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Elvis Presley’s beloved Graceland won’t be going to auction anytime soon.
This week, his granddaughter Riley Keough filed a lawsuit claiming the company pushing for the sale was “fraudulent.”
Now, a judge in Memphis has delayed the foreclosure auction set to take place on Thursday.
People magazine reports that during a hearing at Shelby County Chancery Court, the judge stated, “The estate is considered unique under Tennessee law, and in being unique, the loss of the real estate will be considered irreparable harm.”
The judge is also asking for Naussany Investments & Private Lending LLC, the company involved in the sale, to respond to Keough’s claims.
After the hearing, Graceland and Elvis Presley Enterprises told People in a statement, “As the court has now made clear, there was no validity to the claims. There will be no foreclosure. 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 a best in class experience when visiting his iconic home.”
According to Riley’s court papers obtained by People magazine, her late mother Lisa Marie Presley is accused of taking out a $3.8-million loan from Naussany Investments & Private Lending LLC, and using her father’s home as collateral. The lending company claims Lisa Marie provided a deed for the property and that the money was never repaid.
Riley is calling the loan “fraudulent and unenforceable,” insisting her late mother never took out the loan and that the notary public used on the loan never met her mother.
She even goes so far as to say, “Those individuals who were involved in the creation of such documents are believed to be guilty of the crime of forgery.”
Keough’s complaint continues, “On information and belief, Naussany Investments & Private Lending LLC is not a real entity. Naussany Investments & Private Lending LLC appears to be a false entity created for the purpose of defrauding the Promenade Trust (the trust of Keough and formerly of Lisa Marie Presley), the heirs of Lisa Marie Presley, or any purchaser of Graceland at a non-judicial sale.”
Graceland was Elvis’ home in Memphis for two decades, and it was where his only child, Lisa Marie, grew up.
Following his death in 1977, it was opened to the public. According to the website, the estate receives 600,000 visitors per year.
In January 2023, after Lisa Marie’s death, “Extra” took a look back at how she grew up at Graceland. Watch.