Elvis Presley's Graceland mansion was nearly auctioned off until a Tennessee court intervened.
The planned auction of Elvis Presley's iconic Graceland mansion in Memphis, Tennessee, was withdrawn by Naussany Investments & Private Lending on Wednesday after a state judge blocked the sale due to fraud allegations.
As reported by Fox Business, Elvis Presley's iconic residence, nestled in Memphis, Tennessee, approached a risky intersection when allegations of fraud surfaced over a deed of trust.
This deed was reportedly signed by the late Lisa Marie Presley, Elvis's daughter, to secure a substantial $3.8 million loan, with Graceland itself as collateral.
Naussany Investments & Private Lending, the entity claiming the deed and pushing for foreclosure, argued that the loan remained unpaid following Lisa Marie Presley's passing last year. They intended to recoup the unpaid sum by auctioning the property, including its surrounding lands, on Elvis Presley Boulevard. However, questions about the document's legitimacy arose promptly.
Riley Keough, granddaughter to Elvis Presley and inheritor of Graceland, hotly contested the foreclosure. Keough’s legal team filed a lawsuit against Naussany, labeling the deed and associated documents fraudulent.
In a pivotal development, Shelby County Chancellor JoeDae Jenkins reviewed the details of the case at a recent judicial hearing and decided to halt the foreclosure sale.
The Chancellor cited testimony from a notary public attached to the loan documents, who declared under oath that they never met Lisa Marie Presley or notarized her signature.
This decree effectively paused Naussany Investments' plans to auction Graceland. The decision reassured many and emphasized the need for thorough validation of such significant claims. Lisa Marie's mother, Priscilla Presley, voiced her relief on social media, referring to the foreclosure attempt as a "scam."
In light of this judicial intervention, the auction slated to potentially transfer ownership of the historic Graceland mansion was officially canceled. Gregory Naussany, the lead at Naussany Investments, conceded that after consultations with legal counsel, they would withdraw all claims against the property.
Following the judge's decision, Elvis Presley Enterprises reiterated Graceland's stature as a museum, untouched by the claims previously laid against it.
They stated:
There will be no foreclosure. Graceland will continue to operate as it has for the past 42 years, ensuring that Elvis fans from around the world can continue to have the best in class experience when visiting his iconic home.
In summary, the attempt to auction Graceland amidst fraudulent claims has been thwarted, ensuring the continuation of its operation as a museum dedicated to Elvis's legacy. This incident not only preserves a significant piece of cultural history but also emphasizes the enduring influence and love for Elvis Presley. Graceland remains a testament to his life and career, now secure under the stewardship of his surviving relatives.
