Graceland faces foreclosure auction; Riley Keough claims fraud, files lawsuit
Elvis Presley's Graceland estate may be put up for public auction, but the King's granddaughter is fighting the sale and has filed a lawsuit claiming fraud.
A public notice for the foreclosure sale of the Memphis estate was posted earlier this month. The notice alleges that Promenade Trust, which controls the Graceland estate at 3734 Elvis Presley Blvd., owes $3.8 million after failing to repay a loan taken out on May 16, 2018.
The public auction was scheduled for Thursday, May 23, at the Shelby County Courthouse in Memphis, but a temporary restraining order has been granted, according to Riley Keough's legal team. Keough inherited the Promenade Trust after her mother Lisa Marie Presley's death in January 2023.
Memphis-based law firm Morton and Germany is representing Keough and the Promenade Trust. Attorney Jeff Germany confirmed the temporary restraining order is in place, a part of which delays Thursday's scheduled sale.
Naussany Investments and Private Lending in Missouri says Graceland was used as collateral in the loan and the late Lisa Marie Presley failed to pay back the loan. Keough, on behalf of the Promenade Trust, has filed a lawsuit against Naussany Investments. In the lawsuit, Keough claims the company presented fraudulent documents regarding the loan and unpaid sum in September 2023.
"These documents are fraudulent," the lawsuit claims. "Lisa Maria Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments."
The lawsuit was filed on May 15 in Shelby County Chancery Court. An injunction hearing is scheduled for Wednesday, May 22, between both parties in Chancery Court.
What to know: Graceland foreclosure and Riley Keough's lawsuit to prevent sale of Elvis' Memphis home
“Elvis Presley Enterprises can confirm that these claims are fraudulent. There is no foreclosure sale. Simply put, the counter lawsuit has been filed is to stop the fraud,” Elvis Presley Enterprises Inc. said in a statement Monday to The Commercial Appeal.
Elvis Presley purchased the Graceland property in 1957. The 179-acre property was inherited by Lisa Marie Presley following Elvis' death in 1977.
Neil Strebig is a journalist with The Commercial Appeal. He can be reached at neil.strebig@commercialappeal.com, 901-426-0679 or via X/Twitter, @neilStrebig.
This article originally appeared on Memphis Commercial Appeal: Graceland faces auction; Riley Keough files lawsuit, claims fraud
