Elvis' Graceland faces foreclosure auction; granddaughter Riley Keough sues to block sale

Elvis Presley's iconic Graceland home may be put up for public auction, but the rock legend's granddaughter Riley Keough is fighting the sale and has filed a lawsuit claiming fraud.

A public notice for the foreclosure sale of the Memphis estate was posted earlier this month. The notice alleges that Promenade Trust, which controls Graceland at 3734 Elvis Presley Blvd., owes $3.8 million after failing to repay a loan taken out on May 16, 2018.

The public auction was scheduled for Thursday, May 23, at the Shelby County Courthouse in Memphis, but a temporary restraining order has been granted, according to Keough's legal team. The actress, 34, inherited the Promenade Trust after her mother Lisa Marie Presley, 54, died in January 2023.

'Irreparable harm': Court halts foreclosure auction of Elvis Presley's Graceland home

Elvis Presley poses in front of his Graceland home with his new Rolls Royce in October 1960.
Elvis Presley poses in front of his Graceland home with his new Rolls Royce in October 1960.

Is Graceland for sale?

Memphis-based law firm Morton and Germany is representing Keough and the Promenade Trust. Attorney Jeff Germany confirmed the temporary restraining order is in place, which delays Thursday's sale.

Naussany Investments and Private Lending in Missouri says Graceland was used as collateral and that Lisa Marie Presley failed to repay the loan. Keough, on behalf of the Promenade Trust, has filed a lawsuit against Naussany Investments. In the lawsuit, Keough claims the company presented fraudulent documents regarding the loan and unpaid sum in September 2023.

"Lisa Marie Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments," the lawsuit claims.

The lawsuit was filed on May 15 in Shelby County Chancery Court. An injunction hearing is scheduled for Wednesday, May 22, between both parties in Chancery Court.

If the injunction is granted, it would place an indefinite hold on the auction until the case is resolved. If the judge finds that the documents are fake, the auction will not be hosted.

“Elvis Presley Enterprises can confirm that these claims are fraudulent. There is no foreclosure sale. Simply put, the counter lawsuit has been filed is to stop the fraud,” Elvis Presley Enterprises Inc. said in a statement Monday to The (Memphis) Commercial Appeal, part of the USA TODAY Network.

What is Naussany Investments and Private Lending LLC?

Naussany Investments and Private Lending in Missouri seems to have no public-facing website or social media. Keough's lawsuit described it as "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 heirs of Lisa Marie Presley, or any purchaser of Graceland at a non-judicial sale," the lawsuit reads.

Meanwhile, Elvis' ex-wife Priscilla Presley, Lisa Marie's mother and Keough's grandmother, posted a four-second video on Instagram in which the words "It's a Scam!" spin like a pinwheel over the exterior of Graceland.

Who owns Graceland?

Elvis Presley purchased Graceland in 1957. The 179-acre property was inherited by Lisa Marie, his only child, following the King of Rock 'n' Roll's death in 1977, and Keough has inherited the home from her.

Elvis, his parents, Lisa Marie and her son, Benjamin Keough, and other relatives are interred on the grounds in the Meditation Garden. Upon her death, Priscilla Presley plans to be buried near Elvis at Graceland.

Contributing: Lucas Finton and John Beifuss, The Commercial Appeal, and Kim Willis, USA TODAY

This article originally appeared on Memphis Commercial Appeal: Graceland foreclosure looms, Elvis heir Riley Keough claims fraud