The granddaughter of Elvis Presley is fighting plans to publicly auction his Graceland estate in Memphis after a company attempted to sell the property based on claims that a loan using it as collateral was not repaid
Riley Keough, granddaughter of Elvis Presley, is pushing back against plans to auction off the Graceland estate in Memphis, following attempts by a company to sell the property. The sale was prompted by claims that a loan, backed by the iconic home, had not been repaid.
Scheduled for this Thursday, the public auction was halted by a Memphis judge after Keough filed for a temporary restraining order and initiated a lawsuit, according to court documents.
Earlier in May, a public notice announced a foreclosure sale of the 13-acre estate, citing a $3.8 million debt owed by Promenade Trust, which oversees the Graceland museum. Keough inherited the trust and ownership of the estate following the passing of her mother, Lisa Marie Presley, last year. Lisa Marie had leveraged Graceland as collateral for the loan, as stated in the lawsuit.
Naussany Investments and Private Lending claimed that Lisa Marie Presley defaulted on the loan, leading to their decision to sell the estate. However, Keough's lawsuit alleges fraudulent documentation regarding the loan and unpaid sum dating back to September 2023.
In response, Keough's lawyer stated, "These documents are fraudulent. Lisa Marie Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments."
Representatives for Naussany Investments declined to comment, while an injunction hearing is scheduled for Wednesday in Shelby County Chancery Court.
Elvis Presley Enterprises Inc. refuted the claims of foreclosure, labeling them as fraudulent and emphasizing that no such sale is taking place. Graceland, established in 1982 as a museum and tourist destination in honor of Elvis Presley, remains a revered landmark drawing numerous visitors each year.
