Michael Lockwood fears Riley Keough's second surrogate baby will hurt his earnings from $110M estate
Since Lisa Marie Presley's death, Michael Lockwood, 64, has full custody of Riley's 14-year-old twin half-sisters Harper and Finley
LOS ANGELES, CALIFORNIA: Riley Keough is expecting her second surrogate child, but her late mother's ex-husband Michael Lockwood isn't thrilled about it.
He supposedly worries the new arrival would mean less money for him from Keough's enormous estate.
Lockwood has full custody of Riley's half-sisters
Since the death of their mother Lisa Marie Presley, Lockwood, 64, has full custody of Riley's teenage twin half-sisters Harper and Finley, who are 14 years old.
The 64-year-old depends on Riley's estate management to provide for their upkeep.
An insider told the National Enquirer, "The twins are 14 and Michael knows he only has a limited time to receive and manage funds for them before they're emancipated."
The tipster claimed, "Now he's concerned more money will go to Riley's children and there will be less cash for him to get his hands on while he can," as reported by Radar Online.
Lisa Marie Presley gave Riley authority over $110M fortune
Lisa Marie had revised her will before her unexpected cardiac arrest death on January 12. She gave Riley authority over the $110 million fortune in the updated will.
According to sources, Lisa Marie's painful 2016 divorce from her unemployed musician ex-husband left her with no desire to be around him. Lisa Marie and Lockwood finally concluded their divorce in 2021.
Insiders say Riley is still apprehensive about Lockwood handling her sisters' money, especially since the dad requested a staggering $40,000 per month in child support in December last year.
Following a protracted legal battle, Riley's estate forced Lockwood to accept child support payments of $6,000 per month.
A tipster claimed, "He went into a panic when he heard about another child. All he can see is more money going to Riley and her family and less opportunity for him!"
Riley and Ben Smith-Petersen's first child
In August 2022, Riley and her Australian stuntman husband, Ben Smith-Petersen, welcomed their first child, Tupelo Storm, via surrogacy. Concerns regarding the twin's inheritance share have been voiced previously.
Considering Harper and Finley are juveniles, they have retained legal counsel to defend them in estate proceedings. The teenagers' main goal was to ensure that, at any age, they would get an equal portion of their mother's wealth.
The twins retained legal counsel following their maternal grandmother Priscilla Presley dropping her quest to be designated co-trustee of the estate in exchange for a $1 million compensation from granddaughter Riley.