MEMPHIS, Tenn. (AP) — The failed attempt to sell off the iconic Graceland property in Memphis has left many questions unanswered.
The self-styled investment company behind the gambit is now facing a lawsuit alleging fraud, scrutiny from an aggressive attorney general, and opposition from the community of Elvis Presley loyalists who view the home as sacred.
Instances where entities emerge to claim assets of older or deceased individuals are more common than one might think, according to experts.
Naussany Investments and Private Lending caused a stir when a public notice for a foreclosure sale of the 13-acre Graceland estate was posted.
The notice stated that Promenade Trust owed $3.8 million after failing to repay a 2018 loan. Riley Keough, Elvis Presley’s granddaughter, inherited the trust and ownership of the home after her mother, Lisa Marie Presley, passed away in 2023.
Naussany claimed that Lisa Marie Presley used Graceland as collateral for the loan, which Keough disputed in a lawsuit filed in May.
After an injunction by Shelby County Chancellor JoeDae Jenkins halted the sale, questions arose about the authenticity of Naussany’s documents and the legitimacy of the lender.
Experts, including Mark Sunderman, a real estate professor, and Nikos Passas, a criminology professor, emphasized the need for further investigation into the failed scheme targeting Graceland.
Tennessee Attorney General Jonathan Skrmetti stated that his office was looking into the case to determine if fraud was involved.
Graceland, a popular tourist attraction, remains a symbol of Elvis Presley’s legacy, attracting hundreds of thousands of visitors annually.
The failed attempt to auction the property has raised concerns about the legal system and the motives behind the scheme.
Investigations are ongoing to uncover the truth behind the controversial events surrounding the Graceland property.
Mattise reported from Nashville, Tennessee. AP reporter Heather Hollingsworth contributed from Mission, Kansas.
