Elvis’s Graceland Home Under Foreclosure?—Family Says It’s A Scam, Pursues Legal Action

is Graceland under foreclosure?
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is Graceland under foreclosure?
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Photo Credit: Carol M. Highsmith / CC by 1.0

A legal notice issued earlier this month appears to show Elvis Presley’s iconic Graceland mansion in Memphis heading to foreclosure auction. But the family says the notice is fraudulent and that it will take legal action against the fraudsters.

According to the legal notice, Lisa Marie Presley allegedly signed a Deed of Trust in 2018 securing a loan of $3.8 million from a company called Naussany Investments and Private Lending. Graceland was used as collateral to secure the loan. The company says Lisa Marie Presley never paid back the loan before she passed away last year—which triggered the fight for Graceland in Memphis.

Riley Keough, Elvis’ granddaughter and the sole heir to the property secured a temporary restraining order on the sale of the property. An injunction hearing is set for Wednesday. Elvis Presley Enterprises can confirm that these claims are fraudulent. There is no foreclosure sale. Simply put, the counter lawsuit has been filed to stop the fraud,” a Graceland official said in a statement to WREG.

A 60-page lawsuit against Naussany Investments alleges that her mother never borrowed any money from the company and that the signatures on the deed are forgeries. Keough also alleges that Naussany Investments is not a real entity, but a shell corporation created to perpetuate the fraud. “These documents are fradulent,” the lawsuit filed by Keough states. Priscilla Presley called the documents a scam on social media as well.

Elvis Presley bought the Graceland mansion in Memphis, Tennessee in 1957 for $102,500. The legendary singer lived there until his untimely death in 1977. Lisa Marie inherited the estate after her father’s death and since 1982, the house has been a pilgrimage place for Elvis and rock and roll music fans alike. The now museum features costumes, artifacts, and personal mementos from Elvis and his family. The property is visited by around 600,000 tourists a year.