Lawyers representing actress Riley Keough, the granddaughter of Elvis Presley, have filed a lawsuit to prevent the fraudulent sale of Graceland, the iconic former home of the Presley family in Memphis. The court papers claim that a company named Naussany Investments & Private Lending LLC is falsely asserting that Lisa Marie Presley, Elvis’s daughter who passed away in 2023, had borrowed money using Graceland as collateral. Elvis Presley Enterprises, which operates Graceland, stated that there is no foreclosure sale, and the lawsuit was filed to halt the fraud. Graceland is a significant source of revenue for the family trust.
According to court documents, Naussany Investments presented papers alleging that Lisa Marie Presley had borrowed $3.8 million from them and used Graceland as security. However, the documents were deemed fake as the notary public named on them denied notarizing any document signed by Lisa Marie Presley. A scheduled sale of Graceland by Naussany Investments was prevented by a restraining order after Ms. Keough’s lawyers argued that the deed was fraudulent. A hearing has been scheduled for Wednesday, and Naussany Investments could not be reached through the contact details provided in the court documents.
In a previous legal dispute, Riley Keough and her grandmother Priscilla Presley engaged in a legal battle that resulted in Ms. Keough becoming the sole trustee of the Promenade Trust established by Lisa Marie Presley. Lisa Marie established the trust in 1993, and while its assets grew to over $100 million by 2005, she accrued significant debt over time. The majority of Elvis Presley Enterprises was sold to mitigate her debts. Lisa Marie Presley estimated her debts to be over $3 million in a 2022 filing, although specifics of the debt were not disclosed.
Despite financial challenges, the Presley family has maintained ownership of the main house at Graceland, Elvis’s former residence from 1957 until his death in 1977. The house was appraised at $5.6 million in 2021, but its value as a tourist attraction far exceeds that. Graceland generated over $80 million in revenue in 2022, with most of the proceeds supporting Elvis Presley Enterprises. The family trust retains 15 percent ownership of the enterprise, highlighting the significance of Graceland as both a historic landmark and a lucrative business venture for the Presley family.
