A Deep Dive Into Lisa Marie Presley's Daughter Riley Keough's Tax Woes
Riley Keough is no stranger to hardship, and her recent tax difficulties are just the latest in a series of setbacks.
Elvis Presley's granddaughter first experienced hardship at just five years old when she watched her parents, Lisa Marie Presley and Danny Keough, divorce. As she grew up, she struggled with anxiety and found it difficult to fit in, but nothing could compare to the series of tragic losses she'd faced in her early thirties. In July 2020, her brother, Benjamin Keough, took his own life, and then, in January 2023, her mom, Lisa Marie, died suddenly. While grieving her mother's passing, Keough was struck an additional blow when her grandmother, Priscilla Presley, disputed Lisa Marie's will and sparked a mounting monetary feud against Keough and her twin sisters, Finley and Harper Lockwood (whom Lisa Marie shared with Michael Lockwood). Then, just as those money woes were finally being solved in late 2023, the "Daisy Jones & The Six" star was faced with yet another financial challenge – this one brought forth by California's tax authority.
Apparently, Keough and her husband, Ben Smith-Petersen, had amassed quite a large outstanding tax bill, and it was time to pay up. Here's everything we know about Lisa Marie Presley's daughter Riley Keough's tax issues.
Inside Riley Keough's tax woes
Riley Keough's legal battle with Priscilla Presley over Lisa Marie Presley's will lasted for months but finally came to an end in November 2023 when a judge approved their settlement. It would have been a time to rejoice — "Everyone is happy, unified, and together and excited for the future," Priscilla's lawyer, Ronson Shamoun, told People — except that another financial problem quickly arose.
Just eight days after the family feud wrapped, Keough was hit with a new set of money troubles. As The Blast learned, the actor and her husband, Ben Smith-Petersen, owed some major back taxes as they apparently failed to fully pay their $68,116.50 state tax bill for 2021. According to the outlet, the State of California Franchise Tax Board issued a lien against the couple's former Woodland Hills, California home while awaiting payment. As Rocket Mortgage explains, a lien is "a legal claim against assets that can be used as collateral to repay debt," which means that if they didn't come up with the necessary cash, they'd stand to lose the property. What's more, the board noted that the couple's total amount due will continue to grow with interest and fees until they're able to clear their debt completely.
However, Keough should have enough in the bank to pay off the bill without any issue, as Lisa Marie is believed to have left around $30 million for her three children to split equally, at least according to TMZ.
Riley Keough's money battles with Priscilla Presley
In addition to her tax woes, Riley Keough was caught in another financial fiasco in 2023 — this one with grandmother Priscilla Presley. The feud stemmed from Lisa Marie Presley's will and a 2016 amendment that left her entire trust (made up of Graceland and a 15% ownership of Elvis' estate) to her kids. Priscilla went to court that January (days after her daughter's burial) and argued that said amendment was invalid because she had not been expressly told about it. Instead, she insisted that a previous 2010 version of the will should be upheld — this one left everything to her and Lisa Marie's then-business manager, Barry Siegel. A source told People, "It's a very sad situation; Riley is shocked Priscilla is contesting the amendment."
By Spring 2023, the family had reached an agreement that received approval from a Los Angeles Superior Court judge in November 2023. According to the terms, Keough became the sole trustee of her mother's estate and the sub-trusts set up for her young twin sisters. At the same time, Priscilla was awarded a number of wins, including a $1 million lump sum, $400,000 to cover legal fees, and the right to manage the sub-trust of her son (Lisa Marie's half-brother), Navarone Garibaldi. What's more, People learned that Keough would have to pay her grandmother $100,000 a year as a "special advisor" to Elvis Presley's estate for 10 years, or until Priscilla's death.