Put away the checkbooks, because if you were hoping to get the deal of the century and turn Graceland into your own personal home, the auction is canceled.
Elvis Presley's Memphis home, Graceland, is set to go up for auction this Thursday amid a foreclosure issued by a company called Naussany Investments and Private Lending. But the legendary singer's family says it's all a scam.
According to the notice issued by Naussany, Presley's daughter Lisa Marie Presley received a $3.8 million loan back in 2018 using Graceland as collateral. And after Lisa Marie passed away last year without repaying the loan, the company moved to foreclose on the historic home that now serves as a museum and tourist destination for Elvis fans.
But Elvis' granddaughter claims that the company is full of shit.
Riley Keough, who is the daughter of Lisa Marie and the sole heir to Graceland when her mother passed away, filed a lawsuit against the company to stop the foreclosure and says that the documents they presented are fraudulent - and that Naussany isn't even a real company:
"These documents are forgeries. While the documents bear signatures that look like the signatures of Lisa Marie Presley, Lisa Marie Presley did not in fact sign the documents."
The notary whose signature appeared on the loan documents also confirmed that she did not notarize the documents, nor did she ever meet or notarize a document for Lisa Marie Presley.
A statement issued by Elvis Presley Enterprises blasted the purported foreclosure as a scam, and says that there will be no foreclosure sale:
"Elvis Presley Enterprises can confirm that these claims are fraudulent. There is no foreclosure sale. Simply put, the counter lawsuit has been filed is to stop the fraud."
And Priscilla Presley, the widow of Elvis and mother to Lisa Marie, addressed the auction with a simple post on Twitter:
"It's a Scam!"
https://twitter.com/Cilla_Presley/status/1792766867419046296
Well it sounds like a judge agrees - for now.
A judge in Shelby County, Tennessee today granted an injunction against Naussany today prohibiting the auction of the historic property, in part due to the nature of the estate that's listed on the National Register of Historic Places and was also named a National Historic Landmark in 2006:
“The court will enjoin the sale as requested because, one, the real estate is considered unique under Tennessee law. And in being unique, the loss of the real estate would be considered irreparable harm.”
The case will now go to trial, where Keough is asking the court to find that the documents are fraudulent and permanently bar Naussany from taking any action against Graceland related to the loan. Meanwhile, the company will have the opportunity to prove that their documents are, in fact, legitimate - which seems like it might be a tough hill to climb when even the notary is claiming that they're bogus.
Graceland served as the home for The King after he bought the 13.8 acre estate in 1957, and after his death the 17,552 square foot house has been a popular tourist attraction for visitors to Memphis and fans of Elvis. It holds not only Presley's personal effects, but the graves of Elvis and his family are located on the property, along with his airplanes and a car museum.
Nearly 600,000 tourists visit Graceland every year - so while I'm sure there are plenty who would jump at the chance to buy the historic property, I'd be real surprised if they ever got the chance.
But if does go up for auction maybe I'll even throw a bid in myself. I doubt my $500 would be enough to win, but you can't win if you don't play, right?
