Elvis Presley’s Graceland home may be auctioned due to foreclosure. A notice indicates the Promenade Trust, which manages Graceland, owes $3.8 million from a 2018 loan.
Riley Keough, Elvis’s granddaughter, is contesting the sale with a lawsuit alleging fraud.
The public auction of the Promenade Trust, scheduled for May 23 at the Shelby County Courthouse in Memphis, has been temporarily halted due to a restraining order granted to Riley Keough’s legal team.
Keough, aged 34, inherited the trust after the passing of her mother, Lisa Marie Presley, aged 54, in January 2023.
Is Graceland For Sale?
Memphis-based law firm Morton and Germany is representing Riley Keough and the Promenade Trust. Attorney Jeff Germany has confirmed that a temporary restraining order has been granted, delaying the scheduled sale on Thursday.
Naussany Investments and Private Lending in Missouri allege that Graceland was utilized as collateral, and assert that Lisa Marie Presley defaulted on a loan.
Riley Keough, representing the Promenade Trust, has initiated legal action against Naussany Investments, alleging fraudulent documentation regarding the loan and outstanding amount dating back to September 2023.
“Lisa Marie Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments,” the lawsuit claims.
The lawsuit was filed on May 15 in Shelby County Chancery Court, with an injunction hearing set for May 22.
If the injunction is granted, it would pause the auction indefinitely until the case concludes. Should the judge determine that the documents are indeed fraudulent, the auction will not proceed.
“Elvis Presley Enterprises can confirm that these claims are fraudulent. There is no foreclosure sale. Simply put, the counter lawsuit has been filed is to stop the fraud,” Elvis Presley Enterprises Inc. said in a statement Monday to The (Memphis) Commercial Appeal, part of the USA TODAY Network.
About Naussany Investments and Private Lending LLC
Keough’s lawsuit describes Naussany Investments and Private Lending in Missouri as “not a real entity,” and it appears to lack a public-facing website or social media presence, raising questions about its legitimacy.
“Naussany Investments & Private Lending LLC appears to be a false entity created for the purpose of defrauding the Promenade Trust, the heirs of Lisa Marie Presley, or any purchaser of Graceland at a non-judicial sale,” the lawsuit reads.
Priscilla Presley, Elvis’ ex-wife, Lisa Marie’s mother, and Keough’s grandmother, shared a four-second video on Instagram featuring the words “It’s a Scam!” spinning like a pinwheel over Graceland’s exterior.
Owner Of Graceland: Who Is It?
Elvis Presley acquired Graceland in 1957. The sprawling 179-acre estate was passed down to his only child, Lisa Marie Presley, after his death in 1977, and Riley Keough has inherited the property from her.
Graceland serves as the final resting place for Elvis, his parents, Lisa Marie, her son Benjamin Keough, and other family members in the Meditation Garden.
Priscilla Presley intends to be buried near Elvis at Graceland upon her passing.
