Victory for the Presley’s as Graceland will STAY in family after King’s granddaughter Riley Keough’s 11th hour challenge
ELVIS Presley’s much-loved Graceland home has been saved from foreclosure and will remain in the family after an 11th-hour legal win for his granddaughter.
The Memphis mansion was set for sale on Thursday after it was supposedly found that the singer’s late daughter, Lisa Marie, reportedly failed to pay a loan on the Tennessee home.
Missouri firm Naussany Investments and Private Lending LLC claimed that Lisa Marie allegedly signed a 2018 Deed of Trust to secure a $3.8 million loan, pledging Graceland as collateral.
But the Presley family slammed the firm, saying their claims were fraudulent.
The singer/songwriter, who died last January from cardiac arrest, was left as the sole heir to Graceland, which has since passed to her daughter, actress Danielle Riley Keough.
A Shelby County judge issued an order on Wednesday to cease the auction of the estate while court proceedings were ongoing, according to WREG.
But in a last-minute bid to save the King of Rock & Roll’s former home, the investment company has withdrawn its claims to the property and Keough’s lawsuit against them has been dropped.
A representative told Page Six: “As the court has now made clear, there was no validity to the claims. There will be no foreclosure.
“Graceland will continue to operate as it has for the past 42 years, ensuring that Elvis fans from around the world can continue to have a best in class experience when visiting his iconic home.”
11TH HOUR WIN
Naussany Investments and Private Lending LLC claimed that Lisa Marie had signed to secure the loan in 2018, fronting Graceland as a guarantee.
They also alleged that Presley’s late daughter had failed to repay the borrowed cash and attempted to stake a claim on the property.
But the Presley family blasted the investment firm, branding their claims as fraudulent.
Danielle filed a 60-page lawsuit against Naussany Investments on May 15, alleging that her mother never borrowed money from the firm.
The lawsuit states, “These documents are fraudulent.
“Naussany Investments & Private Lending LLC appears to be a false entity created for the purpose of defrauding the Promenade Trust, the heirs of Lisa Marie Presley, or any purchaser of Graceland at a non-judicial sale.”
The notary who supposedly oversaw Lisa Marie’s signing of the loan, Kimberly Philbrick, also denied ever meeting her, according to an affidavit.
In addition, on Tuesday, the Shelby County Register of Deeds office also said that there is no record of a deed related to the Graceland Estate on file.
According to WREG, no one from Naussany Investments was present during Wednesday’s court session.
The company is now being investigated by the Tennessee Attorney General, according to NBC News.
PRESLEY PAD
Elvis resided in Graceland for 20 years until his death in 1977.
Earlier this week, it was revealed that the investment firm had put the palatial property on the market.
The 120-acre property, which has been valued at half a billion dollars, could only be saved if Hollywood actress Riley succeeded in the court case.
The 34-year-old has found herself in a slew of legal troubles since the estate fell into her possession after the death of her mother at 54.
Riley has battled her grandmother, Priscilla, over Elvis’ rock fortune, and also dealt with the debts left behind by Lisa Marie.
Lisa Marie inherited Graceland when she was just 9 years old after Elvis died of a heart attack at age 42.
In 2005, she sold 85% of Elvis Presley Enterprises to pay off her $15 million debts, as suggested by her financial advisor.
What is Elvis Presley's Graceland?
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Graceland is located at 3763 Elvis Presley Blvd in Memphis, Tennessee.
It was constructed in 1939 by Ruth Brown Moore and her husband Thomas D. Moore, who named the property Graceland after Ruth’s aunt Grace who originally owned the land.
Elvis purchased the property in 1957 and immediately moved in with his young family — wife Priscilla and daughter Lisa Marie Presley.
Elvis’ father, Vernon Presley, took over the trust managing Graceland along with the property itself after Elvis died in 1977, per directions in the star’s will.
The family decided to turn Graceland into a museum and tribute to the King of Rock & Roll, which opened in 1982.
Ownership of Graceland transferred to Lisa Marie when she turned 25 in 1993.
Graceland again changed ownership when Lisa Marie died suddenly in 2023.
Elvis’ granddaughter Riley Keough took procession of the estate after her mother’s death.
But years later, new court papers suggested she was again $13 million in debt, which led her to default on a mortgage for her Grade II listed home in East Sussex.
Around that time, Naussant Investment claimed that Lisa Marie borrowed $3 million from the firm.