Graceland Saved From Auction For Now, Court Chancellor Rules
The historic mansion where Elvis once lived will remain in the Presley family’s hands following a lawsuit filed by the actor Riley Keough, Elvis’ granddaughter, which alleged the company trying to sell it had committed fraud.
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Graceland has been saved from the auction block for now, a Tennessee court chancellor ruled on Wednesday.
A foreclosure auction of the historic property where Elvis Presley lived for 20 years had been planned for Thursday, but in a court hearing Wednesday, Chancellor JoeDae Jenkins said the final determination on the home’s future would be made at a later hearing once it becomes clear who holds rightful ownership of the mansion.
Actor Riley Keough, the eldest daughter of Lisa Marie Presley and sole granddaughter of Elvis, had earlier this month filed a lawsuit in an attempt to stop the auctioning off of Graceland, according to various reports.
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The hearing on Wednesday determined that the auction of the estate would irreparably harm Keough, who took ownership of the estate and tourist attraction last year, CNN reported.
“The estate is considered unique under Tennessee law, and in being unique the loss of the real estate will be considered irreparable harm,” Jenkins said.
Court papers filed by Keough’s lawyers allege that the company that had attempted to put the storied mansion and tourist attraction up for auction fraudulently claimed Lisa Marie Presley, who died in 2023, had borrowed money and used Graceland as collateral. Court documents say the company in question, Naussany Investments & Private Lending LLC, “appears to be a false identity,” and that documents surrounding the loan are also fraudulent.
Naussany Investments filed a public notice of foreclosure sale on May 19, 2024 in Tennessee, claiming Lisa Marie Presley had defaulted on a $3.8 million loan made to her by the company. Following her default, the group said it took ownership of the home and would be selling to the highest bidder come Thursday.
“Elvis Presley Enterprises can confirm that these claims are fraudulent,” the organization that manages Graceland said in a statement. “The counter lawsuit has been filed to stop the fraud.”
Chancery Court in Shelby County, Tennessee, had granted Keough a temporary restraining order on the sale last week ahead of Wednesday’s hearing.
Graceland living room | Credit: Terry Waggoner / Wikimedia Commons
Months after Lisa Marie Presley died, Naussany Investments revealed documents claiming that she had borrowed $3.8 million from the company and “gave a deed of trust encumbering Graceland as security,” according to documents Elvis Presley Enterprises showed to The New York Times.
A promissory note related to the debt appeared to be notarized in Florida in 2018, but the notary named on the document recently signed an affidavit stating that she had “never met Lisa Marie Presley, nor have I ever notarized a document signed by Lisa Marie Presley.”
Efforts made by The NYT and The Wall Street Journal to reach Naussany Investments by phone and email were unsuccessful, with one phone number associated with the company out of service. A Jacksonville, Florida, address associated with the group is for a UPS store.
Following Lisa Marie Presley’s death last year, Keough, who starred in Daisy Jones and the Six, engaged in a legal battle with her grandmother, Priscilla Presley, to become sole trustee of the Promenade Trust, established by her mother in 1993. Despite growing the trust’s assets to more than $100 million by 2005, Lisa Marie Presley also incurred more than $3 million in debt over the years, according to a 2022 income and expense declaration, which forced her to sell 85 percent of Elvis Presley Enterprises. It is still unclear to whom that debt is owed, however.
Through all her financial woes, Lisa Marie Presley managed to keep Graceland in the family. The Colonial revival was Elvis’ home from 1957 until his death in 1977. The property was appraised at $5.6 million in 2021, but generates much more income as a tourist attraction, and the complex also features an exhibition center and a 450-room hotel. The mansion brought in at least $80 million in 2022, much of which supports Elvis Presley Enterprises.
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