Elvis Presley acquired the 13.8-acre Graceland estate in 1957 for just over $100,000. The historic property, which includes the iconic eight-bedroom Graceland mansion, is now set to be sold in a foreclosure auction. However, the current owner of the grand property and Elvis’ granddaughter Riley Keough has opposed the sale. This comes after a legal notice indicated the property would be sold to the highest bidder on Thursday.
Riley Keough, Elvis’ granddaughter, files lawsuit
After the King of Rock ‘n Roll’s death in 1977, the estate passed to his daughter Lisa Marie Presley. After whose death, the estate was transferred to Lisa Marie’s eldest daughter, Riley. After notice from the Shelby County Courthouse, the 34-year-old filed a lawsuit, calling the auction “fraudulent.” Ahead of Wednesday’s injunction hearing, an attorney for Riley asked him to order a temporary halt on the sale.
The notice claims that Lisa Marie, who died of “intestinal obstruction” on January 12 last year, had signed a trust deed in 2018. It says he allegedly used Graceland as collateral to secure a $3.8 million loan through a company called Noseni Investments. Personal Loan. The company claims that he never repaid his loan before his death. On this basis, the plan of Graceland was started by the company.
However, Riley is strongly opposing the sale of the property, located in Memphis, Tennessee. “These documents are fraudulent,” the 60-page lawsuit says. A source close to him told the New York Post that he was “gutted” because he “never thought that a historic piece of property going into the hands of a stranger could even be considered.”
As soon as he was served with a temporary restraining order, Graceland officials said in a statement, “Elvis Presley Enterprises can confirm that these claims are fraudulent. There is no foreclosure sale. Simply put, the countersuit is filed to stop the fraud,” according to WREG, citing an attorney for Riley.
