Lisa Marie Presley estate settlement approved by judge

LOS ANGELES

A settlement agreement between Priscilla Presley and her granddaughter Riley Keough has been approved by a Los Angeles Superior Court judge, ending a months-long legal dispute related to the estate of the late Lisa Marie Presley.

Judge Lynn Scaduto signed an order approving the settlement on Oct. 31, according to a copy of the legal filing. The agreement stems from a petition filed by Priscilla Presley in January questioning the validity of her daughter Lisa Marie’s will.

CNN previously reported that lawyers for Priscilla and Keough, Lisa Marie’s eldest daughter, told Judge Scaduto during a court hearing in May that they had reached a settlement. The full scope of the details in the agreement were not made public at the time, but Keough’s lawyer Justin Gold filed an unredacted copy of the settlement last week.

The settlement, a copy of which was obtained by CNN, confirms previous reports that Priscilla will receive a one-time payment of $1 million “in exchange” for her resignation as Trustee of a fiduciary entity created by Lisa Marie in 1993, known as Lisa’s Irrevocable Trust, making Keough the sole Trustee of her late mother’s estate.

The $1 million payout that Priscilla will receive will be funded by Lisa Marie’s $25 million life insurance policy, which Keough, Lisa Marie’s half-brother Navarone Garibaldi, and her youngest daughters, twins Finley and Harper, are the beneficiaries of, according to the filing.