(HorizonPost.com) – Elvis Presley’s granddaughter is fighting to stop a planned public auction of the singer’s legendary Graceland after a company tried to sell the Memphis estate based on claims that a loan that used the 13-acre property as collateral was never repaid.
The public auction, which was scheduled for May 23, was blocked by a Memphis judge after Presley’s granddaughter Riley Keough sought a temporary injunction preventing the auction and filed a lawsuit.
According to the public notice for the foreclosure auction posted earlier this month, Promenade Trust, the group that controls the Graceland Museum, failed to repay a 2018 loan, the balance of which allegedly amounts to $3.8 million.
Keough inherited the ownership of the estate and the trust following the death of her mother, Lisa Marie Presley in January 2023.
According to court papers, it was Lisa Marie Presley who allegedly used Graceland as collateral for a loan from Naussany Investments and Private Lending.
The lending company asserted in the public notice that Lisa Marie Presley never repaid the loan and that it planned to sell Graceland on the steps of the courthouse.
Keough filed the lawsuit last week on behalf of the Promenade Trust, arguing that Naussany provided fraudulent documents on the loan and the unpaid sum last September.
The lawsuit asserts that Lisa Marie Presley never took out a loan with Naussany and never turned over the deed to the company.
A hearing on the request for an injunction was held on Wednesday in the Chancery Court of Shelby County, Tennessee.
In a statement on Tuesday, Elvis Presley Enterprises Inc. said it could confirm that the claims by Naussany Investments and Private Lending were fraudulent and there was no foreclosure sale.
Five years after Elvis Presley’s death in August 1977, Graceland was opened as a tourist attraction and museum, featuring the singer’s collection of jeweled jumpsuits, his fleet of classic cars, and his unusual taste in furnishings. The museum continues to draw hundreds of thousands of visitors every year.
Copyright 2024, HorizonPost.com
