23 May 2024 , 20:25
1122
0
Lawsuit claims have reportedly been dropped on Elvis Presley's Graceland.
Naussany Investments and Private Lending were blocked from sending the sprawling property to auction by a judge in Tennessee on Wednesday. After the ruling, in the favour of The King's granddaughter Riley Keough, claims on the home have ceased.
An attorney for Keough "received an email from Gregory Naussany confirming they do not intend to move forward with their claim," a representative for Graceland told PEOPLE, after attempts to sell the estate inherited from Lisa Marie Presley.
READ MORE: Judge rules on sale of Elvis Presley's Graceland as granddaughter desperately fights auction
The house wasn't able to go to auction (Michael Ochs Archives)
It ruled in the favour of The King's granddaughter Riley Keough (Getty Images)Naussany reportedly said the company would not proceed with claims after a key document in the case and the loan apparently taken out by the late Lisa Marie Presley were recorded and obtained in a different state, according to the Associated Press.
Muhammad Ali was stood up by Elvis who turned up 'high or drunk' at 4am to watch him spar before fight
"There was no harm meant on Ms. Keough," Mr Naussany said in an email to the Memphis Commercial Appeal. A hearing at a Shelby County court in Tennessee on Wednesday determined that the impending foreclosure would inflict "irreparable harm" on Riley.
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.
Riley 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. "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.
The house is a tourist attraction (AFP via Getty Images)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."
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.