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All shook up? Court battle underway over Graceland

Graceland, the 17,552-square-foot home of Elvis Presley, was originally built in 1939 (Photo from Graceland/Facebook)

Graceland, the former home of Elvis Presley and one of America’s most popular tourist attractions, is scheduled for public auction on Thursday morning, per a notice from the Shelby County Chancery Court published in early May.

However, the plans to sell the estate were immediately contested by Riley Keough, Presley’s granddaughter who inherited the estate in January upon the death of her mother Lisa Marie Presley. A Memphis, Tenn. judge has blocked the scheduled sale after Keough filed a lawsuit and temporary restraining order.

Naussany Investments and Private Lending is attempting to sell the Memphis property, contending that Graceland was used as collateral for a $3.8 million loan to Lisa Marie Presley in 2018. The lawsuit filed by Naussany claims that the loan was made via the Promenade Trust, which controls the museum, and the loan was not repaid.

Elvis Presley originally purchased Graceland in 1957 for $102,500. The home is now valued at $400 million to $500 million.

Keough filed the countersuit on behalf of Promenade Trust last week, which claimed that Naussany used falsified documents for both the loan and unpaid sum in September of last year.

“Lisa Marie Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments,” Keough’s attorney wrote in the lawsuit. “[Naussany] appears to be a false entity created for the purpose of defrauding.” 

The allegations made by the King of Rock and Roll’s granddaughter were verified by the corporate entity that conducts business and manages the assets of the Elvis Presley Trust.

“Elvis Presley Enterprises can confirm that these claims are fraudulent. There is no foreclosure sale. Simply put, the counter lawsuit has been filed to stop the fraud,” a statement from Elvis Presley Enterprises Inc. reads.

In response to the countersuit, Shelby County Chancery Court has scheduled an injunction hearing for Wednesday to determine whether the foreclosure sale will take place on Thursday.

Graceland draws more than half a million visitors every year and is the second most visited home in the United States. The King of Rock and Roll’s former residence was registered as a National Historic Landmark in 2006 and has welcomed over 20 million visitors since its doors opened to the public.

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