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Sale of Graceland halted by Memphis judge as foreclosure company withdraws claim

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

A court has stepped in and stopped the sale of Graceland, the former Memphis home of late Mississippi native Elvis Presley.

As previously reported, Graceland was scheduled for public auction on Thursday, May 23, but plans to sell the home and now-tourist attraction were immediately contested by Riley Keough, the granddaughter of Presley who inherited the estate upon the death of her mother Lisa Marie.

Naussany Investments and Private Lending claimed the sale would have served as collateral for a $3.8 million loan allegedly made to Lisa Marie in 2018 that had not been paid back. The loan was said to have been made via the Promenade Trust, which controls the museum portion of Graceland. Keough responded with a countersuit on behalf of Promenade last week, claiming Naussany used falsified documents for both the loan and unpaid sum in September of last year.

“Lisa Marie never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments,” Keough’s attorney wrote in the lawsuit, arguing that Naussany does not have the right to sell Graceland. “[Naussany] appears to be a false entity created for the purpose of defrauding.”

A Shelby County judge sided with Keough on Wednesday by issuing an injunction, prompting Naussany to withdraw its claim. According to WREG, Chancellor JoeDae Jenkins vouched that the notary whose signature is on the deed of trust has said in a sworn affidavit that she did not notarize Lisa Marie to sign off on any loans.

“The court will enjoin the sale as request because, one, the real estate is considered unique under Tennessee law. And in being unique, the loss of the real estate would be considered irreparable harm,” Jenkins said, going on to suggest that Keough would likely prevail in her lawsuit if she has proof of Naussany falsely claiming rights to Graceland.

“It appears that you…will be successful on the merits, providing that you prove the fraud that has been alleged.”

The Memphis TV station noted that no representatives from Naussany – which has been advertising the foreclosure and sale of Graceland – were present in court on Wednesday.

Elvis Presley Enterprises, a corporate entity responsible for conducting business and managing assets left behind by the King of Rock and Roll, issued a statement in celebration of the ruling.

“As the court has now made clear, there was no validity to the claims,” the statement reads. “There will be no foreclosure. Graceland will continue to operate as it has for the past 42 years, ensuring that Elvis fans from around the world can continue to have a best-in-class experience when visiting his iconic home.”

WREG was able to get a hold of a representative from Missouri-based Naussany via email. They asserted “there was no harm meant” in their attempt to sell Graceland, and they will not be proceeding due to their belief that legal action would have to be taken in multiple states which goes against their attorneys’ advice.

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