Elvis Presley's iconic Graceland Estate sale has hit a roadblock as a judge has ruled that the late legend's estate failed to repay a loan that was used as collateral. The decision came after Riley Keough, Elvis Presley's granddaughter and an actor, filed a lawsuit to stop the foreclosure auction of the historic building, calling it "fraudulent." Shelby County Chancellor JoeDae Jenkins issued a temporary injunction against the proposed auction, which was originally scheduled for May 22.
A representative for Graceland stated that the court has dismissed the claims, ensuring that there will be no foreclosure and that Graceland will continue to operate as it has been for the past 42 years, offering fans a best-in-class experience when visiting the legendary home. Following the death of her mother, Lisa Marie Presley, in 2023, Riley Keough was named the sole owner and trustee of the family estate.
Earlier this month, a public notice was posted for a foreclosure sale of the 13-acre estate in Memphis, with the Promenade Trust, controlling the Graceland museum, owing $3.8 million after failing to repay a 2018 loan. Lisa Marie allegedly signed a Deed of Trust in 2018, using Graceland as collateral with a Missouri company called Naussany Investments and Private Lending. Elvis Presley had bought the property for £102,500 in 1957, living there until his passing in 1977, after releasing hit songs like "All Shook Up" and "Blue Christmas. " Riley Keough claimed that her mother's signatures on the documents were forgeries, the loan never happened, Naussany Investments isn't a legitimate company, and the loan's notary public didn't notarize it. The Graceland estate, inherited by Lisa Marie after Elvis's death, has been open to the public as a museum since 1982 and remains one of the most popular tourist destinations among Elvis Presley fans worldwide.
English (US)