Riley Keough to Pay Priscilla Presley $1M in Trust Settlement Post Lisa Marie Presley's Death

Riley Keough is going to give her grandma Priscilla Presley a lump-sum payment of $1 million as she takes over as the sole trustee of her late mother Lisa Marie Presley's estate.

In addition, the Daisy Jones & The Six actor will give Priscilla an additional $400,000 to pay for her legal expenses, concluding the months-long legal battle that unfolded between the two in the aftermath of Lisa Marie Presley's death. The paperwork, which was submitted in Los Angeles on June 12, supposedly states that Riley, 34, will get "the proceeds of her mother's life-insurance policy" before the large payouts take place at the same time, per PEOPLE.

According to the documentation, Priscilla, 78, was formally relieved of her duties as executrix of her late daughter's estate on May 11 after she and Keough reached an understanding that Keough would serve as the new beneficiary.

The terms of the settlement were kept private at the time, and all references to their agreed-upon payout in the documents were redacted with the exception of one near the conclusion of the 95-page document.

The settlement provided Priscilla with a sizeable sum of money, but it is said that during negotiations, she was denied her request to be buried close to her late husband, Elvis Presley, per Page Six. 

Priscilla released a written statement to Page Six after their settlement's news broke, saying, "My 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 further clarified that it wasn't really a legal battle as the press termed it to be.

"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," she wrote.

She also added that she hopes for privacy and thanks everyone for their support. "My family and I hope that everyone will grant us the privacy we have needed to properly grieve Lisa Marie and spend personal time together. We love and appreciate all of you and the Presley family is stronger than ever."

The settlement states that Riley will act as the sole trustee of her mother's estate as well as the sub-trusts for her twin sisters Harper and Finley Lockwood, both of whom are 14 years old. Riley will also safeguard and invest the funds "in a manner consistent with the needs of the beneficiaries, and not influenced by the desire of a Trustee," the petition states.