Elvis Presley acquired the 13.8-acre Graceland estate in 1957 for a little over $100,000. The historic property, which features the iconic eight-bedroom Graceland mansion, is now set to be sold at a foreclosure auction. However, Riley Keough, the lavish estate’s current owner and Elvis’ granddaughter, has contested the sale. This comes after a legal notice indicated that the property would be sold off to the highest bidder on Thursday.
Riley Keough, Elvis’ granddaughter files lawsuit
After the King of Rock ‘N Roll’s death in 1977, the estate was passed on to his daughter Lisa Marie Presley. Upon whose death, the property was then transferred to Lisa Marie’s eldest daughter, Riley. Following the notice from the Shelby County Courthouse, the 34-year-old filed a lawsuit, calling the auction “fraudulent.” Ahead of the injunction hearing, set for Wednesday, an attorney for Riley secured her a temporary restraining order on the sale.
The notice claims that Lisa Marie, who died of “bowel obstruction” on January 12 last year, signed a Deed of Trust in 2018. It adds that she allegedly used Graceland as collateral to secure a $3.8 million loan via a company called Naussany Investments and Private Lending. The company claims that she never repaid her loan before her death. On this ground, the plans for Graceland had been initiated by the company.
However, Riley is strongly contesting the sale of the property located in Memphis, Tennessee. The 60-page lawsuit states that “these documents are fraudulent.” A source close to her told New York Post that she is “traumatised” as she “never thought that a historic piece of property could even be considered to go into the hands of any random stranger.”
As she was granted a temporary restraining order, Graceland officials said in a statement, “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,” citing an attorney for Riley, per WREG.
Source link
