Elvis Presley's Graceland Faces Foreclosure: A Battle Against Alleged Fraud
Elvis Presley's iconic home, Graceland, was saved from foreclosure after a lawsuit was filed against the lending company Naussany Investments and Private Lending over alleged fraudulent schemes.
Background Information: Graceland, located in Memphis, Tennessee, has been a popular tourist destination since Elvis Presley's death in 1977. The estate was transformed into a museum in 1982. In May 2024, news broke that the property was facing foreclosure due to an alleged $3.8 million loan default by Lisa Marie Presley.
Riley Keough's Lawsuit: Elvis Presley's granddaughter, Riley Keough, filed a lawsuit against Naussany Investments and Private Lending in May 2024. She argued that her mother never worked with the lending company and that the documents used to support the foreclosure were fraudulent.
The Alleged Fraud: According to court documents, Lisa Marie Presley allegedly defaulted on a $3.8 million loan and put Graceland up as collateral. However, Riley Keough's lawsuit claimed that her mother never borrowed money from Naussany Investments and Private Lending and that the documents were forged.
The Notary Issue: Further complicating matters was an affidavit from the notary identified in the transaction, who denied notarizing Lisa Marie Presley's signature on the deed of trust. This raised questions about its authenticity and added to suspicions of fraud.
The Attorney General's Involvement: Tennessee Attorney General Jonathan Skrmetti announced that his office was looking into the matter, stating that there was no home in Tennessee more beloved than Graceland and expressing concern for Elvis Presley's heirs and anyone else who might be similarly threatened.
The Outcome: After a temporary restraining order was granted, Naussany Investments withdrew its claims to the property. Graceland will continue to operate as it has for the past 42 years, ensuring that Elvis fans from around the world can visit his iconic home.
Conclusion: The attempted foreclosure of Elvis Presley's Graceland was a contentious issue that raised concerns about fraudulent schemes and questionable business practices. Thanks to Riley Keough's quick action and the Tennessee Attorney General's involvement, the beloved estate was saved from foreclosure.