HomeChévereAuction of Graceland, Elvis Presley's mansion, canceled

Auction of Graceland, Elvis Presley's mansion, canceled

A judge temporarily blocked the action to avoid alleged fraud

A Tennessee judge on Wednesday temporarily blocked the foreclosure auction of Graceland, the legendary mansion of the late singer Elvis Presley. The measure will be until it is determined in a hearing who maintains the legitimate property. According to the news agencies EFE and AP, the heirs of the king of rock did not pay an alleged loan that had the property as collateral.

This is why the auction scheduled for this Thursday, May 23 will not take place. It is claimed this sale could irreparably harm Elvis's granddaughter, Danielle Riley Keough, who requested the blocking of it.

Keough owns the house in Memphis, which today is a popular tourist attraction linked to the “King of Rock.” She acquired it after the death of her mother, Lisa Marie Presley, last year.

The controversy links a company, which goes by the name of Naussany Investments & Private Lending LLC, which claimed to be the owner of the house. The stated reason: Lisa Marie Presley allegedly borrowed $3,8 million from a financial company and pledged a Graceland trust deed as collateral.

But Keough alleges that this company committed fraud and has no rights to the property. A court must determine who is the legal owner.

“Lisa Marie Presley never borrowed money from the financial company and never gave it the trust,” says the artist's granddaughter. Likewise, she assured that the company “appears to be a false entity created for the purpose of defrauding.”

More important details

Lisa Marie Presley was the sole heir to Graceland and her father's estate when he died in 1977. It is worth hundreds of millions of dollars today.

Graceland has become one of the largest tourist attractions in the southern United States. For years it was the second most visited house in the country after the White House.

A public notice for a foreclosure sale of the property, posted in early May, says the Promenade Trust, which controls the Graceland museum, owes $3,8 million after defaulting on a 2018 loan.

Neither Keough nor attorneys for Nassauny Investments were in court Wednesday.

Kimberly Philbrick, the notary whose name appears on Nassauny's documents, indicated that she never met Lisa Marie Presley or notarized any documents for her, according to the court record.

Graceland opened as a museum and tourist attraction in 1982, as a tribute to Elvis Presley. The singer and actor had died in August 1977 at the age of 42.

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