Graceland is not for sale. Elvis Presley’s legacy will remain in the hands of his heirs, as a court in Tennessee (USA) ruled this Wednesday, May 22, which considered that the company that intended to sell it could be committing possible fraud and that, therefore, At the moment, he prefers to stop the transaction. A day earlier, the artist’s granddaughter and guardian of his legacy, actress Riley Keough, reported that a company called Naussany Investments & Private Lending LLC claimed that the house was hers due to a legal trick, and that she intended to sell it to make money, something which she and her lawyers have strongly opposed.
The meeting took place in Shelby County, Tennessee, on Wednesday morning, although Keough was not present, his case was defended by his lawyer, Jeff Germany. In it, the chancellor (a legal figure, like a kind of minor judge) JoeDae Jenkins has stated that the sale will be postponed until he knows for sure who is the legitimate owner of the mansion that the singer bought in 1957 and where he lived until his death, in 1977.
The chancellor has not only taken into account that it is not clear who owns the house, but also the importance of this property. “This heritage is considered unique, according to Tennessee law, and since it is unique, the loss of the property would be considered irreparable damage,” he said. In addition, Jenkins has stated that there is evidence that the company falsified certain documents that would give it the right to sell the property.
The question comes from behind. Naussany claims that, years ago, Lisa Marie Presley – who died suddenly in January 2023 -, Riley Keough’s mother and Elvis Presley’s only daughter, asked them for a loan of $3.8 million. The exact date is not known, but it seems that it was around six years ago (precisely when it was learned that he was filing for bankruptcy), because they have presented an alleged promissory note from 2018 signed by a Florida notary public named Kimberly Philbrick, although now Philbrick has disclaimed the document in a sworn statement: “I have never met Lisa Marie Presley, nor have I ever notarized a document signed by Lisa Marie Presley.”
Keough also believes the documents are falsified. “The alleged promissory note and deed of trust are products of fraud and those persons who participated in the creation of said documents are believed to be guilty of the crime of forgery,” he claims in his lawsuit. For her, Naussany is “a false entity created with the purpose of defrauding” the fund that manages the estate of the famous musician.
For the chancellor, this sworn statement by the notary has been evidence of sufficient value to delay the foreclosure, at least until a hearing can determine the facts. Additionally, Jenkins has claimed that evidence shows the Presley heiress is telling the truth. ”She appears to be successful on the merits… provided that at the final hearing she proves the fraud alleged by her client and the notary,” she stated.
Naussany insists that the daughter of the king of rock never returned the money, and that, therefore, they can collect it with that guarantee that she provided: Graceland. The house was appraised in 2021 at 5.6 million dollars (today, 6.5, due to inflation). However, Keough, Lisa Marie’s eldest daughter, claims that everything is a lie and she has denounced it through the company that manages Graceland and her family assets. “Elvis Presley Enterprises can confirm that these claims are fraudulent,” she says. Therefore, they filed a countersuit earlier this week, the intention of which was to “stop the fraud,” their lawyers claimed.
Her 2022 tax return showed that Lisa Marie had accumulated more than $3 million in debt, but it did not reflect to whom or the reasons for the debt. The singer also owed a lot of money throughout her life, so much so that in 2004 (when the assets of Elvis’ legacy exceeded 100 million dollars) she decided to sell 85% of the company that managed it, in a transaction of around 100 million dollars. They continued to maintain 15% of the company, which is now managed by Riley Keough after a tense fight with her grandmother, Priscilla Presley. In 2022 Graceland, which receives 600,000 visitors a year, managed to generate about 80 million dollars, and therefore about 12 went to the family. That year Lisa Marie Presley received around $1.25 million from the trust.
