Legal Decision Protects Elvis' Graceland Mansion from Foreclosure Temporarily
Preserving Graceland in the ownership of Elvis Presley's family, a recent ruling by a Tennessee court chancellor has halted foreclosure attempts due to suspected fraud by a dubious company.
Graceland will remain with Elvis Presley's family for now as a Tennessee court chancellor has ruled that a company attempting to sell it may have engaged in fraud.
Chancellor JoeDae Jenkins decided to delay the foreclosure sale of Graceland, the iconic Memphis residence of Elvis Presley, until a future hearing determines the true owner of the estate. A strange turn of events unfolded when the late singer's granddaughter found herself in a dispute with a company alleging to have been given the deed to Graceland by Elvis' daughter.
A hearing in the Shelby County, Tennessee, Chancery Court decided that the foreclosure auction of Graceland scheduled for Thursday would cause irreparable harm to Danielle Riley Keough. Keough, who is Elvis' granddaughter, had filed a lawsuit to stop the sale. She became the owner of the estate and popular tourist spot after her mother, Lisa Marie Presley, passed away in January 2023.
According to Jenkins, the estate is considered unique under Tennessee law. The court believed that losing the real estate would result in irreparable harm due to its uniqueness.
Jenkins also said there was evidence that a company trying to foreclose on Graceland had forged documents that it claimed gave it the right to sell the property.
Who holds the rights to Graceland?
Naussany Investments & Private Lending LLC accused Lisa Marie Presley of not repaying a $3.8 million loan and stated that she had used Graceland as collateral for the loan. In an attempt to collect the debt, an auction for the estate was planned.
However, this situation took an unexpected turn. Keough, representing Presley, filed a lawsuit alleging that the loan did not exist. Furthermore, Keough disputed the legitimacy of Naussany Investments & Private Lending LLC, claiming it was not a real company.
Keough's lawsuit claims that the documents are fake. According to the lawsuit, Lisa Marie Presley did not borrow money from Naussany Investments and did not give a deed of trust to them.
The lawsuit also states that Naussany Investments & Private Lending LLC seems to be a fake entity made to commit fraud.
Naussany claimed to have a 2018 notarized promissory note signed by Lisa Marie Presley offering Graceland as collateral. However, Keough's lawsuit alleged that the document was forged. The notary public, in a signed affidavit, stated that she never notarized any document signed by Lisa Marie Presley.
Chancellor Jenkins decided to postpone the foreclosure based on this affidavit, as it raised doubts about the authenticity of the promissory note. In addition, Jenkins indicated that the evidence leaned towards Keough being truthful in his claims.
Jenkins mentioned on Wednesday that success in the case hinges on proving fraud alleged by the client and the notary at the final hearing.
When CNN tried to contact Naussany Investments & Private Lending LLC by phone, the number was disconnected. The company, as per a court document from Keough's attorney, was said to be based in Kimberling City, Missouri. However, CNN could not find any business with that name registered with the Missouri secretary of state or through a nationwide search.
Elvis Presley Enterprises, the company managing Presley’s estate, stated that Naussany’s claim was not valid.
The company confirmed, “These claims are fake. There is no foreclosure sale happening. The counter lawsuit has been filed to prevent this fraud.”
A judge last week granted a temporary restraining order, preventing Naussany from selling Graceland. Jenkins extended that order Wednesday.
An estate in dispute
After Lisa Marie Presley passed away, there was a dispute between her daughter, Keogh, and grandmother, Priscilla Presley, over who would inherit her estate, including Graceland. Eventually, they reached a settlement, and Keough ended up becoming the sole owner of Graceland.
In 2004, Lisa Marie Presley sold 85% of Elvis Presley Enterprises’ assets for over $100 million. However, she held onto full ownership of the Graceland mansion and all of Elvis’ personal belongings housed in the Graceland museum, as stated on the Graceland website.
Graceland, as stated on its website, is a popular tourist destination in the South, attracting hundreds of thousands of visitors annually. According to a court filing in her 2022 divorce, Lisa Marie Presley reportedly earned seven figures from Graceland each year.
Now, let's talk about Riley Keough.
Keough, born in 1989 to Lisa Marie Presley and musician Danny Keough, is a popular actor known for her roles in "Mad Max Fury Road" and other successful Hollywood movies. She can also be seen in Hulu's "Under the Bridge."
Her acting career began in 2010 with her first credited role in the movie "The Runaways." Since then, Keough has taken on numerous acting gigs. Most recently, she starred in "Daisy Jones & The Six," portraying a troubled musician in a band on the brink of stardom.
In a recent article for Vanity Fair, Keough shared that her daughter, Tupelo Storm Smith-Petersen, was born in August 2022 through a surrogate. The name Tupelo is a tribute to her late brother, Benjamin Storm Keough, who passed away at the age of 27 in 2020.
CNN's Lauren Mascarenhas, Raja Razek, Joe Sutton, and Alli Rosenbloom were contributors to this report.
Editor's P/S:
The legal battle surrounding Graceland, the iconic residence of Elvis Presley, has taken a dramatic turn. Allegations of fraud and forged documents have cast doubt on the legitimacy of a company's claim to the property. The court's decision to postpone the foreclosure sale highlights the gravity of the situation and the potential irreparable harm that could result from a premature sale. The outcome of this dispute will not only determine the ownership of Graceland but also uphold the integrity of legal processes and protect the legacy of one of the most revered entertainers of all time.
Furthermore, the article sheds light on the complex legal battle over Lisa Marie Presley's estate. The dispute between her daughter, Danielle Riley Keough, and her grandmother, Priscilla Presley, was eventually resolved, with Keough becoming the sole owner of Graceland. However, the recent allegations of fraud have reignited the legal battle, raising concerns about the validity of the estate's ownership and the potential impact on the future of Graceland as a tourist destination and cultural landmark. The ongoing legal proceedings will undoubtedly have a significant impact on the legacy of Elvis Presley and the preservation of his iconic home.
