Graceland Officially Has New Owner After

 Death of Lisa Marie Presley37

Devon Forward

After Lisa Marie Presley suddenly passed away in January 2023, the status of Graceland has been up in the air as legal challenges were pursued.

But now, Graceland finally has a new owner, with Riley Keough, Lisa Marie's daughter, named as the sole trustee of her estate, which includes the property in Memphis, Tennessee, once owned by .

Keough's position was approved at a hearing on Friday, Aug. 4, by Los Angeles Superior Court Judge Lynn Healey Scaduto, as first reported by Deadline.

It took so long to name the trustee of Lisa Marie's estate because her mother, Priscilla Presley, filed a petition challenging her will and the validity of a 2016 amendment.

The amendment removed Priscilla and Lisa Marie’s former business manager, Barry Siegel, as co-trustees of the estate, replacing them with two of Lisa Marie's children, Riley and Benjamin Keough. Benjamin passed away in 2020.

The news of Keough's new position as owner of Graceland comes after she successfully reached a settlement with Priscilla to award her an undisclosed sum of Lisa Marie's estate. On Aug. 4, the settlement was fully approved by the court.

Priscilla's lawyer, Ronsen Shamoon, told reporters after the settlement was first established in May, "Everyone is happy, unified together, and excited for the future."

Keough's lawyer, Justin Gold, echoed Shamoon's sentiments, saying, "[Riley] would not have agreed to the settlement if she was not happy with it."

In June, Keough filed a 73-page petition in support of her bid to take over the position as head of her mother's estate.

With the appointment, the 34-year-old will also preside over the sub-trusts for her half-sisters, 14-year-old twins Harper and Finley Lockwood, whom Lisa Marie shared with her fourth husband, Michael Lockwood.

Lisa Marie passed away on Jan. 12 after going into cardiac arrest. She was 54 years old.