Graceland to remain in Elvis Presley’s family as Tennessee court halts sale of the King’s house
A ruling concluded that the company that intended to sell the mansion to cover an alleged debt owed by Lisa Marie Presley, Elvis’ only daughter, could be acting fraudulently
Graceland is not for sale. Elvis Presley’s legacy will remain in the hands of his heirs, as ruled by a court in Tennessee on May 22, which considered that the company that intended to sell the property could be committing a possible fraud and decided, for now at least, to halt the transaction. A day earlier, the artist’s granddaughter and heir, actress Riley Keough, denounced that a company called Naussany Investments & Private Lending claimed that the house was hers though legal chicanery and that it intended to carry out a foreclosure sale, which she and her lawyers have strongly opposed.
The hearing took place in Shelby County, Tennessee, on Wednesday morning, although Keough was not present and her case was presented by her attorney, Jeff Germany. Chancellor JoeDae L. Jenkins stated that the sale will be postponed until the rightful owner of the mansion, which the singer bought in 1957 and where he lived until his death in 1977, is established.
The chancellor not only took into account that it is unclear who owns Graceland, but also the importance of the property. “The real estate is considered unique under Tennessee law and, in being unique, the loss of the real estate would be considered irreparable harm,” he said. In addition, Jenkins asserted there is evidence the company falsified certain documents that would thus entitle it to sell the property.
The issue goes back a long way. Naussany claims that, years ago, Lisa Marie Presley — who died in January 2023 — and who is Keough’s mother and Elvis Presley’s only daughter, asked them for a loan of $3.8 million. The exact date is unknown, but it appears to have been about six years ago (precisely when it became known that she was filing for bankruptcy), because the company has submitted what it claims is a promissory note allegedly signed by a Florida notary public named Kimberly Philbrick in 2018, although Philbrick has now disavowed the document in an affidavit: “I have never met Lisa Marie Presley, nor have I ever notarized a document signed by Lisa Marie Presley.”
Keough is also of the opinion that the documents are forged. “The purported note and deed of trust are products of fraud and those individuals who were involved in the creation of such documents are believed to be guilty of the crime of forgery,” she asserts in her lawsuit. In Keough’s view, Naussany is “a false entity created for the purpose of defrauding” the fund that manages the estate of the “the King.”
Chancellor Jenkins ruled Philbrick’s affidavit has provided evidence of sufficient value to delay the foreclosure, at least until a hearing can determine the facts. In addition, Jenkins asserted the evidence shows that Keough is telling the truth. “It appears you’ll be successful on the merits … provided you prove at the ultimate hearing fraud alleged by your client and the notary,” he said of Keough’s case.
Naussany insists that Lisa Marie Presley failed to pay back the loan and that they can therefore collect on the collateral she put up against it — Graceland. The house was appraised in 2021 at $5.6 million ($6.5 today due to inflation). However, Keough claims Naussany is lying and has denounced its actions through the company that manages Graceland and the family’s assets. “Elvis Presley Enterprises can confirm that these claims are fraudulent,” it said. As such, the company filed a counterclaim earlier this week, the intent of which was to “stop the fraud,” their lawyers said.
Lisa Marie Presley’s 2022 tax return showed that the singer’s daughter owed more than $3 million, but did not reflect to whom or the source of the debt. In 2004, when the assets of Elvis’ legacy exceeded $100 million, she decided to sell 85% of the company that managed it. Elvis Presley Enterprises continues to hold 15% of the company, which today is 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, with around $12 million going to the family. That year, Lisa Marie Presley received about $1.25 million from the trust.
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