Elvis Presley's 'Graceland' Foreclosure Claims Withdrawn by Company

Graceland's ownership battle takes a surprising legal twist

by Zain ul Abedin
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Elvis Presley's 'Graceland' Foreclosure Claims Withdrawn by Company
© Keystone/Getty Images

In a dramatic turn of events, Graceland, the iconic Memphis home of the late Elvis Presley, narrowly escaped foreclosure after a judicial intervention and a subsequent retraction of claims by an investment firm. The estate, now a museum, has been at the center of a legal battle involving allegations of fraud against Naussany Investments and Private Lending.

Tension peaked when Shelby County Chancellor JoeDae Jenkins issued a temporary injunction, halting the foreclosure auction set for this Thursday. This legal move underscored a restraining order previously requested by Elvis Presley’s granddaughter, Riley Keough, an actor who inherited the estate following her mother, Lisa Marie Presley, 's death last year.

The controversy began when a public notice earlier this month indicated that the Promenade Trust, overseeing the Graceland Museum, owed $3.8 million from a 2018 loan. However, Keough quickly challenged the legitimacy of this claim, arguing that the documents presented by Naussany were fraudulent.

Naussany Withdraws Claim

Further intensifying the dispute, Naussany asserted that Lisa Marie had used Graceland as collateral for the loan. Yet, a recent lawsuit filed by Keough dismissed these claims as baseless, stating, “Lisa Marie Presley never borrowed money from Naussany Investments and never gave a deed of trust to them”.

Her legal team supported this assertion, which highlighted discrepancies in the documentation related to the loan. As the case seemed poised to escalate, a surprising development occurred. Shortly after the judge’s injunction, a representative from Naussany announced the withdrawal of their foreclosure claim, citing complexities due to the multi-state nature of the legal proceedings.

The firm declared it would drop all claims "with prejudice," signaling a permanent end to their pursuit of the property. Graceland, which opened to the public as a museum and tourist attraction in 1982, five years after Elvis's death, remains a cherished site for fans worldwide.

Following the resolution of the case, Elvis Presley Enterprises reassured the public, stating, “Graceland will continue to operate as it has for the past 42 years, ensuring that Elvis fans from around the world can continue to have the best in class experience when visiting his iconic home”.

Elvis Presley
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