Elvis Presley’s iconic Graceland estate in Memphis, Tennessee is reportedly set to be sold off at a foreclosure auction on Thursday. His Hollywood star granddaughter Riley Keough has since fired back by describing the upcoming sale as being “fraudulent.”
Graceland To Be Auctioned Off
An official legal notice obtained by Daily Mail shows that Graceland and surrounding land on Elvis Presley Boulevard will be auctioned off on Thursday to the highest bidder at the Shelby County Courthouse. Riley, 34, is the current owner of the property, and she’s said to be fiercely contesting the sale.
A source close to Riley told The New York Post that the actress is “traumatized” by this entire situation. The insider added that Riley “never thought that a historic piece of property could even be considered to go into the hands of any random stranger.”
Riley managed to obtain a temporary restraining order on the sale on Monday by filing a lawsuit. An injunction hearing has been scheduled for Wednesday.
Related: Here’s What Will Happen To Graceland After Lisa Marie Presley Dies At 54
Graceland Allegedly Used As Collateral
Unfortunately for Riley, the legal notice shows that her mother Lisa Marie Presley, the late only child of Elvis, signed a Deed of Trust in 2018 so that she could secure a $3.8 million loan, using Graceland as collateral. She allegedly took this loan through a Missouri company that is known as Naussany Investments and Private Lending.
Naussany is now claiming that prior to her death last year at the age of 54, Lisa Marie never paid back the money. Riley, however, is alleging that her mother never actually borrowed money from this company.
“These documents are fraudulent,” she said in her lawsuit.
Riley claims that Lisa Marie’s signatures were forged and that Naussany Investments isn’t even a legitimate company. The notary listed on the documents denies both notarizing Lisa Marie’s signature and even ever meeting her.
Graceland officials are standing by Riley.
“Elvis Presley Enterprises can confirm that these claims are fraudulent,” they told WREG. “There is no foreclosure sale. Simply put, the counter lawsuit has been filed is to stop the fraud.”
Related: Priscilla Presley’s Granddaughter Allegedly Locks Her Out Of Elvis’ Graceland Mansion
Graceland’s History
Elvis bought Graceland back in 1957 for $102,500, and his daughter inherited it when he died in 1977 at the age of 42. When Lisa Marie died in January of 2023, Riley became the heir of the estate.
Located on 13.8 acres, Graceland has become a mecca for Elvis fans. Hundreds of thousands of them flock to the mansion every year, and all of the furniture inside it are originals from when Elvis lived there. Elvis is also buried there, as are his parents and daughter.
Graceland is known as one of America’s most famous musical landmarks. This was cemented back in 1991, when it was added to the American National register of Historic Places. Last year, a survey found that Graceland is the most popular museum in the United States.
Take a tour of Graceland in the video below.
Graceland is a truly iconic place, and it’s a symbol of everything that Elvis meant to the world. We can only hope that Riley comes out victorious and is able to save Graceland this week!
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