Elvis Presley’s Graceland Home Blocked From Being Auctioned Off? Here's What You Need to Know

Also known as King of Rock and Roll, American singer and actor Elvis Presley’s Graceland home got saved from being auctioned off. Here’s what the fans need to know

Updated on May 23, 2024  |  03:21 PM IST |  42K
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Elvis Presley in Viva Las Vegas (PC: IMDB)

A judge in Tennessee, Shelby County Chancellor JoeDae Jenkins, halted the auction of Graceland, King of Rock and Roll, Elvis Presley's former home. The auction, scheduled for Thursday, was stopped because a company claimed Presley's estate had yet to repay a loan that used Graceland as collateral.

Jenkins' injunction maintains the previous restraining order he issued following a lawsuit by Presley's granddaughter, Riley Keough. She alleged a fraudulent scheme and sought to stop it.

ALSO READ: Elvis Presley: Death facts about the King that are still unknown

Graceland Museum faces foreclosure over 3.8 Million USD Debt 

A public notice for a foreclosure sale of the 13-acre estate in Memphis posted earlier in May, stated that Promenade Trust, the entity controlling the Graceland museum, owes 3.8 million USD after failing to repay a 2018 loan. Keough, who inherited the trust and ownership of the home following the death of her mother, Lisa Marie Presley, last year, is an actor. According to the foreclosure sale notice, Naussany Investments and Private Lending asserted that Lisa Marie had utilized Graceland as collateral for the loan.

Granddaughter of Elvis Presley Riley Keough, representing the Promenade Trust, claimed in her lawsuit that Naussany submitted fake loan documents in September 2023.

ALSO READ: 'These Documents Are Fraudulent': Elvis Presley's Granddaughter Riley Keough Challenges His Graceland Mansion Auction

Presley’s lawyer denies loan deal with Naussany investments 

The recent update declared that neither Riley Keough nor Naussany Investments' lawyers appeared in court Wednesday. Keough's lawyer stated in the lawsuit, "Lisa Marie Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments."

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According to the court filing, Kimberly Philbrick, the notary whose name appears on Naussany's documents, stated she never met Lisa Marie nor notarized any documents for her.

Falling in love singer the iconic pop star Elvis, passed away in August 1977 at 42 years old.

Graceland was established in 1982 as a museum honoring Elvis Presley. Astonishingly, the museum is surrounded by a substantial Elvis-themed entertainment complex owned by Elvis Presley Enterprises, which attracts thousands of visitors annually. 

ALSO READ: Elvis Evolution: King of rock ‘n’ roll Presley to be brought to life via AI Hologram for worldwide show

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About The Author

Shivangi Prajapati is a writer by profession and passion. With her extensive research, she loves breaking down complex information,

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