New, unredacted documents also reveal that Priscilla Presley will receive a $100,000 annual payment
Judge Lynn Scaduto signed the agreement on Monday, confirming, among other things, that Priscilla, 78, will receive a $1 million lump-sum payment funded by Lisa Marie’s $25 million life insurance policy, that her son Navarone Garibaldi will be a beneficiary of Lisa Marie’s trust, and that Priscilla will be buried near her ex-husband Elvis Presley at Graceland upon her death.
Though many of the terms of the settlement were previously reported by PEOPLE in June when Riley, 34, officially became the sole trustee of her late mother’s estate, the Daisy Jones & the Six actress’s attorney Justin Gold filed an unredacted copy of the agreement, which has been obtained by PEOPLE, on Friday.
The unredacted settlement, the terms of which were first agreed upon in May, reveals that in addition to her lump-sum payment, Priscilla will also be paid $100,000 a year for her role as special advisor of the promenade trust related to its shareholder interest in Elvis Presley Enterprises, a non-fiduciary role. The payments, which will be doled out in monthly installments, are guaranteed for 10 years or until Priscilla’s death, regardless of whether Riley ever terminates Priscilla’s role as special advisor, according to the documents.
Lisa Marie Presley, the only child of Elvis Presley, died of a small-bowel obstruction in January at age 54. She was Elvis’s sole heir — and after her death, Priscilla filed a petition contesting the “authenticity and validity” of a 2016 amendment Lisa Marie had made that removed Presley and her former business manager as co-trustees, and put things in the hands of Lisa Marie’s children instead.
Priscilla and Riley eventually reached their settlement, which also puts Riley in charge of the sub-trusts of her 15-year-old half-sisters Harper and Finley Lockwood (Their dad, Lisa Marie’s ex-husband Michael Lockwood, signed off on the arrangement on their behalf).
The documents say that Riley and Lockwood “insisted upon court approval of the settlement agreement” because Harper and Finley are represented by a Guardian Ad Litem, and his authority to enter into a settlement agreement on their behalf is only valid to the extent that it’s approved by the court.
As beneficiaries, Riley, Harper and Finley will all equally split 8/9s of Lisa Marie’s trust, while Priscilla’s son Navarone Garibaldi will receive the remaining 1/9.
As for Priscilla’s burial plans, the documents indicate that both she and Riley “desire for Priscilla to be buried at Graceland,” and that her burial location in the Meditation Garden will be as close to Elvis as possible without moving any existing gravesite. The settlement says Riley also agrees to include Navarone in the planning of any memorial service, plus anyone Priscilla names as her executor and anyone she names in her will as someone she wants to participate.
In an August interview with Vanity Fair, Riley — who welcomed a daughter, Tupelo Storm, last year — made it clear that things with her grandmother had settled.
“Things with Grandma will be happy. They’ve never not been happy,” she said. “There was a bit of upheaval, but now everything’s going to be how it was. She’s a beautiful woman, and she was a huge part of creating my grandfather’s legacy and Graceland… It’s a big responsibility she has tried to take on. None of that stuff has really ever been a part of our relationship prior. She’s just been my grandma.”
Priscilla, meanwhile, told The Hollywood Reporter that same month that she and her granddaughter “are on good terms.”
“We were never not on good terms. That was all publicity,” she said. “We understand what needs to be done. I’m there for her. She knows that. She wants me there for her to help her.”
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