A Memphis judge ordered a pause on the foreclosure sale of Elvis Presley’s iconic Graceland home in a brief hearing Wednesday morning.
Chancellor JoeDae Jenkins ruled that the home could stay in the hands of the Presley family for the time being, amid evidence documents giving a company the right to sell it may have been forged.
Naussany Investments and Private Lending LLC sought to auction off Graceland and its surrounding property in Memphis, Tennessee, to the highest bidder on Thursday.
They claim they had leant $3.8m to Lisa Marie Presley, Elvis’ only daughter, before her death in January last year. The estate was then transferred to her daughter, Riley Keough.
Jenkins said Wednesday the sale must be postponed until there is clear evidence of who owns the King of Rock ‘n’ Roll’s home, adding a premature verdict would cause great harm to Presley’s family.
“The estate is considered unique under Tennessee law, and in being unique the loss of the real estate will be considered irreparable harm,” Jenkins ruled.
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Keough filed a lawsuit on May 15 to block the sale, claiming documents which named Naussany as the owners of the estate were “fraudulent.”
The company claims Lisa Marie signed a deed of trust in 2018 which used Graceland as collateral.
Following the hearing, Graceland’s operators issued a statement, saying: “As the court has now made clear, there was no validity to the claims. There will be no foreclosure.
The company claims Lisa Marie signed a deed of trust in 2018 which used Graceland as collateral.
“Graceland will continue to operate as it has for the past 42 years, ensuring that Elvis fans from around the world can continue to have a best in class experience when visiting his iconic home.”
Lisa Marie’s mother and Elvis’s ex-wife, Priscilla Presley, also refuted the company’s claim, slamming it as “a scam” on social media.
Keough alleged in her 60-page lawsuit her mother never borrowed any money from Nassauny, with a notary public agreeing they had never notarized anything Lisa Marie had supposedly signed.
Jenkins said the affidavit from the notary public was enough to delay the foreclosure sale until Nassauny can prove it made a loan, it wasn’t repaid and that the estate was offered as collateral.
The judge, however, hinted the case will ultimately favor Keough, telling the heiress she’ll be “successful” as long as her defense team can back up the affidavit from the notary at a future hearing.
Attorneys for Naussany could not be immediately reached for comment.
Graceland has been a fixture in Memphis since Elvis bought the estate in 1957 for $102,500, the same year he released the hits “Blue Christmas” and “All Shook Up.”