Elvis Presley’s Graceland Foreclosure a ‘Scam,’ Says Priscilla Presley
Elvis Presley‘s Graceland is reportedly in foreclosure. The historic Memphis home is in the spotlight after a legal notice shared that its sale is imminent. Priscilla Presley calls the sale a “scam,” while Riley Keough, Presley’s granddaughter, fights back with a lawsuit against the company claiming it is authorized to conduct this sale.
Will Graceland fall to foreclosure? Priscilla Presley and Riley Keough say no
On May 20, it was reported that Elvis Presley’s Graceland home would be sold in a foreclosure sale. His granddaughter, Riley Keough, seeks to block Naussany Investments & Private Lending LLC from selling the family home.
The sale is reportedly scheduled for Thursday, May 23. In the complaint, Keough claims the LLC may not even be “a real entity.”
In a public notice dated May 19, 2024, Naussany Investments & Private Lending LLC posted details of what they allege was a loan Lisa Marie Presley took for $3,800,000 that was never paid back before her 2023 death. Lisa Marie reportedly gave the LLC Graceland’s deed as collateral against the loan. To collect, the LLC plans on selling the property.
“Therefore, on May 23, 2024, at 11:00 a.m. at the front of the Shelby County Courthouse, 140 Adams Ave, Memphis, TN 38103, the undersigned will sell the property described in said Deed of Trust, Herein after described at public auction to the highest and best bidder for cash,” the notice reads.
However, on May 15, Keough filed a 60-page lawsuit against Naussany Investments in Shelby County Chancery Court, claiming that Lisa Marie never borrowed money from the company. The lawsuit states, “These documents are fraudulent.”
Thus, Priscilla Presley, Elvis Presley’s ex-wife and Lisa Marie Presley’s mother, posted a message on Instagram refuting details of the foreclosure. She wrote in big red letters across a photo of the historic Memphis home, “It’s a scam!”
Graceland statement calls claims of foreclosure ‘fraudulent’
In a statement shared with WREG Memphis, Graceland calls claims of the home’s foreclosure “fraudulent.” Subsequently, their message assures fans there is no “sale” of the historic property.
“Elvis Presley Enterprises can confirm that these claims are fraudulent. There is no foreclosure sale. Simply put, the countersuit has been filed to stop the fraud.”
Riley Keough’s suit against Naussany Investments blocks any proposed sale of the legendary property. Subsequently, Keough asserts Lisa Marie Presley would never have given Graceland as collateral against this reported loan.
“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 for the purpose of defrauding 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 thus states.
Riley Keough’s countersuit claims Lisa Marie’s signature on the paperwork is forged. The document details the loan was signed in Florida in May 2018, but the “purported deed of trust” was never filed within Shelby County, where Graceland is located. Furthermore, the notary who reportedly stamped the paperwork signed an affidavit claiming she never met Lisa Marie. Nor did she sign off on any promissory note for Graceland.
How long has the Presley family owned Graceland?
In 1957, Elvis Presley purchased Graceland in the Whitehaven section of Memphis, Tennessee, and put down a $1,000 deposit as collateral.
On May 16, 1957, his parents Vernon and Gladys, and grandmother Minnie Mae moved in while Elvis continued to film “Jailhouse Rock.” Presley did not officially move into the property until June of that same year.
When Presley first purchased Graceland, he lived at the home with his immediate family members. Priscilla and Elvis’ daughter Lisa Marie Presley, as well as Elvis’ Aunt Delta Presley Biggs, Vernon’s sister, also lived in the home. She resided in the mansion as it opened for tours and until her 1993 death.
The official Graceland site reports Lisa Marie Presley inherited the property in 1977 upon her father’s death. Elvis’ will stated Lisa Marie’s inheritance would be held in trust until her twenty-fifth birthday, February 1, 1993.
In 1993, Lisa Marie formed a new trust named The Elvis Presley Trust to manage the family’s business entities and finances. Her mother, Priscilla Presley, and the National Bank of Commerce were co-trustees.
Upon Lisa Marie’s death in January 2023, Riley Keough became the sole trustee of the estate. Her sisters Harper and Finley, own 15% of the entities.
