Lawyers for actress Riley Keough, the granddaughter of Elvis Presley, have filed a lawsuit to stop a fraudulent scheme to sell Graceland, the family’s former home in Memphis. The lawsuit claims that a company called Naussany Investments & Private Lending LLC is falsely claiming that Elvis’s daughter, Lisa Marie Presley, had borrowed money and put Graceland up as collateral. Elvis Presley Enterprises stated that there is no foreclosure sale, and the lawsuit was filed to prevent the fraud. Graceland is a significant source of income for the family trust and Elvis Presley Enterprises.
Naussany Investments presented documents alleging that Lisa Marie Presley had borrowed $3.8 million and used Graceland as security months after her death in 2023. However, the lawsuit claims that the documents are fake, including a promissory note supposedly notarized in Florida in 2018. The notary public named on the documents denied involvement, stating that they had never met Lisa Marie Presley or notarized any of her documents. A sale of Graceland had been scheduled by Naussany Investments, but a restraining order was issued to prevent it after the fraudulent deed was disputed.
Last year, Riley Keough and her grandmother, Priscilla Presley, engaged in a legal battle that resulted in Keough becoming the sole trustee of the Promenade Trust established by Lisa Marie Presley in 1993. The trust, originally valued at over $100 million, faced financial difficulties, leading to the sale of the majority of Elvis Presley Enterprises to cover debts. Lisa Marie Presley’s 2022 income and expense declaration revealed debt exceeding $3 million, although the specifics were not disclosed.
Despite financial challenges, the family has retained ownership of Graceland, Elvis Presley’s personal home until his death in 1977. The property, valued at $5.6 million in 2021, has increased in worth due to its popularity as a tourist attraction. Graceland operations generated more than $80 million in 2022, primarily supporting Elvis Presley Enterprises. The family trust retains 15 percent ownership in the enterprise, which contributes to their income.
Efforts to reach Naussany Investments through provided contact information in court documents were unsuccessful, with one phone number reported as out of service. A hearing has been scheduled to address the fraudulent sale of Graceland, as Riley Keough’s legal team continues to dispute the validity of the documents presented by Naussany Investments. The ongoing legal battle highlights the importance of protecting the legacy and assets associated with Elvis Presley and Graceland for future generations of the Presley family.
