(Patriot.Buzz) – Marking a new chapter in his legacy, Elvis Presley’s iconic Graceland mansion is facing a potential sale at a foreclosure auction this Thursday.
The move has prompted a heated legal dispute initiated by his granddaughter, Riley Keough, who labeled the upcoming auction “fraudulent.”
A public notice issued by the Shelby County Courthouse has announced that Graceland, located in Memphis, Tennessee, will be up for auction on May 23, as reported by WREG-TV News.
Riley Keough, who currently owns the estate and is the rock and roll legend’s granddaughter, is actively challenging the sale.
She has taken legal action, described the auction as a sham and successfully obtained a temporary restraining order through her lawyer. The court has scheduled an injunction hearing for tomorrow.
According to a source, Keough is deeply affected by the situation and said she “never thought that a historic piece of property could even be considered to go into the hands of any random stranger.”
The controversy stems from a deed of trust signed in 2018 by Keough’s late mother, Lisa Marie Presley.
This deed was to secure a $3.8 million loan with Graceland as collateral from Naussany Investments and Private Lending, a Missouri-based entity. The company has claimed that Lisa Marie, who passed away last year at 54, defaulted on this loan.
However, in a lawsuit filed in Shelby County Chancery Court, Keough remarked that her mother never took any loan from Naussany.
The lawsuit argues that the “documents are fraudulent,” that Lisa Marie’s signatures were forged and that Naussany Investments does not operate as a legitimate business.
Additionally, the notary on the documents has denied ever notarizing Lisa Marie’s signature or meeting her.
Elvis originally purchased the Graceland estate in 1957 for $102,500 during the same year he released hits like “Blue Christmas” and “All Shook Up.”
After Elvis’ death in 1977, Lisa Marie inherited the estate, which opened as a museum in 1982. Following Lisa Marie’s death in January 2023, ownership passed to Riley.
The estate covers 13.8 acres and attracts hundreds of thousands of visitors each year who come to honor Elvis’s legacy. The mansion itself was built in 1939 and was named after Grace Toof, the previous landowner’s aunt.
Currently, Elvis, his parents, Lisa Marie and her son Benjamin are all buried at the estate.
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