No Foreclosure For Graceland, Says Chancellor: Presley Family Retains Control of Historic Home
Editor’s Note: Following the publication of this story, Commercial Appeal reported that, in the hours after the hearing, Naussany Investments & Private Lending stated it will not “acquire to proceed” in its sale of Graceland and, “the company will be withdrawing all claims with prejudice.” Therefore the Presley family will retain permanent ownership of Elvis Presley’s estate.
Elvis Presley‘s granddaughter, Riley Keough, has retained control of her grandfather’s historic Graceland home. A Memphis chancellor says the property will not be foreclosed upon after a hearing on the matter.
Graceland remains a Presley family asset until it is determined who owns the historic estate
Chancellor JoeDae Jenkins says Elvis Presley’s Memphis, Tennessee home, Graceland, will continue to remain a Presley family asset. Therefore, a planned foreclosure and sale of the property will not occur, as reportedly scheduled, on May 23, 2024.
Jenkins made the following ruling, per CNN. “The estate is considered unique under Tennessee law. And in being unique, the loss of the real estate will be considered irreparable harm.”
It was reported on May 20 that Elvis Presley’s Graceland home would be sold in a foreclosure sale. His granddaughter, Riley Keough, filed to block an a company named Naussany Investments & Private Lending LLC from selling her family’s historic residence.
The Presley family pushed back against the investment company’s allegations Lisa Marie Presley put up Graceland as collateral against a loan. The family claims paperwork related to the loan is fraudulent.
Why does the Presley family believe Graceland’s foreclosure proceedings to be fraudulent?
Lisa Marie Presley’s daughter Riley Keough, claimed in a 60-page lawsuit against Naussany Investments that her mother never borrowed any money from the aforementioned lender. The lawsuit, filed on May 15, tried to stop the proposed foreclosure of Elvis Presley’s home.
In a public notice dated May 19, 2024, Naussany Investments & Private Lending LLC posted details of what they claimed was a loan Lisa Marie Presley took years earlier, that today, with interest, totaled $3,800,000. This alleged loan was never paid back before Lisa Marie died in 2023.
Lisa Marie reportedly gave the LLC Graceland’s deed as collateral against the loan and signed documents to that effect. To collect, the LLC planned to sell the historic Memphis property.
However, Keough’s lawsuit against Naussany Investments in Shelby County Chancery Court states, “These documents are fraudulent.” Thus, Keough’s suit against the company temporarily blocked any proposed sale of her family’s home.
“On information and belief, Naussany Investments & Private Lending LLC is not a real entity. Naussany Investments & Private Lending LLC appears to be a false entity created to defraud the Promenade Trust (the trust of Keough and formerly of Lisa Marie Presley), the heirs of Lisa Marie Presley, or any purchaser of Graceland at a non-judicial sale,” Keough’s complaint reads.
There is reportedly no deed on file to back up the investment company’s claims of ownership
WREG Memphis reports the Shelby County Register of Deeds has no record of paperwork related to the investment company’s ownership of Graceland. A notary connected to the loan’s purported paperwork signed an affidavit claiming she didn’t notarize any documentation in connection to claims made by the company that she signed off on Lisa Marie Presley’s promissory note.
CNN reports Chancellor Jenkins said this affidavit was sufficient evidence to delay the foreclosure. Subsequently, Graceland remains owned by the Presley family.
