The legal battle over the ownership of Elvis Presley’s Graceland estate has come to an end after lending company Naussany Investments and Private Lending withdrew its attempt to foreclose the historic home. Graceland confirmed that there will be no foreclosure, ensuring that the iconic home will continue to operate as usual for Elvis fans around the world.
The lending company initially claimed that Lisa Marie Presley, the previous owner of the estate, failed to repay a $3.8 million loan before her sudden death in January 2023. Court documents revealed that Lisa Marie had used her ownership stake in Elvis Presley Enterprises and Graceland as collateral for the loan. Her daughter, Riley Keough, became the sole trustee of Graceland after her mother’s death and played a crucial role in fighting the foreclosure.
Riley Keough obtained a temporary restraining order preventing the sale of the property by arguing that her mother never borrowed money from Naussany Investments and never worked with them. She claimed the documents provided by the company were fraudulent and challenged the validity of the deed of trust used as collateral. Furthermore, she pointed out that the notary mentioned in the deed had never met or notarized any documents for Lisa Marie Presley.
After a court hearing, Shelby County Chancellor JoeDae Jenkins stopped the foreclosure sale, emphasizing the importance of Graceland to the community and its global significance. The legal proceedings involved multiple states due to a key document being recorded in a different state, leading to an investigation by the Tennessee Attorney General into Naussany Investments and Private Lending.
Graceland holds a special place in music history as the home Elvis Presley purchased in 1957 at the age of 22, where Lisa Marie was raised. The estate was transformed into a museum after Elvis’s death in 1977 and has since become a popular tourist attraction, welcoming over 500,000 visitors each year and having a significant economic impact on Memphis annually. The legal battle for ownership has now been resolved, allowing Graceland to continue its legacy as a tribute to the King of Rock and Roll.
