In a recent development reported exclusively by In Touch, Michael Lockwood’s demand for a six-figure sum for his daughters, Elvis Presley’s granddaughters, has faced a delay. Lockwood, 63, sought this amount as legal fees from The Promenade Trust, which holds most of Elvis Presley’s estate. The Los Angeles Superior Court judge ruled that more evidence is required to grant his petition. Following Lisa Marie Presley’s death in 2023, her daughter Riley Keough, 35, was appointed as the administrator of the trust, inheriting around $30 million for her three children: Riley, and her 15-year-old twins Harper and Finley. Lisa Marie’s ex-husband, Michael Lockwood, is currently serving as the guardian for the twins.
What is The Promenade Trust?
The Promenade Trust is the entity holding the majority of Elvis Presley’s estate. After Lisa Marie Presley’s untimely death in 2023, her daughter Riley Keough was appointed as the administrator. Lisa Marie’s estate included around $30 million intended for her three children: Riley, and her 15-year-old twins Harper and Finley. This trust has been the center of legal battles and disputes, especially regarding its administration and distribution.
Why Did Priscilla Presley Challenge Riley Keough’s Appointment?
Initially, Riley Keough’s appointment as the sole administrator was challenged by her grandmother, Priscilla Presley, 79. Priscilla claimed that her daughter, Lisa Marie, had wanted her to be a co-administrator of the estate. This claim led to a legal dispute between Riley and Priscilla. However, Priscilla dropped her fight after reaching an agreement with Riley, which included a $1 million payment to Priscilla and an additional $400,000 to cover her legal fees.
What Role Does Michael Lockwood Play in the Estate Dispute?
Michael Lockwood, who was married to Lisa Marie Presley from 2006 to 2016, was appointed as the guardian for their twins, Harper and Finley. After Lisa Marie’s death, Michael filed a petition on behalf of the twins, demanding that Riley Keough cover the legal fees incurred following Lisa Marie’s death. Lockwood argued that his involvement was essential in resolving the disputes surrounding the estate. He emphasized his role in helping Riley and Priscilla settle their issues, claiming that his efforts ensured minimal court intervention and cost-efficient resolutions.
What Did Michael Lockwood Claim in His Petition?
In his petition, Michael Lockwood requested $153,647.32 in legal fees, arguing that his efforts were crucial in resolving the disputes surrounding Lisa Marie’s estate. He stated, “After Lisa Marie’s death, the Promenade Trust was the subject of litigation, primarily focused on who should be the trustee. To protect and represent their interests in this litigation, Finley and Harper sought and secured the court appointment of their father, Michael Lockwood, to serve as their Guardian Ad Litem.”
Lockwood further emphasized, “Through the significant efforts and contributions of the parties, including Mr. Lockwood and his counsel, all disputes surrounding Lisa Marie’s estate were amicably and efficiently resolved, and that settlement was approved by this Court on August 4, 2023.” He continued to highlight the necessity of his ongoing service as Guardian Ad Litem due to further issues related to The Promenade Trust.
Why Was the Judge’s Decision Delayed?
A recent hearing was held regarding Michael Lockwood’s petition, but the judge decided not to rule on the request. The judge stated that Michael needed to present additional evidence before his petition could be approved. This requirement for more evidence has delayed the resolution of Lockwood’s demand for the six-figure sum. A new hearing has been scheduled for August, leaving the matter unresolved for the time being.
How Did Lockwood’s Attorney Justify the Legal Fees?
Lockwood’s attorney argued that Michael played a central role in resolving the disputes surrounding Lisa Marie’s estate. The attorney stated, “From the outset, Michael and his counsel played a central role in helping keep the parties focused on resolving those issues with minimal court intervention. Importantly, Michael was able to achieve his goal of ensuring the court issues were all resolved effectively and cost-efficiently so Finley and Harper would have the financial resources their mother intended.”
What is the Current Status of the Legal Dispute?
As of now, the legal dispute regarding Michael Lockwood’s demand for $153,647.32 in legal fees remains unresolved. The judge’s requirement for additional evidence has postponed the decision until the new hearing in August. This delay means that Michael’s efforts to secure the six-figure sum for his daughters’ legal fees are still pending, leaving the resolution of this financial aspect of Lisa Marie’s estate in a state of uncertainty.
What are the Implications for Riley Keough and the Estate?
Riley Keough, as the administrator of The Promenade Trust, now faces the additional challenge of addressing Michael Lockwood’s petition. This ongoing legal battle underscores the complexities and emotional toll associated with managing a high-profile estate, especially one as significant as Elvis Presley’s. Riley’s role involves not only honoring her mother’s wishes but also navigating the legal responsibilities and disputes that arise in the process. The outcome of the August hearing will be crucial in determining the next steps for Riley and the future administration of the trust.