Elvis Would Turn in His Grave: Graceland Up for Auction After Lisa Marie ‘Failed to Pay Back $3.8M Loan’
Elvis Presley's iconic Graceland estate is facing a foreclosure auction due to a $3.8 million loan that his daughter, Lisa Marie Presley, allegedly failed to repay before her death.
May 21 2024, Published 9:05 a.m. ET
Elvis Presley's iconic Graceland estate is facing a foreclosure auction due to a $3.8 million loan that his daughter, Lisa Marie Presley, allegedly failed to repay before her death, RadarOnline.com has learned.
The property, located on Elvis Presley Boulevard in Memphis, Tennessee, was initially scheduled to be sold to the highest bidder on Thursday.
The property, located on Elvis Presley Boulevard in Memphis, Tennessee, was initially scheduled to be sold to the highest bidder on Thursday.
However, Lisa Marie's daughter and Elvis' granddaughter, Riley Keough, contested the court-approved sale and claimed it to be "fraudulent."
The dispute revolved around Naussany Investments and Private Lending, according to The Sun. The entity asserted that Lisa Marie used Graceland as collateral for a $3.8 million loan in 2018.
Naussany Investments and Private Lending also argued that Lisa Marie never settled the debt before her untimely death at the age of 54 in January of last year.
Nevertheless, Keough – now the sole heir of Graceland – was adamant that the loan documents were "fraudulent.” She also alleged that certain signatures were forged and questioned the overall legitimacy of Naussany Investments.
Lisa Marie's daughter and Elvis' granddaughter, Riley Keough, contested the court-approved sale and claimed it to be "fraudulent."
"These documents are fraudulent,” Keough asserted in a 60-page lawsuit filed in Shelby County Chancery Court on May 15.
Moreover, Keough claimed that the lawyer involved in the deed denied genuine verification of Lisa Marie's signature or of having any encounter with the late singer before her death in January 2023.
As a result, a temporary restraining order was issued to postpone the auction. An injunction hearing was also scheduled for Wednesday.
Elvis Presley Enterprises, the entity managing Graceland and the Elvis Presley Trust assets, also refuted the delinquent loan allegations and declared the claims "fraudulent."
Priscilla Presley, Elvis’ ex-wife and Lisa Marie’s mother, called the current Graceland ordeal a “scam.”
“Elvis Presley Enterprises can confirm that these claims are fraudulent. There is no foreclosure sale,” the entity said in a statement this week. “Simply put, the counter lawsuit that has been filed is to stop the fraud.”
Priscilla Presley, Elvis’ ex-wife and Lisa Marie’s mother, called the current Graceland ordeal a “scam.”
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“It’s a scam!” Priscilla wrote on X late Monday night.
As RadarOnline.com previously reported, Lisa Marie's estate first faced Naussany Investments and Private Lending’s lawsuit over the $3.8 million loan back in September 2023.
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Naussany Investments filed a claim seeking repayment at the time and said that they would agree to a settlement arrangement under two conditions: pay back at least 75 percent of the loan ($2,850,000) and do so within 45 days.
While court documents showed that a Deed of Trust was signed and notarized by someone connected to Lisa Marie, the deed was never filed due to an agreement that the loan would be paid back in full by May 16, 2022.
Lisa Marie allegedly never paid the loan back before she passed away in January 2023.
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