Riley Keough & her two sisters inherited the trust which operates Graceland

Lisa Marie Presley passed away last Thursday in Los Angeles. So far, no one is saying much (on the record) about what will happen to Lisa Marie’s 14-year-old twin girls, Harper and Finley. Lisa Marie was still fighting with her last ex-husband Michael Lockwood over custodial issues regarding Harper and Finley. I suspect (but have not seen confirmed) that Lockwood will probably have full custody of the girls now, although it does seem like the custody issue will go to court. For now, everyone is trying to figure out what will happen with Lisa Marie’s estate, which includes full ownership of Graceland.

Elvis Presley’s iconic Memphis, Tenn. mansion, Graceland, will stay in the Presley family. Following the death of Lisa Marie Presley on Thursday, the property, which is in a trust, will benefit Lisa Marie’s three daughters, Riley, Harper and Finley, a representative for Graceland confirms to PEOPLE.

The King of Rock and Roll’s former home was passed down to his only daughter, Lisa Marie, after he died in 1977. It is now open for a variety of tours and overnight stays.

Lisa Marie had two children from her marriage to Danny Keough: Riley, 33, and Benjamin, who died by suicide at age 27 in July 2020. She married Michael Lockwood in 2006 with whom she had her now 14-year-old twin daughters, Harper and Finley. Presley and Lockwood split in 2016 and their divorce was finalized in 2021.

According to the official website of Graceland, the estate was left to Lisa Marie in trust when she was only nine years old, and the trust officially dissolved upon her 25th birthday in 1993 giving her full ownership of the home. She then formed The Elvis Presley Trust to manage the property alongside her mother, Priscilla Presley, and the National Bank of Commerce.

[From People]

It was smart for Lisa Marie to form the trust to take care of Graceland and keep it open as a museum and tourist destination. I would also imagine that Lisa Marie left specific instructions in her will, for Graceland and the distribution of her assets. Do you think everything will be split equally between Riley, Finley and Harper? Or will Riley get more because she’s older?

Photos courtesy of Avalon Red.

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23 Responses to “Riley Keough & her two sisters inherited the trust which operates Graceland”

  1. Lucy says:

    I hope her ex is a good dad. A friend’s sister died in a motorcycle accident, and her daughter went straight to the ex who had nothing to do with his little girl until then. My friend and her mom had been so involved in the girls life, and he took her and they didn’t see her again for years.

    My heart goes out to all of them.

    • May Bench says:

      The girls are 14 and if custody goes to court, they have the right to say who they want to live with. They may want to live with Riley’s dad as they have been doing so. You never know. Their real dad was accused by Lisa of child pornography and that my play into custody decision.

    • lucy2 says:

      This happened to a friend too. She was close with her friend and her 2 daughters, the friend was going through a nasty divorce and died suddenly, and the dad cut the daughters off from everyone who had been in their mom’s life. It’s really sad.
      I hope whatever happens with these children, they are where they want to be, and are loved and well cared for.
      I would imagine the assets are to be split evenly, or if anything, more to the younger kids, as Riley has her own career already.

  2. Enis says:

    As a former Memphis resident, Graceland is a HUGE tourist draw. They now have a hotel and convention center on grounds. It’s good to know no matter what, her kids will be taken care of with the trust.

    • Tacky says:

      I visited Graceland for the first time a few years ago and was blown away at what a massive enterprise it is. Priscilla and Lisa Marie turned into an economic engine for Memphis.

    • Flower says:

      By 2020 I believe Graceland and associated Trust were worth 500 Million so I think the girls will be ok.

      Priscilla actually worked really hard to ensure her daughter had something worthwhile to inherit.

      I hope the girls are okay aside the money because what a horrible age to lose your mother.

      • Snoozer says:

        I hope that’s right and that the trust it is held in is seperate to her money woes, because she lost almost everything and was broke.

        “In 2018, Lisa Marie… claimed her former business manager squandered her entire share of Elvis’ $US100 million ($135 million) fortune she inherited when she turned 25.

        In court documents, Lisa Marie alleged that Barry Siegel assured her that her finances were in “good shape” while he whittled her $US100 million ($135 million) trust down to just $US14,000 ($19,000) in poor investments.

        In 2019, her mother Priscilla was forced to sell her Los Angeles mansion to help out her daughter with her mounting debts.

        “Priscilla would never have done this if she didn’t believe it was her daughter’s last chance,” a source told Radar of the $US5.5 million sale at the time.”

        From news.com.au

        And more details from SCMP:

        https://www.scmp.com/magazines/style/celebrity/article/3183520/how-did-lisa-marie-presley-lose-all-elvis-millions-she

        And the Daily Fail:

        https://www.dailymail.co.uk/news/article-5856577/Lisa-Marie-Presley-claims-ex-money-manager-lost-100-million-fortune.html

        Honestly, it sounds like a huge mess. She trusted the wrong person to manage her finances, didn’t maintain any oversight, and overspent massively. She never had third parties check his work or audit her trust.

        What kind of idiot sells off a proven legacy like Elvis Presley and invests in American Idol?? Her business manager. My jaw is on the floor.

        I hope there’s something in that trust for her girls, I really do. Perhaps Priscilla can help them get it back in shape?

  3. ariel says:

    I’m curious to see if she can make sure that the minor childrens’ dad does not have control of their shares until they come into possession. Their divorce seemed quite nasty. I hope she had good business advisors but she and her mother’s decision making is suspect- they were scientologists for a LONG time.

    • Enis says:

      The oversight of a bank makes me happy. They have departments of professionals dedicated to trusts with lawyers and accountants, and will bring in external auditors every year or every other year (depending on state law and/or terms of the trust) to make sure there is no issues.

    • Lizzie Bathory says:

      Their dad may or may not wind up with custody, but the trust will be managed by Priscilla & the bank as Co-Trustees. Their dad will have no claim to it, fortunately.

  4. snappyfish says:

    Trusts have executors and it seems they are Pricilla, who did a wonderful job turning Graceland into a moneymaker for Lisa Marie, and the bank mentioned in the article. Trusts are well protected and very hard to break. I feel their portion of Graceland is safe. Riley might be given her brother’s share or it might have been reduced to thirds on his death. Godspeed to them all in this time of grief

  5. Lizzie says:

    Condolences to Lisa Marie’s daughters and mother. Too many in that family have died young. Priscilla seems to be everyone’s rock, prayers for good health for years to come.

  6. HeyKay says:

    Thanks for this post. I was hoping CB would have a story on this.
    Priscilla seems to have a good biz mind. Damn shame that all that’s left is Graceland from what was once $100Million.
    Col. Parker stole from Elvis and it sounds like the money manager stole tons from LM.

    Graceland held in trust with overseers from the bank & Priscilla is a good thing.
    That Michael Lockwood seems shady, and a gold digger to me. Bio Dad or not, he strikes me as unstable, plus he has dragged out their divorce for years constantly asking for more and more money.

    I hope the 14 y/o twins get to choose who they live with.
    My choice would be Priscilla and Danny K., Riley will be a big help too.
    I don’t think I would expect Riley to raise them herself, she is in her early ’30’s and is working on her career. Between Priscilla, Danny, Riley they would have a much more stabilized team for them.
    I was thinking Priscilla must have her own money, she also has a grown son.

    I saw there will be a public service for LM on Sunday at Graceland.
    I can’t watch it, too much loss in my own life. R.I.P.

  7. HeyKay says:

    Saw that Graceland reportedly takes in $56M a year.
    Is that even possible? I hope that is true.
    Elvis and all his family deserve to have the money his talent provides.
    Did not know that LM Graceland service on Sunday, asks instead of flowers donations be made to The Elvis Presley Charitable Foundation, which supports children in need and music and the arts.

    I had no idea they had a foundation.

    • ariel says:

      It is totally possible that Graceland takes in that much. It is like an amusement park – but without rides. You can tour the house- complete with Pricilla recorded guiding, the grounds, the plane, and there’s a museum of his cars. Plus, of course, food stands and gift shops. I am sure it is less busy than it was a generation ago- but – money does pour into the place still.

    • Enis says:

      It has a hotel and conference center on site. That alone can rack up that much.

  8. Truthiness says:

    This really seems like the end of an era. Lisa Marie resembled her dad so much, was his only child, was right there when her dad died, and can remember it/him easily.

  9. Scarlet Vixen says:

    Lisa Marie claimed in their divorce proceedings that her ex (Lockwood) had inappropriate images of children on his computer. An investigation didn’t turn up anything. So, who knows where this guy is on the skeeze scale…

  10. CourtneyB says:

    Lisa Marie was in a long term fight with her former business manager over misappropriation of funds and mismanagement. She owns Graceland but 85% of her share of the EPT was sold to the company which used to run American idol. That company then went bankrupt.

  11. HeyKay says:

    I’m 61, myself, my Mom and Auntie all loved Elvis.
    I would have enjoyed seeing Graceland in person.
    But it is a link that now that LM has passed, I think it would be a bit sad to see it.
    I looked up the Graceland website, I could see it being popular for weddings or events in the new hotels.

    Priscilla really is the rock of her family. Bless her, in her ’70’s. May she continue to be in good health for many years to come.

  12. blue says:

    Michael Lockwood just remarried in October 2022. His new wife is a makeup artist, quite a bit younger, and might not be jazzed about being a full-time stepmother to the twins. The girls may be better off with Danny & Pris?

    • Julia K says:

      New wife might be equally jazzed about suing the estate for child support. Only a 4 year window to get that cash.

  13. Guylaine says:

    As a huge, longtime Elvis fan this hits hard. She never had it easy and no doubt her son’s suicide just compounded her physical and mental health. Her daughters (and Priscilla) have already been through so much I really hope that there will not be a bitter custody battle.. what a shame that would be. And yes thankfully in a trust ! May she rest in Peace.

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