22 May 2024 , 15:47
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The Graceland mansion, renowned as the home of Elvis Presley, will remain in the family of the late singer, a court has ruled.
A hearing at a Shelby County court in Tennessee on Wednesday determined that the impending foreclosure would inflict "irreparable harm" on Elvis' granddaughter, actress Riley Keough, who inherited the estate following her mother, Lisa Marie Presley 's death in January 2023.
Naussany Investments and Private Lending LLC claimed ownership of the iconic property, alleging that Lisa Marie had used Graceland as collateral for a $3.8million loan she failed to repay before her demise. Riley countered with threats of legal action against the company, labelling the note and deed as "fraudulent and unenforceable" in her lawsuit.
READ MORE: Elvis Presley's granddaughter Riley Keough fights to stop 'fraudulent' sale of Graceland
A judge rules that the family still owns it for now (Getty Images)Riley also asserted that her mother never borrowed money from the company. "On information and belief, Naussany Investments and Private Lending LLC is not a real entity," read the lawsuit, reports the Mirror US.
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"Naussany Investments and Private Lending LLC appears to be a false entity created for the purpose of defrauding the Promenade Trust, the heirs of Lisa Marie Presley, or any purchaser of Graceland at a non-judicial sale," it continued.
Chancellor JoeDae Jenkins has declared that the foreclosure auction of Graceland must be delayed until a court can decide who truly owns the iconic estate, highlighting: "The estate is considered unique under Tennessee law, and in being unique the loss of the real estate will be considered irreparable harm."
Priscilla Presley, Elvis's ex-wife and mother to Lisa Marie, took to social media to share a snap of the legendary home, captioning it: "It's a scam."
The estate brought in a seven-figure sum for Lisa Marie (Education Images/Universal Images Group via Getty Images)Graceland, nestled in Memphis, Tennessee, remains a major draw for tourists as the former residence of the rock and roll legend until his death in 1977. Elvis, along with his parents and daughter Lisa Marie, are all laid to rest on the grounds.
The estate doubles as a museum showcasing Elvis's life, featuring his iconic outfits, vintage cars, and even his private jet, named after his daughter - the Lisa Marie. Court documents from 2022 reveal that Lisa Marie Presley was pulling in a seven-figure income annually from the estate.
Following Lisa Marie's passing, a fierce legal battle erupted over her estate between Priscilla and actress Riley Keough. Ultimately, the star of 'Daisy Jones and the Six' emerged victorious, securing her position as the sole trustee of her late mother's assets.