Actor Riley Keough has challenged a bank seeking repayment for a 2010 loan taken out by his late mother, Lisa Marie Presley.
The bank, Barclay’s, claims that Lisa Marie has an outstanding balance of $1.6 million with them for an estate she bought in the UK over a decade ago.
As the sole trustee, Keough argued that the trust was not liable, citing the statute of limitations, which expires on the anniversary of Lisa Marie’s death this year.
Riley Keough Argues Statute of Limitations Has Exceeded on $1.6 Million Loan Taken Out by Her Mother
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Keough rejected the bank’s pursuit of repayment for a loan obtained by his late mother, Lisa Marie Presley, in 2010.
According to reports, Lisa Marie acquired Coes Hall, a UK estate, using a Barclay Bank loan. The “Lights Out” singer then sold the 11-bedroom mansion in 2021 for £3.35 million [$4.2 million].
The financial institution is now claiming the outstanding balance of $1.6 million and Lisa Marie personally guarantees she will make the payment when she receives the loan.
Keough, now the sole trustee of her mother’s estate, is seeking a legal declaration that the trust is not liable for the payments. In the legal filing, the “Mad Max: Fury Road” actor asserted various reasons why the trust should not be burdened with the loan.
First, the statute of limitations ran when it expired on January 12, 2024, marking one year since Lisa Marie’s death— the alleged deadline for the bank to file a claim.
Keough further claimed his mother only committed to paying interest on the loan from 2010 to 2015, abdicating the trust’s responsibility for the outstanding principal, according to the filing. The judge has not yet made a decision on this matter.
Priscilla Presley Files Lawsuit Against Riley Keough Over Lisa Marie Presley’s Estate
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Lisa Marie, the famous daughter of the King of Rock and Roll, Elvis Presley and Priscilla Presley, died in January 2023 of a heart attack at her home in Calabasas, California, shortly after the 2023 Golden Globes. An autopsy later revealed a “small bowel obstruction” due to bariatric surgery as the cause.
In January, Priscilla began legal action against her grandson, challenging the validity of Lisa Marie’s will. The dispute centered on a 2016 amendment that removed Priscilla as trustee of the estate, a change she allegedly learned about only after her daughter’s death.
The amendment replaces Priscilla and business manager Barry Siegel with Lisa Marie’s son Riley and the late Benjamin Keough.
At that time, an Insider close to the “Zola” actress shared with her Daily Mail that he “grieved” the loss of his mother and was upset when his grandmother began a legal challenge to the will.
The source also shared that the tension with Priscilla was “very difficult” for Keough, who is already the mother of a daughter with her husband, Ben Smith-Petersen.
Priscilla Presley And Riley Keough Finally Reached A Settlement Late Last Year
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In August, Keough reached a settlement with his grandmother agreeing to a $1.4 million payment and gaining the role of sole trustee of his mother’s estate.
The settlement was later approved by Los Angeles Superior Court Judge Lynn Healey Scaduto in November.
Keough is also now responsible for a sub-trust that benefits her sister, the late Lisa Marie’s twin daughters, Harper and Finley, from her marriage to Michael Lockwood.
Attorney Keough emphasized his commitment to manage the funds “in a manner consistent with the needs of the beneficiaries, and not influenced by the wishes of the Trustees.”
Priscilla Presley Settlement Details Revealed
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In the settlement, Priscilla received a $1 million lump sum payment from Lisa Marie’s life insurance, and her son Navarone Garibaldi was the beneficiary of the trust. The settlement also ensures that Priscilla will be buried near Elvis at Graceland in the future.
Details of the settlement were disclosed in an unredacted agreement after Riley’s attorney, Justin Gold, requested it.
People magazine obtained the document, revealing that in addition to the lump sum, Priscilla will receive $100,000 annually as a special advisor “for her role as special advisor to the Promenade trust related to its shareholder interests in Elvis Presley Enterprises, a non-fiduciary role. “
This payment, guaranteed for ten years or until Priscilla’s death, will be paid in monthly installments. It’s worth noting that Keough can’t end her grandmother’s special advisor role, regardless of the circumstances.
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Source: thtrangdai.edu.vn/en/
