Memphis, Tennessee – The estate of music legend Elvis Presley is currently embroiled in a legal battle against what they deem to be a fraudulent scheme aimed at auctioning off the iconic Graceland estate to the highest bidder. The situation escalated to the point where a Memphis judge intervened to block the scheduled auction after Presley’s granddaughter Riley Keough took legal action.
In court documents, it was revealed that a public notice for a foreclosure sale of the 13-acre Graceland estate was posted earlier in May, stating that Promenade Trust, which oversees the Graceland museum, owed $3.8 million after defaulting on a 2018 loan. Keough, who inherited the trust and ownership of the property following her mother Lisa Marie Presley’s passing last year, sought to challenge the legitimacy of the foreclosure sale.
Allegations were made that Naussany Investments and Private Lending claimed Lisa Marie Presley had used Graceland as collateral for a loan, with Keough arguing that the presented documents were fraudulent. The lawsuit filed on behalf of the Promenade Trust contended that Presley had never borrowed money from Naussany Investments nor provided a deed of trust to them.
Notably, the notary whose name appeared on the documents denied having any involvement with Lisa Marie Presley or notarizing any documents for her. Lawyers for Keough refrained from providing comments on the matter. In an email exchange, Kurt Naussany directed inquiries to Gregory Naussany, who deferred to legal representation.
The legal dispute also brought to light discrepancies surrounding the addresses of the businesses involved in the alleged scheme, raising further concerns about the authenticity of the foreclosure sale. Elvis Presley Enterprises Inc. issued a statement refuting the claims, categorizing them as fraudulent and emphasizing that there is no valid foreclosure sale in progress.
Graceland, which first opened its doors as a museum and tourist attraction in 1982 to honor the legacy of Elvis Presley, continues to draw in hordes of visitors annually. The looming threat of a potential auction of the estate has captured international attention, with visitors like Tim Marshall from Queensland, Australia expressing surprise and concern over the situation.
As the legal battle unfolds in Shelby County Chancery Court, the future of Graceland remains uncertain amid allegations of financial impropriety and fraudulent behavior. With an injunction hearing on the horizon, the fate of this iconic landmark hangs in the balance, leaving fans and admirers of Elvis Presley around the world anxiously awaiting further developments.