The legendary Graceland mansion, once owned by Elvis Presley and currently owned by his granddaughter Riley Keough, is facing the threat of being sold at a foreclosure auction. The pending sale has sparked a legal battle, with Keough calling the auction fraudulent. A notice from the Shelby County Courthouse stated that Graceland and its surrounding property in Memphis, Tennessee would be auctioned off to the highest bidder for cash on May 23. Keough filed a lawsuit and secured a temporary restraining order to contest the sale, with an injunction hearing scheduled for Wednesday.
The drama surrounding the potential sale of Graceland stems from a 2018 Deed of Trust that Riley’s late mother, Lisa Marie Presley, allegedly signed, securing a $3.8 million loan with Graceland as collateral. The loan was purportedly taken out through Naussany Investments and Private Lending, a Missouri-based company, which claims Lisa Marie defaulted on the loan. However, Keough’s lawsuit asserts that Lisa Marie never borrowed any money from Naussany, claiming the documents are fraudulent and indicating that Lisa Marie’s signatures were forged.
Elvis purchased the Graceland estate in 1957 for $102,500 and it became a museum open to the public in 1982 after Lisa Marie inherited it following Elvis’s death in 1977. Graceland is a significant symbol of Elvis’s legacy and pop culture history, drawing hundreds of thousands of visitors annually to celebrate the King of Rock ‘n’ Roll. The mansion, named after Grace Toof, spans 13.8 acres and features iconic areas like the “Jungle Room” known for its unique décor and original furniture from Elvis’s time.
After Lisa Marie’s death in January 2023, Riley became the heir to Graceland. She was named the sole trustee of the family estate after a legal battle with her grandmother, Priscilla Presley, over a 2016 amendment to Lisa Marie’s will that removed Priscilla as trustee. Lisa Marie’s passing due to a small bowel obstruction, according to an autopsy, has left Keough as the current owner of Graceland. Priscilla, who expressed a desire to be buried next to Elvis at Graceland upon her own death, remains involved in the family estate ownership.
The impending sale and legal battle over Graceland have left Riley Keough traumatized and fiercely contesting the auction of the historic property. The lawsuit filed by Keough in the Shelby County Chancery Court alleges that the loan documents are fraudulent and that Lisa Marie’s signatures were forged. The source close to Keough expressed shock that such a historic property could be considered for sale in a foreclosure auction, emphasizing the emotional toll the situation has taken on Keough. With an injunction hearing set for Wednesday, the future ownership and fate of Graceland remain uncertain amidst the ongoing legal dispute.
