Details of the agreement include a lump sum £818,000 payment to Priscilla from daughter Lisa Marie’s £20 million life-insurance policy and a payment of £81,000 a year for ten years, given to her in monthly instalments.
The payments are for her role as “special advisor of the promenade trust related to its shareholder interest in Elvis Presley Enterprises.”
Judge Lynn Scaduto signed the agreement on Monday, according to People magazine, also confirming that Priscilla, 78, will be buried near her ex-husband Elvis Presley at Graceland upon her death.
Other factors include the naming of Priscilla’s son Navarone Garibaldi to Lisa Marie’s trust.
Lisa Marie, the only child of Elvis, died of a small-bowel obstruction in January at age 54 and was the rock legend's Elvis’s sole heir.
Actress Keough, 34, became the sole trustee of her late mother’s estate. Presley had filed a petition contesting the “authenticity and validity” of Lisa Marie's 2016 amendment, which removed Presley and her former business manager as co-trustees.
Presley and Keough eventually reached their settlement. In August, Keough told Vanity Fair that things had been resolved with her grandmother.
“Things with Grandma will be happy. They’ve never not been happy,” she said. “There was a bit of upheaval, but now everything’s going to be how it was.
"She’s a beautiful woman, and she was a huge part of creating my grandfather’s legacy and Graceland…
"It’s a big responsibility she has tried to take on. None of that stuff has really ever been a part of our relationship prior. She’s just been my grandma.”
Priscilla told The Hollywood Reporter about her granddaughter that same month: “We were never not on good terms. That was all publicity.
“We understand what needs to be done. I’m there for her. She knows that. She wants me there for her to help her.”