Elvis Presley‘s granddaughter, Riley Keough, has retained control of her grandfather’s historic Graceland home. A Memphis chancellor says the property will not be foreclosed upon at this time. A future hearing will determine who will maintain rightful ownership of the estate.
Graceland remains a Presley family asset until it is determined who owns the historic estate
Chancellor JoeDae Jenkins says Elvis Presley’s Memphis, Tennessee home, Graceland, will continue to remain a Presley family asset. Therefore, a planned foreclosure and sale of the property will not occur, as reportedly scheduled for May 23.
Jenkins made the following ruling, per CNN. “The estate is considered unique under Tennessee law. And in being unique, the loss of the real estate will be considered irreparable harm.”
In a blockbuster turn of events, it was reported on May 20 that Elvis Presley’s Graceland home would be sold in a foreclosure sale. His granddaughter, Riley Keough, filed to block an entity named Naussany Investments & Private Lending LLC from selling her family’s historic estate.
The Missouri-based investment company claims Lisa Marie Presley signed a Deed of Trust in 2018; securing a $3.8 million loan using Graceland as collateral. However, the Presley family says those claims are fraudulent.
Why does the Presley family believe Graceland’s foreclosure proceedings to be fraudulent?
Lisa Marie Presley’s daughter Riley Keough, claimed in a 60-page lawsuit against Naussany Investments that her mother never borrowed any money from the alleged lender. The lawsuit, filed on May 15, tried to stop the proposed foreclosure of Elvis Presley’s home.
In a public notice dated May 19, 2024, Naussany Investments & Private Lending LLC posted details of what they claim was a loan Lisa Marie Presley took for $3,800,000, which was never paid back before her 2023 death. Lisa Marie reportedly gave the LLC Graceland’s deed as collateral against the loan. To collect, the LLC planned to sell the historic Memphis property.
However, on May 15, Keough filed a 60-page lawsuit against Naussany Investments in Shelby County Chancery Court. The lawsuit states of the the loan, “These documents are fraudulent.” Riley Keough’s suit against Naussany Investments temporarily blocked any proposed sale of her family’s home.
“On information and belief, Naussany Investments & Private Lending LLC is not a real entity. Naussany Investments & Private Lending LLC appears to be a false entity created to defraud the Promenade Trust (the trust of Keough and formerly of Lisa Marie Presley), the heirs of Lisa Marie Presley, or any purchaser of Graceland at a non-judicial sale,” Keough’s complaint reads.
There is reportedly no deed on file to back up the investment company’s claims of ownership
WREG Memphis reports the Shelby County Register of Deeds says their office has no record of a deed related to the investment company’s ownership of Graceland. However, Naussany provided a 2018 notarized promissory note signed by Lisa Marie Presley. But Keough’s lawsuit says her signature was forged.
A notary connected to the loan’s purported paperwork signed an affidavit claiming she didn’t notarize any documentation in connection to the promissory note. CNN reports Chancellor Jenkins said this affidavit was sufficient evidence to delay the foreclosure.
A later hearing will determine the case’s facts. Graceland continues to remain owned by the Presley family.
