Jacob Mendez
Jacob Mendez

Elvis Presley's iconic estate for sale. The star's granddaughter accuses him of fraud

Gracelandan iconic residence owned by the family Elvis Presley, was taken over by a private investment and lending company. The property, allegedly in debt to the amount of USD 3.8 million, is to be sold soon at a public auction. Meanwhile, the granddaughter of the deceased stage star is trying to thwart the sale. Riley Keough, which sued the above-mentioned company, accusing it of fraud. The district court in Memphis will decide on this matter.

The specter of an impending foreclosure sale hangs over Graceland, the former residence of Elvis Presley. A public auction of the iconic property and surrounding land on Elvis Presley Boulevard in Memphis, Tennessee was scheduled to take place this Thursday. The house of the late King of rock and roll was taken over by a private investment and lending company, Naussany Investments & Private Lending LLC, based in Kimberling City, Missouri.

Documents obtained by CNN indicate that the singer's only daughter, Lisa Marie Presley (check!)who died in early 2023, failed to repay a mortgage loan of $3.8 million.

Meanwhile, Riley Keough, the artist's granddaughter and current owner of Graceland, is trying to thwart the sale. She sued the company, accusing it of fraud.

“Lisa Marie never borrowed money from Naussany Investments and never transferred a deed of trust to Naussany Investments. These documents were forged. The sale of the residence would be extremely unfair,” the lawsuit reads. Keough's attorneys say the company “appears to be a sham entity created to commit fraud.”

CNN journalists tried to contact the company's representatives, but the telephone number provided on the website turned out to be inactive. Attempts to locate the facility – not only in Missouri but across the country – also proved unsuccessful. At the request of Presley's granddaughter, the company was temporarily banned from organizing “any out-of-court sale of real estate” until a ruling on the matter is issued. The hearing is scheduled for the Shelby County Courthouse in Memphis.

Elvis' former residence is considered one of the biggest tourist attractions in Tennessee. On November 7, 1991, the building was included in the National Register of Historic Places, which is the official register of United States cultural resources worthy of protection. The sprawling estate commemorating one of the most influential American musicians of all time was acquired by him in 1957.

Presley lived there until his tragic death. On August 16, 1977, the King of Rock and Roll was found dead on the property. A deadly mixture of several dangerous substances was detected in his body, including cocaine, morphine and barbiturates.