The fate of Lisa Marie Presley’s estate has been revealed.
On Friday, a Los Angeles Superior Court judge approved a settlement proposed by Keough, Elvis Presley’s eldest grandchild, in June following a legal dispute with her grandmother Priscilla Presley.
Following the ruling, Keough, 34, will also preside over the sub-trusts of her 14-year-old half-sisters Finley and Harper Lockwood, Lisa Marie’s daughters from her marriage to musician Michael Lockwood.
“The settlement is in the best interests of minors Harper Lockwood and Finley Lockwood, and confirm that Michael Lockwood’s signature on their behalf, as Guardian Ad Litem, is valid and binding,” Judge Lynn H. Scaduto wrote.
Keough filed the 73-page petition with the court on June 12 to approve an earlier settlement agreement that was reached between her, Lockwood, and Priscilla, PEOPLE previously reported.
Moving forward, the Daisy Jones & the Six actress will own Elvis Presley’s former estate Graceland in Memphis, Tennessee, a home that he had gifted to his only child Lisa Marie when he died in 1977.
When the agreement was initially filed, Keough’s lawyer Justin Gold wrote that if the court approved the petition, his client would not charge for her services as a trustee; therefore, “the beneficiaries all save money that would have gone to Priscilla who was going to charge a trustee fee.”
Gold continued that the money provided to Keough via the trust “will be safeguarded and invested in a manner consistent with the needs of the beneficiaries, and not influenced by the desires of a trustee,” in reference to the sub-trusts for Harper and Finley.
The trust will reportedly allow Priscilla to remain as a special adviser and receive a monthly payment for her role within the trust.
According to Deadline, Priscilla will also be allowed to retrieve any personal belongings she has stored within any facility controlled by the Graceland estate and has been granted permission to be buried on the premises in the Meditation Garden next to Elvis, Lisa Marie and her late grandson Benjamin Storm Presley Keough, who died by suicide at the age of 27 in 2020.
Following the sudden death of Lisa Marie in January at the age of 54, Priscilla filed a petition that same month contesting the “authenticity and validity” of a 2016 amendment to her daughter’s living trust that removed her and former business manager Barry Siegel as co-trustees.