Elvis Presley’s Graceland estate will stay in the family.
After the late singer’s granddaughter Riley Keough sued lending company Naussany Investments and Private Lending over its attempt to foreclose the historic Memphis, Tenn. home under an alleged fraudulent scheme, a representative for Graceland confirmed to Page Six the company withdrew its claims to the property.
“As the court has now made clear, there was no validity to the claims,” the rep confirmed to Page Six Thursday afternoon. “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 a best in class experience when visiting his iconic home.”
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The lending company claimed in September 2023 that the estate’s previous owner, Lisa Marie Presley, failed to repay a $3.8 million loan taken out in 2018 before her sudden death in January 2023.
According to court documents submitted by the company, Elvis’ daughter used her ownership stake in Elvis Presley Enterprises and Graceland as collateral. Keough, the eldest daughter of Lisa Marie, became the sole trustee of Graceland after her mother’s death, putting her front and center in the legal battle.
On Monday, the 34-year-old actress and singer obtained a temporary restraining order halting the sale of the property after arguing that her mom never worked with Naussany Investments and Private Lending.
“Lisa Marie Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments,” her lawsuit stated. “These documents are fraudulent.”
Furthermore, she argued the company “never recorded” the “purported deed of trust” in the Shelby County Register’s Office.
She also said the notary mentioned in the deed, Kimberly Philbrick, “never met Lisa Marie Presley nor notarized any documents for her.”
At an injunction hearing Wednesday, Shelby County Chancellor JoeDae Jenkins halted the foreclosure sale, reasoning that “Graceland is a part of this community, well-loved by this community and indeed around the world.”
According to the Associated Press, Naussany Investments and Private Lending planned to halt the forced sale of the 13-acre property because a “key document in the case and the loan were recorded and obtained in a different state,” making the process a legal affair across several states.
The company is now being investigated by the Tennessee Attorney General, per NBC News.
The King of Rock and Roll purchased Graceland in 1957 when he was 22 years old, and it’s the home in which Lisa Marie was raised.
The property was transformed into a museum in 1982, five years after the star’s unexpected death at the age of 42.
It welcomes more than 500,000 visitors each year and has at least a $150 million impact on Memphis’ economy yearly, according to its website.
