Riley Keough, the eldest child of Lisa Marie Presley, is facing potential legal issues related to her mother’s trust fund. Recently, Keough has been targeted by Barclays Bank, which is seeking repayment for a substantial debt tied to a property that Presley owned. The estate in question, Coes Hall in Rotherfield, was secured by Presley through a loan from Barclays, but the bank is now pursuing Keough for the $1.6 million outstanding balance.
Disputed Responsibility for the Debt
Keough contends that she should not be held accountable for the debt related to Coes Hall. Her defense rests on the argument that the statute of limitations has expired, making Barclays’ claim invalid. According to her filing, the deadline for Barclays to file a claim was January 12, 2024. Additionally, Keough argues that her late mother only guaranteed the interest payments on the loan from 2010 to 2015, and thus, the principal amount should not be her responsibility.
Financial Mismanagement and Family Debt
In 2018, Lisa Marie Presley revealed significant financial mismanagement involving her business manager, Barry Siegel. Presley claimed that Siegel used her trust fund to purchase a $9 million residence in England, which contributed to the trust being nearly depleted. At that time, Presley’s trust reportedly had only $14,000 in cash and was burdened with over half a million dollars in debt. Moreover, during her divorce proceedings, Presley stated that her total debt exceeded $16 million due to unpaid taxes, credit card bills, and legal fees.
Legal Battles and Financial Losses
Riley Keough has faced significant financial strain due to legal disputes over her mother’s estate. Following a contentious legal battle with her grandmother over the estate, Keough has reportedly lost $1.4 million in legal fees and settlements. This financial loss adds to the complexity of her current situation with Barclays Bank, intensifying the challenges she faces in managing her inheritance.
Impact of Lisa Marie Presley’s Death
Lisa Marie Presley passed away on January 12, 2023, at the age of 54. Her death has left her family grappling with both emotional and financial upheaval. Keough, in particular, has expressed the turmoil caused by her mother’s passing and the subsequent chaos in managing her estate. Reflecting on the situation, Keough remarked, “When my mom passed, there was a lot of chaos in every aspect of our lives. We are a family, but there’s also a huge business side of our family. So I think that there was clarity that needed to be had.”
