Tennessee judge blocks auction of Elvis Presley's iconic Graceland mansion - Hindustan Times
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Tennessee judge blocks auction of Elvis Presley's iconic Graceland mansion

AP | | Posted by Arya Vaishnavi
May 22, 2024 08:50 PM IST

Naussany Investments and Private Lending said Lisa Marie Presley had used Graceland as collateral for the loan, according to the foreclosure sale notice

A Tennessee judge on Wednesday blocked the auction of Graceland, the former home of Elvis Presley, by a company that claimed his estate failed to repay a loan that used the property as collateral.

FILE - Fans wait in line outside Graceland Tuesday, Aug. 15, 2017, in Memphis, Tenn. A Tennessee judge on Wednesday, May 22, 2024, blocked the auction of Graceland, the former home of Elvis Presley, by a company that claimed his estate failed to repay a loan that used the property as collateral. (AP Photo/Brandon Dill, File)(AP)
FILE - Fans wait in line outside Graceland Tuesday, Aug. 15, 2017, in Memphis, Tenn. A Tennessee judge on Wednesday, May 22, 2024, blocked the auction of Graceland, the former home of Elvis Presley, by a company that claimed his estate failed to repay a loan that used the property as collateral. (AP Photo/Brandon Dill, File)(AP)

Shelby County Chancellor JoeDae Jenkins issued a temporary injunction against the proposed auction that had been scheduled for Thursday this week. Jenkins' injunction essentially keeps in place a previous restraining order that he had issued after Presley’s granddaughter Riley Keough filed a lawsuit to fight off what she said was a fraudulent scheme.

A public notice for a foreclosure sale of the 13-acre estate in Memphis posted earlier in May said Promenade Trust, which controls the Graceland museum, owes $3.8 million after failing to repay a 2018 loan. Keough, an actor, inherited the trust and ownership of the home after the death of her mother, Lisa Marie Presley, last year.

Naussany Investments and Private Lending said Lisa Marie Presley had used Graceland as collateral for the loan, according to the foreclosure sale notice. Keough, on behalf of the Promenade Trust, alleged in her lawsuit that Naussany presented fraudulent documents regarding the loan in September 2023.

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

“Lisa Maria Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments,” Keough’s lawyer wrote in a lawsuit.

Kimberly Philbrick, the notary whose name is listed on Nassauny's documents, indicated that she never met Lisa Marie Presley nor notarized any documents for her, the court filing said.

Graceland opened as a museum and tourist attraction in 1982 as a tribute to Elvis Presley, the singer and actor who died in August 1977 at age 42. It draws hundreds of thousands of visitors each year. A large Presley-themed entertainment complex across the street from the museum is owned by Elvis Presley Enterprises.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.
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