On Wednesday, the court may determine the future of Elvis Presley's Graceland.
There's a hearing scheduled for 10 am ET in the Shelby County, Tennessee, Chancery Court to decide if a foreclosure auction of Graceland can continue. The sale was supposed to happen on Thursday but was halted - at least temporarily - when Danielle Riley Keough, Elvis Presley's granddaughter, sued to prevent it.
Keough took ownership of the estate after her mother, Lisa Marie Presley (who was also Elvis' daughter), passed away in January 2023.
Who owns Graceland?
However, a company named Naussany Investments & Private Lending LLC claims that Lisa Marie Presley hadn't paid back a $3.8 million loan, and used Graceland as collateral. Consequently, Naussany arranged an auction for the property.
This wasn't an ordinary foreclosure procedure. In the first week of August, Keough sued, stating there was no such loan, and Naussany is not a legitimate business.
According to the lawsuit, "These documents are fraudulent. Lisa Marie Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments."
The case alleges that Naussany Investments & Private Lending LLC "seems to be a false entity created for the purpose of deceit."
Although Naussany provided what appears to be a notarized 2018 promissory note signed by Lisa Marie Presley, giving Graceland as collateral, Keough's lawsuit said it was a forgery. In a signed affidavit, the notary public declared they'd never notarized anything signed by Lisa Marie Presley.
CNN tried contacting Naussany Investments & Private Lending LLC by phone, but the number was disconnected. The organization was said to be based in Kimberling City, Missouri, per a court document from Keough's attorney, though CNN couldn't find a business with that name using the state's secretary of state's database. CNN also failed to locate a company by that name nationwide.
Elvis Presley Enterprises, the group that manages the estate, agreed that Naussany's claim was false.
"Elvis Presley Enterprises can confirm that these claims are fraudulent," the company said. "There is no foreclosure sale. In summary, the counter lawsuit has been filed to halt the fraud."
Last week, a judge issued a temporary restraining order, barring Naussany from auctioning Graceland. The hearing on Wednesday might decide if the sale can move forward or not.
A disputed estate
Since Lisa Marie Presley's passing, Keogh and Priscilla Presley, her grandmother, fought about her inheritance, including Graceland. Eventually, they reached an agreement, making Keough the only owner of Graceland.
In 2004, Lisa Marie Presley sold 85% of Elvis Presley Enterprises' assets in a $100 million+ deal. Nevertheless, she retained full ownership of the Graceland mansion and Elvis' personal belongings now kept in the Graceland museum, as stated on the venue's website.
Graceland is a significant tourist destination in the South, attracting hundreds of thousands of visitors annually, according to its website. Lisa Marie Presley earned a seven-figure sum from it annually, according to court papers from her 2022 divorce.
Keough is an accomplished actor known for roles in "Mad Max Fury Road" and other film hits. She also appears in Hulu's "Under the Bridge."
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In light of the legal dispute, investors might be cautious about potential business opportunities associated with Graceland until the court's decision is made. Regardless of the court's ruling, this situation underscores the importance of conducting thorough due diligence when investing in real estate or considering business deals involving high-profile estates.
Source: edition.cnn.com
