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Published on May 23, 2024
Graceland Saved, Judge Halts Foreclosure of Elvis Presley's Iconic Home Amid Fraud AllegationsSource: Joseph Novak, CC BY 2.0, via Wikimedia Commons

A Shelby County judge stopped the scheduled foreclosure sale of Graceland, Elvis Presley's historic home, in an injunction pronounced Wednesday. The property was poised to hit the auction block on Thursday. Citing the uniqueness of the estate under Tennessee law, Chancellor Joe Dae Jenkins stressed that its loss would result in irreparable harm, reported WREG.

Allegations have surfaced that Lisa Marie Presley used the storied Graceland mansion as collateral to secure a $3.8 million loan from Naussany Investments and Private Lending in 2018, claims she supposedly failed to satisfy. However, the legitimacy of these allegations is in question. The Shelby County Register of Deeds confirmed to NewsNation they had no record of such a deed, and Riley Keough, Presley's daughter, has filed a lawsuit dismissing the debt documents as fraudulent.

In response to the court's decision, Gregory Naussany of Naussany Investments conveyed to ABC24 that the company would be withdrawing its claims with prejudice. "Due to the Deed of Trust not being recorded and the loan being obtained in different state, legal action would have to be filed in multiple states and NAUSSANY Investments & Private Lending will not acquire to proceed," the statement read.

The injunction comes on the heels of a countersuit filed by Keough on May 15, who alleges that the loan documents are not just forgeries but also part of a scheme by an entity that appears to be fabricated for defrauding the estate. "Naussany Investments & Private Lending LLC appears to be a false entity created for the purpose of defrauding the Promenade Trust, the heirs of Lisa Marie Presley, or any purchaser of Graceland at a non-judicial sale," Keough's suit asserted, according to ABC24.

After the ruling, a hopeful note for Elvis fans was struck by Elvis Presley Enterprises, declaring Graceland free from the threat of foreclosure. “As the court has now made clear, there was no validity to the claims. 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,” said EPE as, reported by WREG.

Notably, Keough alleges her mother, Lisa Marie Presley, who died in January 2023, never borrowed from Naussany Investments, further problematizing the foreclosure narrative. The estate continues to draw thousands annually, further engraved into the American cultural tapestry as a historical landmark and a touchstone of the late Elvis Presley’s legacy.

Memphis-Real Estate & Development