Battle for Graceland: Elvis Presley’s granddaughter Riley Keough saves iconic estate from ‘ridiculous’ auction bid
MEMPHIS, TENNESSEE: Elvis Presley’s descendants can breathe a sigh of relief after a judge paused the sale of the iconic Graceland on the pretext of a foreclosure bid.
While Elvis’ legacy has intangibly become a part of Memphis’ culture, the grand architecture of Graceland estate became a symbol of the King of Rock ‘n’ Roll. Nobody can even think the property, that also served as the burial ground for the Presley family, would belong to someone else.
Yet, the house faced an external threat when a company called Naussany Investments and Private Lending claimed they loaned a lumpsum amount of money to Lisa Marie, Elvis’ only child, with Graceland as collateral.
Citing her failure to repay the loan amount, the company threatened to auction off the house and sell it to the highest bidder, per Daily Mail.
However, finally, the house was saved with a judge granting the injunction on the sale requested by Lisa Marie’s daughter and sole heir of the estate, Riley Keough.
Graceland threatened with foreclosure bid
Ever since the untimely death of Elvis Presley in 1977, aged 42, the Presley family has shared his beloved Graceland with the world.
Several fans visit the house every year to experience the part of history associated with the King. Moreover, the ‘Jailhouse Rock’ singer along with his parents, grandfather, grandson, and most recently his daughter Lisa Marie, have been laid to rest on the grounds of Graceland.
Troubled loomed over Graceland following the death of Lisa Marie in January 2023. After the actress’s death, her eldest daughter Riley Keough emerged as the sole trustee of the estate.
However, she wasn’t welcomed on a bed of roses as trouble started to arise in September last year when a company called Naussany Investments and Private Lending claimed it owed $3.8 million in loan amount from Lisa Marie.
They claimed that Elvis’ only daughter took a loan of $3.8 million from them keeping Graceland as collateral. She was allegedly supposed to repay the loan by May 2022.
Then the company started pressing the family for the repayment of the loan and sent them several documents including the alleged loan agreement, apparently completed in Duval County, Florida, and signed by Lisa Marie. They also claimed it was notarised — witnessed by a lawyer.
The company also filed a collection claim in Los Angeles County, California.
‘Daisy Jones & The Six’ actress Riley Keough, who became the sole trustee of the Promenade Trust and Elvis’ properties, refused to pay the amount and thus ensued a legal battle.
As Naussany Investments threatened to sell the house to the highest bidder with the foreclosure bid supposedly taking place on Thursday, May 23, Riley’s legal team filed a lawsuit at the Shelby County Chancery Court to stop the auction from going forward on May 20.
She even cast her doubts about the existence of the company claiming she did not believe it was a “real entity” saying Naussany Investments is not even registered as a business in Florida, or in Missouri, with no physical addresses. It just has post-box addresses.
Riley’s attorneys also provided a testament from the Florida notary Kimberly Philbrick - who Naussany Investments claimed verified Lisa Marie’s signatures in the loan documents.
In the affidavit, Philbrick writes, “I don’t know why my signature appears on this document,” claiming she did not notarise the loan.
Finally, a temporary injunction was granted last week. A day later, on May 21, a one-page motion for an adjournment to a later date at Shelby County Chancery Court in Memphis was filed by a person claiming to be Gregory Naussany, of Jacksonville, Florida.
The judge, however, denied the request citing that Naussany or any legal representative for the company was not present during the hearing.
The Shelby County Chancellor, JoeDae L Jenkins noted, “The court will adjourn the sale as requested because . . . the real estate is considered unique under Tennessee law and in being unique, the loss of the real estate would be considered irreparable harm.”
He continued, “Graceland is part of this community, well loved by this community and indeed around the world.”
Soon after, Riley’s legal team received an email from Naussany claiming that the company did not want to proceed with the bid further.
They wrote in the email, “Legal action would have to be filed in multiple states,” before adding, “The company will be withdrawing all claims with prejudice,” meaning, they would not be able to lay claim on the property on a later date.
The email further read, “There was no harm meant on Ms Keough.”
Presleys’ long-time friend says there will be 'repercussions'
A long-time friend of the Presley family, Jeff Morris, denounced the entire scenario calling it “ridiculous.”
Morris said to Daily Mail, “The whole thing was ridiculous, probably carried out by some guy in his pyjamas, sitting in a basement somewhere,” before adding, “But I don’t think this is the end of it. There will be repercussions.”
He added, “I’m always fascinated by the criminal mind, but I don’t think they would have got away with it — it was stupid of them to try it with Graceland.”
The family friend continued, “It’s a different matter when it’s a private citizen who isn’t aware this type of fraud exists and who doesn’t have the money to hire an attorney.”
