Riley Keough’s Legal Team: We Have a ‘Very Strong Case’ to Save Graceland
Riley Keough is on a mision to save her family's Memphis compound.
Lisa Marie Presley's troubled life and financial collapse before her tragic 2023 death has left her father Elvis Presley's fabled Graceland estate in hock — and insiders claim her eldest daughter, Riley Keough, is now in a desperate battle to keep the family treasure from going on the auction block, RadarOnline.com has learned.
In a bombshell twist to the Presley family's troubled saga, the 13.8-acre Graceland compound in Memphis, Tennessee, visited by 600,000 Elvis fans each year, was set to be auctioned off because of a $3.8 million loan Lisa Marie took out but didn't pay back — a measly amount compared to the property's mind-boggling $500 million worth.
Riley is desperate to save her family's compound, Graceland, from auction.
"Lisa Marie's life was headed straight down in flames for years before her death," a friend dished to the Globe. "She was in financial straits and some of the terrible deals she made to stay solvent are only now coming to the surface. In essence, she looted Elvis' legacy to feed her own greed."
"She was also constantly battling her ex-husband Michael Lockwood over custody and child support for their twin daughters, Harper and Finley, and she became an opioid addict who did five stints in rehab."
A family friend said Lisa Marie's 'string of poor decisions left a mess' for her eldest daughter.
"Her string of poor decisions left a mess. She died about $16 million in debt," the pal shared. "Riley is now trying to keep Graceland in the family."
Lisa Marie's eldest daughter reportedly "does not want the estate — where her grandfather Elvis and other relatives are buried — sold off to some faceless corporation."
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Elvis Presley and other relatives are buried at Graceland.
- Priscilla Presley 'More Tormented Than Ever' As She's 'Reliving' Horrific Memories Exposed in Tragic Daughter Lisa Marie's Memoir
- Lisa Marie Presley Was 'Slowly Killed by Grief' Over Son Benjamin’s Shotgun Suicide: Singer 'Lost Will to Live' While Keeping His Body On Ice at Mansion For Two Months
- Presley Family Agony: Priscilla 'Left Totally Broken and Shattered' After 'Being Kept out of the Loop' Over Tragic Daughter Lisa Marie's Heartbreaking Posthumous Memoir
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Currently, Missouri-based Naussany Investments and Private Lending company claims Lisa Marie, who owned Graceland prior to her death, put the legendary home up as collateral to guarantee the loan in 2018 — a debt that hadn't been repaid at the time Elvis' only child passed away.
The company plans to get its dough back by auctioning off the property to the highest bidder!
Meanwhile, 35-year-old Riley, who inherited Graceland after her mother's death, is said to be fighting tooth and nail to block the auction. But a close family friend claims her mother left Riley in an impossible position from beyond the grave.
Still, the Daisy Jones & the Six star is trying to stop the auction by insisting the loan document signed by her mother is fake — and that Naussany Investments is a fraud!
Riley Keough agreed to pay her grandmother a $1million lump-sum payment.
Riley also claims the notary named on the loan has denied ever signing the document — and never even met Lisa Marie!
"Riley and her legal team believe they have a very strong case, but it still has created horrible anxiety over the prospect of Graceland being pulled out from under the family over some possible misstep Lisa Marie made," the source revealed.
"It's just unconscionable Graceland could be auctioned off for a song to repay a debt that is only about three percent of Graceland's total worth," the family friend added.
"But even more, the auction would cut off Riley and her family from their departed loved ones. They'd even have to buy a ticket just to visit the family graves!"
"This is part of the mess Lisa Marie left – and Riley is forced to fight to undo the damage."
RadarOnline.com has reached out to Riley's rep for comment.