The granddaughter of Elvis Presley is currently in a legal battle to prevent the public auction of his Graceland estate in Memphis. She alleges that a company’s claim that the king of rock ‘n’ roll’s former home was used as collateral for an unpaid loan is fraudulent.
The public auction for the estate was scheduled for Thursday this week, but it was blocked by a Memphis judge after Riley Keough, Presley’s granddaughter and Lisa Marie Presley’s daughter, sought a temporary restraining order and filed a lawsuit, as shown in court documents.
Earlier in May, a public notice for a foreclosure sale of the 13-acre estate stated that Promenade Trust, which controls the Graceland museum, owes $3.8 million after failing to repay a 2018 loan. Keough inherited the trust and ownership of the home after her mother’s passing last year.
According to the foreclosure sale notice, Naussany Investments and Private Lending claimed that Lisa Marie Presley had used Graceland as collateral for the loan and intended to sell the estate to the highest bidder. However, Keough filed a lawsuit last week on behalf of the Promenade Trust, alleging that Naussany presented fraudulent loan documents from September 2023.
Keough’s lawyer stated in the lawsuit that Lisa Maria Presley never borrowed money from Naussany Investments or provided them with a deed of trust. The notary, Kimberly Philbrick, whose name appeared on the documents, denied meeting Lisa Marie Presley or notarizing any documents for her, as stated in the court filing.
An injunction hearing is scheduled for Wednesday in Shelby County Chancery Court, and Elvis Presley Enterprises Inc. released a statement on Tuesday confirming that the claims of foreclosure were fraudulent and filed a counter lawsuit to stop the fraud.
Graceland opened as a museum in 1982 to honor Elvis Presley, attracting hundreds of thousands of visitors each year. Despite the legal battle, fans like Tim Marshall from Australia, visiting Graceland on Tuesday, expressed concern about the potential sale of the iconic estate.
