Elvis Presley's Graceland Face Auction, Granddaughter Riley Distressed by Foreclosure

Presley Heir Fights to Preserve Family's Iconic Estate.

by Nouman Rasool
Elvis Presley's Graceland Face Auction, Granddaughter Riley Distressed by Foreclosure
© Mike Brown/Getty Images

Graceland, the mansion of Elvis Presley, is in danger of foreclosure. The residence of Presley's granddaughter, Riley Keough, is reportedly trying to stop the planned auction. A May 23 auction could see the property turned over—an iconic Memphis site that might change hands in a court action brought by Keough's claims of fraudulent activity.

Auctioneer announces the historic Shelby County Courthouse in Tennessee is on the auction block, though, of course there's a wrinkle because the fireworks started with that disputed 2018 Deed of Trust. Allegedly, Lisa Marie Presley, Keough's mother locked in a $3.8 million loan using Graceland as collateral with Missouri-based N-auss-any Investments and Private Lend-ing.

The company now claims that Lisa Marie defaulted on the loan, a claim that has spiraled into controversy following her death in 2023 at the age of 54.

Keough's Legal Battle

Keough, 34, currently the property's owner and heir to the Presley estate, has taken legal action to prevent the auction.

Her lawsuit, filed on May 15 in Shelby County Chancery Court, vehemently denies any legitimate financial dealings with Naussany, labeling the loan documents as forgeries. The legal documents further allege that Naussany Investments may not even be a legitimate business entity, and the notary on the documents has denied involvement, adding layers of intrigue and dispute to the case.

Graceland isn't any ordinary mansion; it's really a cultural center, bought by Elvis in 1957 for $102,500—during the same year he crowned the charts with "Blue Christmas" and "All Shook Up." Five years after the King left the building for good, the estate was finally opened to the public in 1982.

Hundreds of thousands flock there every year now, seeking out connections to the life and legacy of the musical great. The 13.8-acre estate was made up of colorful rooms of thick vegetation and kooky design characteristic of those he would be so associated with in life.

According to the Graceland website, no furnishing in the house has been changed; all furnishings remain as they were during Elvis's era. The latest legal drama began when Riley became the sole trustee of the estate upon the death of Lisa Marie from complications stirring from previously undergoing a bariatric surgery.

Just weeks before, Lisa Marie had removed her mother, Priscilla Presley, as a trustee in a bitter court fight over a 2016 amendment to her will.

Elvis Presley