Graceland Estate Sale Halted Over Loan Repayment Dispute
A judge has blocked the sale of Elvis Presley’s famed Graceland mansion, citing the estate’s failure to repay a loan used as collateral.
Riley Keough’s legal battle
The decision follows a lawsuit filed by Presley’s granddaughter, actress Riley Keough, who sought to stop the foreclosure auction, calling it “fraudulent.”
Shelby County Chancellor JoeDae Jenkins issued a temporary injunction against the proposed auction scheduled for May 22.
Graceland’s official response
A Graceland representative told The Independent: “The court has made clear that there was no validity to the claims. There will be no foreclosure. Graceland will continue to operate as it has for the past 42 years, ensuring that Elvis fans from around the world can continue to have a best-in-class experience when visiting his iconic home.”
Riley Keough was named the sole owner and trustee of the family estate after her mother, Lisa Marie Presley, passed away in 2023.
Loan repayment controversy
Earlier this month, a public notice announced a foreclosure sale of the 13-acre estate in Memphis, claiming that the Promenade Trust, which controls the Graceland Museum, owes $3.8 million after failing to repay a 2018 loan.
According to legal documents, Lisa Marie Presley allegedly secured the loan through Naussany Investments and Private Lending, using Graceland as collateral.
To stop the sale, Riley Keough argued that her mother’s signatures on the loan documents were forgeries, that the loan never occurred, that Naussany Investments is not a legitimate company, and that the loan’s notary public did not notarize it.
Historic Graceland Estate
Elvis Presley purchased the Graceland property for £102,500 in 1957, shortly after releasing hits like “All Shook Up” and “Blue Christmas.” He lived there until his death, in 1977. The estate was inherited by Lisa Marie and opened to the public as a museum in 1982, becoming a major attraction for Elvis fans worldwide.