A judge today halted the foreclosure sale of Graceland, the former Memphis, Tennessee home of Elvis Presley, noting that the Presley estate could be successful in proving fraud by an investment company.
The ruling came shortly before the company trying to foreclose on Graceland issued a statement dropping its case, according to the Associated Press.
Shelby County Chancellor JoeDae Jenkins issued a temporary injunction today against the proposed foreclosure auction that had been scheduled for Thursday in Memphis. It underlines a previous restraining order issued at the request of Presley’s granddaughter, actor Riley Keough.
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A public notice for a foreclosure sale of the 13-acre estate posted earlier in May said Promenade Trust, which controls the Graceland museum, owes $3.8 million after failing to repay a 2018 loan. Keough inherited the trust and ownership of the home after last year’s death of her mother, Lisa Marie Presley.
Later on Wednesday, the Associated Press reported that a statement from someone who appeared to be a representative of the company trying to foreclose said it would drop its claim, which the Presley estate has argued is based on fake documents.
Naussany Investments and Private Lending claimed Lisa Marie Presley had used Graceland as collateral for a loan, according to the foreclosure sale notice. A lawsuit filed last week by Keough alleged that Naussany presented fraudulent documents regarding the loan in September 2023.
“Lisa Maria Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments,” Keough’s lawyer wrote in a lawsuit.
A statement emailed to The Associated Press after Wednesday’s ruling said Naussany would not proceed because a key document in the case and the loan were recorded and obtained in a different state, meaning that “legal action would have to be filed in multiple states.”
“The company will be withdrawing all claims with prejudice,” the statement said.
Graceland opened as a museum and tourist attraction in 1982 after Elvis Presley’s death in August 1977 at age 42.
“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 the best in class experience when visiting his iconic home,” Elvis Presley Enterprises said in a statement.
Associated Press contributed to this report.