Graceland is on the auction block, but will not be sold without a fight from Elvis granddaughter Riley Keough.
Graceland, which Elvis Presley purchased in 1957, is the focus of a tug of war between Promenade Trust and Naussany Investments and Private Lending.
Naussany, based out of Missouri, claimed Presley’s only child, Lisa Marie Presley, took out a loan on May 16, 2018, which was never paid back. Graceland was used as collateral for the loan and Promenade Trust, which controls Graceland, now allegedly owes $3.8 million, per USA Today.
Keough, however, is fighting Naussany Investments and filed a lawsuit claiming Naussany Investments used fraudulent documents when it filed paperwork regarding the default.
“Lisa Marie Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments,” Keough claimed in the lawsuit.
A public auction was set for May 23 at the Shelby County Courthouse in Memphis. That auction will not occur now that a temporary restraining order was granted.
An injunction hearing is scheduled for May 22.
Lisa Marie Presley inherited Graceland when her father, the king of rock ‘n’ roll, died in 1977. Keough then inherited the 179-acre property when Lisa Marie Presley died in 2023 at the age of 54.
In addition to the mansion, Graceland is where several Presley family members are buried, including Elvis, his parents and Lisa Marie Presley.
