The proposed auction of Graceland, Elvis Presley’s iconic mansion in Memphis TN has been put on hold by a judge in a hearing on Wednesday morning. Officials in Shelby County had scheduled the auction of Graceland and its surrounding properties for Thursday May 23 for what it called a foreclosure sale. However, the judge, chancellor JoeDae Jenkins, said the home will remain the property of the Presley family, adding he considered it to be unique to the state and that there must be time for adequate discovery, and for the defence to address claims made about the sale, according to FOX News. Jenkins also said there was evidence that the company trying to foreclose on Graceland had forged documents that it claimed gave it the right to sell the property, with county officials confirming they did not have the paperwork to move forward with the sale. The ruling is the latest saga in a legal battle being waged over the ownership of Graceland between Riley Keough, Elvis’ granddaughter and a company she says doesn’t exist. Keough, 34, is the current owner of the property and is contesting the sale, having filed a lawsuit calling the auction a sham, and on Monday, her attorney secured a temporary restraining order, pending the injunction hearing on Wednesday. The Shelby County Courthouse had issued a statement indicating Graceland and its surrounding property in Memphis, TN, would be auctioned off to the highest bidder for cash on May 23, as reported by WREG-TV News. The seeds of the lawsuit were planted in 2018, when a deed of trust was supposedly signed by Lisa Marie Presley, Keough’s mother, when she put Graceland up as collateral for a $3.8 million loan. The loan was obtained from Naussany Investments and Private Lending, a Missouri-based company, which is claiming Lisa Marie defaulted on the loan. Lisa Marie died in January 2023 and 10 months later, Keough’s ownership of Graceland was approved by a judge, naming her as the only trustee of the estate after a legal battle with Priscilla Presley, her grandmother and Elvis’ ex-wife. An amendment to Lisa Marie’s will in 2016 removed her grandmother as a trustee, whose lawyers said she didn’t learn about the amendment until after her daughter’s death. A statement of facts aroused suspicious minds, in particular Keough's, who filed a lawsuit on May 15, which says Lisa Marie never borrowed any money from Naussany. “’These documents are fraudulent,’ the suit declares, alleging Lisa Marie’s signatures were forged and that Naussany Investments isn’t even a legitimate company,” reports the New York Post, adding “the notary listed on the documents denies notarizing Lisa Marie’s signature or ever meeting her.” Keough filed a lawsuit this month stating that last year, “Naussany Investments & Private Lending LLC presented documents purporting to show that Lisa Marie Presley had borrowed $3.8 million from Naussany Investments and gave a deed of trust encumbering Graceland as security.” “Naussany Investments has now scheduled a non-judicial sale of Graceland based on the fraudulent deed of trust,” the lawsuit reads. “The sale is scheduled for May 23, 2024. This is an action to enjoin the non-judicial sale.” According to court documents obtained by CNN, a temporary restraining order was granted on May 15 prohibiting Naussany Investments & Private Lending LLC from conducting “any non-judicial sale” of the property. A CNN report says “Naussany Investments & Private Lending LLC appears to be a false entity created for the purpose of defrauding.” In an email sent to Naussany, CNN said it received an automated reply, ‘We are currently out of the office; we will resume normal business hours on Tuesday May 28, 2024.’” Additionally, the network said it tried to contact the company on the phone, getting a message saying the number was no longer in service. “The business was listed in a court document from Keough’s attorney as being located in Kimberling City, Missouri, but CNN was unable to locate a business in the state of Missouri by that name via the secretary of state’s office,” reports CNN, adding it did not find a business with that name after a nation-wide search. In a statement, Elvis Presley Enterprises, the company that manages Presley’s estate, concurred that Naussany’s claim was illegitimate. “Elvis Presley Enterprises can confirm that these claims are fraudulent,” the company said. “There is no foreclosure sale. Simply put, the counter lawsuit has been filed to stop the fraud.” According to court documents obtained by CNN, a temporary restraining order was granted on May 15 prohibiting Naussany Investments & Private Lending LLC from conducting “any non-judicial sale” of the property. Graceland is far from being a house in the ghetto, with CNN reporting for years it was the second most visited home in the US, second only to the White House. It is valued at between $US400 million and $US500 million, according to Rolling Stone. (Elvis paid about $102,000 for it in 1957.) CNN reports Lisa Marie annually earned seven figures from it, based on a court filing in her 2022 divorce.
