marie suffered a cardiac arrest and later died at West Hills Hospital in LA.
Jan. 26, 2023: Priscilla challenges Lisa Marie’s belief modification. Just two weeks after Lisa Marie’s demise, Priscilla formally challenged the “authenticity and validity” of her 2016 belief modification by submitting a petition with the LA Superior Court, as reported by The New York Times. In the submitting, Priscilla’s legal professionals argue that the modification shouldn’t be legitimate, as she was not notified of the change whereas Lisa Marie was nonetheless alive, and in addition declare that the modification is doubtlessly fraudulent because of obvious inconsistencies in Lisa Marie’s signature. In the case that the submitting is voided, each Priscilla and Riley will probably be co-trustees of the property.
Despite the rising consideration to the matter, either side is combating to deal with it privately. In a latest assertion to People, Priscilla shut down the feud claims, and stated, “Please ignore ‘the noise.’ As I’ve at all times been there for Elvis’ legacy, our household and the followers, I’ll proceed to forge a pathway ahead with respect, honesty, dignity, integrity and love.” Meanwhile, an insider near Riley advised the outlet, “It’s a really unhappy scenario. Riley is shocked Priscilla is contesting the modification.”
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