Lisa Marie Presley’s passing has left behind a musical fortune and a family dispute over the distribution of her estate.
Her three daughters are set to inherit her wealth, however, their grandmother, Priscilla Presley, is challenging the validity of her late daughter’s will.
According to those close to the family, this legal battle reflects a long history of money-related conflicts within the Presley family.
Just four days after Lisa Marie’s memorial service at Graceland, Priscilla filed a petition to dispute a 2016 amendment in her daughter’s will.
The amendment removed Priscilla and her former business manager, Barry Siegel, as co-trustees and replaced them with Riley and Benjamin Keough. Sadly, Benjamin Keough passed away in 2020.
Priscilla’s petition claims that she was not informed of the amendment while her daughter was still alive, as required by her trust.
It also points out that her name was misspelled in the document and questions the validity of Lisa Marie’s signature, alleging that the amendment needed to be witnessed or notarized.
Keough has yet to respond to the petition, and CNN has sought comment from her representatives.
CNN spoke to two friends of Lisa Marie, who wished to remain anonymous, about the estate dispute. One of them alleged that Priscilla’s petition is motivated by a desire for money.
“This is about Graceland and the memorabilia that Elvis left to Lisa Marie,” the source said.
“Lisa was the sole heir to his estate. She and her mother were estranged in recent years, and Lisa did not want her mother overseeing the estate. I believe Priscilla is after money and what’s inside Graceland.”
Graceland: A Battle for Legacy
After her divorce from Elvis Presley in 1973, Priscilla Presley transferred the ownership of Graceland to her daughter, Lisa Marie, who became the sole inheritor of the property and her father’s estate after his death in 1977.
Priscilla oversaw the transformation of Graceland into a successful tourist attraction and museum, held in trust for Lisa Marie until she turned 25.
In 2004, Lisa Marie sold a majority stake (85%) in Elvis Presley Enterprises, reportedly for more than $100 million.
However, she retained 15% ownership in the company that manages Graceland, its related properties, and the Graceland Archives.
Lisa Marie also kept complete ownership of the mansion and her father’s personal items displayed in the museum, including costumes and vehicles.
According to a representative for Graceland, the trust with the Graceland property and its contents will now pass on to her daughter, Riley Keough, an accomplished actress and model, along with her twin sisters.
“Riley is a sophisticated 33-year-old woman who is more than capable of running the estate smoothly,” said a close friend of Lisa Marie.
In 2020, the estate was estimated to be worth between $400 and $500 million, with Lisa Marie earning seven figures annually from her interest in the estate, as reported in her 2022 divorce filing.
However, Priscilla’s petition challenging Lisa Marie’s will has now sparked a legal battle with her granddaughter. “This is about gaining control of what’s left of Elvis’ estate,” said a close friend of Lisa Marie. “It’s sad.”
Elvis Presley’s Legacy
Brigitte Kruse, a specialist in Elvis Presley memorabilia auctions, is listed as Priscilla’s representative in her legal petition.
Benny Roshan, an expert in estate law and the Chair of the Trust and Probate Litigation Group at Greenberg Glusker, stated that an attorney-in-fact might be designated if the individual is unable, unwilling, or unavailable to act.
This raises questions about why Priscilla chose to file the lawsuit with an attorney-in-fact.
Kruse and her husband established Kruse GWS Auctions Inc. in 2009 and have previously collaborated with Priscilla Presley on Elvis memorabilia auctions.
The terms of their financial partnership are unknown. In a statement to CNN, Kruse emphasized her devotion to preserving Elvis Presley’s legacy and being one of the conservators of the Presley family.
In August, CNN reported that Kruse organized an auction of Elvis Presley’s “lost” jewelry. Kruse described the collection as a “myth and a legend” until they found it.
Priscilla Presley helped curate the sale and expressed her hope that her involvement would help prevent the spread of fake Elvis memorabilia and ensure that the items would be well cared for by the new owner.
In December 2022, an auction featuring artifacts from Hollywood and music began, including several items of Elvis Presley memorabilia.
Brigitte Kruse, an auctioneer of Elvis memorabilia, noted to Reuters that the value of these items, such as the “It’s Now or Never” singer’s address book, had increased since Lisa Marie Presley’s death.
The telephone address book, which was well documented by a personal recollection by Priscilla Presley, was sold for $10,000.
Kruse expressed in a press release that it was important to preserve Elvis’ legacy by finding and displaying this collection and informing fans of the stories behind each item after 50 years.
The film “Elvis,” which stars Austin Butler as the title character, brought Elvis Presley’s life and career back into the public eye. Priscilla and Lisa Marie Presley supported the film project and made a united front appearance at the Golden Globe Awards in January.
However, according to a friend of Lisa Marie’s, the relationship between mother and daughter was complicated and had tension. They put on a united front for the film, knowing that the public battle could harm the family business.
The legacy of Elvis Presley continues to endure and captivate audiences decades after his death.
Through the efforts of people like Brigitte Kruse and Priscilla Presley, Elvis’s memorabilia is being preserved and shared with fans, offering a glimpse into his life and career.
Despite any reported tension, the Presley family has come together to support the recent film about Elvis and continue promoting and protecting his legacy.
The recent sale of the telephone address book and other memorabilia items is a testament to the ongoing fascination with Elvis and his enduring impact on popular culture.
