OAN’s Brooke Mallory
12:57 PM – Tuesday, May 21, 2024
The granddaughter of Elvis Presley, actress Riley Keough, is opposing plans to put her legendary grandfather’s Graceland property up for public auction in Memphis, Tennessee.
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A corporation has “tried to sell the property based on claims that a loan using the king of rock ’n’ roll’s former home as collateral was not repaid,” ABC News reported.
This Thursday was supposed to be the scheduled day that the estate’s public auction would take place, but a Memphis judge halted the sale after Keough filed a lawsuit and requested a temporary restraining order, according to court records.
According to a public notice for the 13-acre estate’s foreclosure sale published earlier in May, Promenade Trust, the organization in charge of the Graceland museum, is in arrears on a 2018 loan and is currently in debt by $3.8 million. Following Lisa Marie Presley’s death last year, Keough inherited the home’s trust and ownership. According to the lawsuit, Lisa Marie Presley utilized Graceland as loan collateral.
Naussany Investments and Private Lending stated that Lisa Marie Presley did not repay the loan and attempted to sell the estate on the steps of the courthouse, according to the foreclosure sale notice.
Keough officially filed a lawsuit last week on behalf of the Promenade Trust, arguing that Naussany had provided false documentation about the loan and the outstanding amount due in September 2023.
“Lisa Maria Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments,” Keough’s lawyer wrote.
The notary named on the paperwork, Kimberly Philbrick, stated in the court filing that she never met Lisa Marie Presley and never notarized any documents for her.
Wednesday is the day of the injunction hearing in Shelby County Chancery Court.
“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.
In honor of Elvis Presley, who passed away in August 1977 at the age of 42, Graceland opened as a museum and tourist destination in 1982. Every year, hundreds of thousands of people visit the attraction.
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