Riley Keough, the granddaughter of the legendary Elvis Presley, is embroiled in a legal battle to prevent the public auction of Graceland, the iconic estate in Memphis that once belonged to the king of rock ‘n’ roll.
The auction was scheduled for Thursday this week after a company claimed that a loan using Graceland as collateral had not been repaid.
According to court documents, Keough sought a temporary restraining order and filed a lawsuit, prompting a Memphis judge to block the sale. The 13-acre estate, which Keough inherited along with the Promenade Trust after the death of her mother, Lisa Marie Presley, last year, was used as collateral for a 2018 loan.
Naussany Investments and Private Lending claimed that Lisa Marie Presley failed to repay the $3.8 million loan and sought to sell the estate on the courthouse steps, as stated in the foreclosure sale notice. However, Keough, acting on behalf of the Promenade Trust, filed a lawsuit last week, alleging that Naussany presented fraudulent documents regarding the loan and unpaid sum in September 2023.
The lawsuit states that “Lisa Maria Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments.” Furthermore, Kimberly Philbrick, the notary whose name appears on the documents, indicated that she never met Lisa Marie Presley nor notarized any documents for her.
An injunction hearing is scheduled for Wednesday in Shelby County Chancery Court. Elvis Presley Enterprises Inc. released a statement confirming that the claims are fraudulent and that there is no foreclosure sale, emphasizing that the counter lawsuit was filed to stop the fraud.
Graceland, which opened as a museum and tourist attraction in 1982, serves as a tribute to Elvis Presley, who died in August 1977 at the age of 42. The estate draws hundreds of thousands of visitors each year and remains a cherished symbol of the singer’s legacy.
The Associated Press contributed to this article.