Tennessee Judge Makes Decision Regarding Graceland Foreclosure Auction
on May 22, 2024
A recent decision was made about the fate of Graceland, Elvis Presley’s legendary home.
This month, a legal notice revealed that Graceland was scheduled for auction on Thursday. However, Elvis Presley’s granddaughter, actress Riley Keough, challenged this move by filing a lawsuit, claiming that the foreclosure allegations were fraudulent.
Riley Keough inherited the mansion and a significant portion of Presley’s estate after her mother, Lisa Marie Presley, died last year. The dispute came about when Naussany Investments and Private Lending issued a legal notice claiming Lisa Marie had used Graceland as collateral for a $3.8 million loan. According to Naussany, the loan was not repaid before her death, which led to the mansion’s impending foreclosure.
Contrary to these claims, Riley submitted a 60-page lawsuit against Naussany Investments, stating that her mother never signed a loan agreement with them.
She accused the company of presenting fraudulent loan documents and forging Lisa Marie’s signature. The case was brought before a Tennessee judge this morning, May 22, resulting in the auction of Graceland being halted.
AP News reported that neither Keough nor representatives from Naussany Investments attended the court session. In their lawsuit, Riley Keough’s legal team firmly stated, “Lisa Maria Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments.”
Additionally, the lawsuit revealed that Kimberly Philbrick, the notary listed on Naussany’s paperwork, claimed she had never encountered Lisa Marie Presley nor notarized any documents for her.
As of right now, Graceland will stay within the Presley family and the selling of the estate will be postponed at least until a future hearing determines who maintains rightful ownership, as per CNN.
Elvis Presley purchased Graceland in 1957 and lived there until he passed away twenty years later. Following her father’s death in 1977, Lisa Marie Presley inherited the property. In 1982, it was opened to the public as a museum in honor of the King of rock and roll. After Lisa Marie’s passing in January 2023, her daughter, Riley Keough, became the estate’s heir and the trustee of the Promenade Trust.
