Graceland, the former home of Elvis Presley in Memphis, Tennessee, will not be sold at auction, following a lawsuit filed by Mr. Presley’s granddaughter, Riley Keough, to prevent what her lawyers described as a fraudulent attempt to auction the property. The lawsuit claimed that a company called Naussany Investments & Private Lending LLC was claiming that Lisa Marie Presley, Ms. Keough’s mother, had borrowed $3.8 million and put Graceland up as collateral before her death in 2023. The judge, Chancellor JoeDae L. Jenkins, deferred ruling on the case and kept a temporary injunction in place to prevent the property from being auctioned immediately.
During the hearing at Chancery Court in Shelby County, Tenn., Chancellor Jenkins expressed the need for further evidence and the fact that no one representing the company seeking to sell Graceland was present at the hearing. The judge emphasized the significance of Graceland to the community and globally, and delaying the trial would allow for adequate discovery to occur. The defendants, including Naussany Investments, had planned a sale of Graceland on Thursday, but the case was continued following a filing from Gregory Naussany requesting the same.
Lawyers for Ms. Keough argued that the company in question, Naussany Investments, appeared to be a false entity and had presented fake documents claiming that Ms. Presley had borrowed money and put Graceland up as collateral. Attempts to contact Naussany Investments have been unsuccessful, and it is unclear when the next hearing will take place. Graceland is a major source of income for Elvis Presley Enterprises and the family trust controlled by Ms. Keough, who owns 15 percent of Elvis Presley Enterprises and the main Graceland house.
In 2005, Ms. Presley sold 85 percent of Elvis Presley Enterprises to alleviate debt, while the family trust retained 15 percent ownership and the main Graceland house. Graceland, a popular tourist attraction, has been operational for 42 years and is committed to providing a top-quality experience for Elvis fans across the globe. A statement issued after the court proceedings reiterated that there was no validity to the claims made by Naussany Investments and assured that there would be no foreclosure on Graceland. The estate’s lawyer, Jeff Germany, confirmed that there had been no direct contact with the defendants in the case and declined to comment on potential fraud investigations.
Graceland remains a beloved and iconic landmark, and the decision to defer the ruling on the auction of the property ensures that it will continue to be maintained and operated as it has been for years. The legal battle over the attempted sale of Graceland underscores the importance of protecting the legacy and heritage of significant cultural landmarks like Elvis Presley’s former home. The outcome of this case will have a lasting impact on the preservation and ownership of historic properties like Graceland and serves as a reminder of the diligence required to protect such valuable assets from fraudulent schemes.
