Graceland foreclosure auction halted by Tennessee chancellor
A Tennessee court has halted the Thursday sale of Elvis Presley's historic Graceland mansion. (WHBQ)
A Tennessee court has halted the Thursday sale of Elvis Presley's historic Graceland mansion.
Chancellor JoeDae L. Jenkins said at an injunction hearing at Shelby County Tennessee Chancery Court on Wednesday morning that the proposed auctioning of the property on Thursday will not go ahead after the rock ‘n’ roll legend's granddaughter claimed documents pertaining to the case were fraudulent.
The judge said he considered the real estate unique to the state and that there must be time for adequate discovery, and for the defense to address claims made about the potential sale.
The judge noted that this matter is of public interest, and that Graceland is part of the community and is well-loved.
Graceland mansion with Elvis Presley, left, and Riley Keough. (Getty Images)
A company claims that Lisa Marie Presley, Elvis’ only child, took out a $3.8 million loan but never paid it back, having put the estate up as collateral via a signed Deed of Trust in 2018.
The company, called Naussany Investments and Private Lending, claims Lisa Marie never paid back that money before she died last year and the firm initiated plans for Elvis' former home in Memphis, as well as its surrounding acreage on Elvis Presley Boulevard, to be sold to the highest bidder at a foreclosure sale.
Elvis’ granddaughter, Riley Keough, is the sole heir to the property and has asked a court for an injunction preventing the sale, which was initially scheduled to go ahead Thursday.
BATTLE FOR GRACELAND: ELVIS PRESLEY AND HIS FAMOUS FAMILY IN PHOTOS
Keough says that the lawsuit is all a scam, with forged documents and a fake shell company making the claim.
Attorney Jeffrey Germany, who represents Keough, filed a complaint with the court, regarding the authenticity of the purported deed of trust. Germany submitted an affidavit that says the purported notary did not notarize the signature of Lisa Marie on the purported deed of trust.
Jenkins said Wednesday that it brings into question the authenticity of the signature and the deed of trust being fraudulent.
The judge said he granted the injunction because Graceland is considered unique under Tennessee law and that the loss of Graceland would be considered "irreparable harm".
Jenkins said that Naussany would not be harmed by delaying the trial on the matter until there can be adequate discovery and the opportunity for the defense to respond to claims made by the plaintiff.
The mansion, which is now a museum, is located in the Whitehaven area of Memphis.
Keough said in a 60-page lawsuit against Naussany Investments that her mother never borrowed any money from the company and that Presley’s signatures on the deed are forgeries. Keough also alleges that Naussany Investments is not a real entity.
"These documents are fraudulent," the lawsuit states.
ON THIS DAY IN HISTORY, MARCH 19, 1957, ELVIS MAKES DOWN PAYMENT ON GRACELAND
Lisa Marie Presley was born to Elvis and Priscilla Presley in February 1968, and brought home to Graceland. (Michael Ochs Archives/Getty Images)
Priscilla Presley, Lisa Marie’s mother and Elvis’ ex-wife, blasted the legal notice on social media earlier this week. "It’s a scam," she wrote on X.
Meanwhile, Graceland officials provided a statement on Wednesday's decision to Fox News Digital.
"As the court has now made clear, there was no validity to the claims. There will be no foreclosure," the statement reads. "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."
Elvis bought the mansion in 1957 for $102,500 and lived there until his death in 1977.
Lisa Marie inherited Graceland after her father’s death, and it was opened to the public as a museum in 1982. It features costumes, artifacts and personal mementos from Elvis and his family.
The property also displays a Convair 880 Jet called "Lisa Marie" that Elvis used in his heyday.
The grounds of Graceland now include a resort hotel and a chapel, according to the home's website.
It was designated as a National Historic landmark in March 2006. In 1991, it was placed on the National Register of Historic Places.
CLICK HERE TO GET THE FOX NEWS APP
Priscilla Presley, left, and Riley Keough, right, are denying claims Graceland went into foreclosure and are fighting back against the legality of a purported sale. (Eric Charbonneau/Getty Images for Warner Bros)
About 600,000 tourists visit the property each year, according to the property's website. Graceland generates $150 million in overall economic impact to the City of Memphis.
Lisa Marie died in January 2023 due to a small bowel obstruction, according to the County of Los Angeles Medical Examiner's office. Keough became heir to the estate and trustee of the Promenade Trust.
Elvis and Lisa Marie are buried on the property.
"Visitors flock to Graceland to feel connected to an icon whose life still remains shrouded in mystery," Priscilla previously said, according to Architectural Digest.
Fox News' Samantha Daigle contributed to this report.
Trending
Who's making headlines in television, music, movies and more from Hollywood to the Heartland.