Elvis Presley’s iconic Graceland home might be put up for public auction, but the rock legend’s granddaughter, Riley Keough, is challenging the sale and has filed a lawsuit alleging fraud.
A public notice for the foreclosure sale of the Memphis estate was posted earlier this month, stating that the Promenade Trust, which manages Graceland at 3734 Elvis Presley Blvd., owes $3.8 million due to a loan taken out on May 16, 2018.
The public auction was set for Thursday, May 23, at the Shelby County Courthouse in Memphis, but Keough’s legal team secured a temporary restraining order. The 34-year-old actress inherited the Promenade Trust after her mother, Lisa Marie Presley, passed away in January 2023 at the age of 54.
Is Graceland for sale? Memphis-based law firm Morton and Germany is representing Keough and the Promenade Trust. Attorney Jeff Germany confirmed that the temporary restraining order is in effect, postponing Thursday’s auction.
Naussany Investments and Private Lending in Missouri asserts that Graceland was used as collateral for a loan that Lisa Marie Presley failed to repay. In response, Keough has filed a lawsuit against Naussany Investments on behalf of the Promenade Trust. The lawsuit alleges that the company presented fraudulent documents regarding the loan and the unpaid amount in September 2023.
The lawsuit claims that “Lisa Marie Presley never borrowed money from Naussany Investments and never provided a deed of trust to them.”
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.
Graceland did not immediately respond to a request for comment on Monday.
Who owns Graceland?
Elvis Presley purchased Graceland in 1957. The 179-acre property was inherited by his only child, Lisa Marie, after his death in 1977, and has since been inherited by Keough.
Elvis, his parents, Lisa Marie, and her son, Benjamin Keough, are buried on the grounds in the Meditation Garden. His ex-wife, Priscilla Presley, also plans to be buried near Elvis at Graceland upon her death.
