The Tennessee attorney general announced on Thursday that his office is investigating a company’s attempt to sell Graceland, Elvis Presley’s home, at a foreclosure auction after the late rock star’s granddaughter filed a lawsuit citing fraud. Republican Attorney General Jonathan Skrmetti stated that Memphis mansion “became the target” of Naussany Investments and Private Lending when it tried to sell the home-turned-museum, claiming Mr. Presley’s daughter, Lisa Marie Presley, had defaulted on a nearly $4 million loan she allegedly secured using Graceland as collateral.
However, Lisa Marie Presley’s daughter, Riley Keough, says her mother never took a loan from Naussany and did not use Graceland as collateral, according to court papers. The state’s top lawyer is authorized to investigate and file civil lawsuits, including consumer fraud cases. His authority in criminal court is more limited and typically reserved for representing the state during appeals, with criminal cases usually brought by local district attorneys.
My office has fought fraud against homeowners for decades, and there is no home in Tennessee more beloved than Graceland,” Mr. Skrmetti said in a news release announcing the investigation. I have asked my lawyers to look into this matter, determine the full extent of any misconduct that may have occurred, and identify what we can do to protect both Elvis Presley’s heirs and anyone else who may be similarly threatened.
The Shelby County district attorney’s office said it was not currently investigating the claims against Graceland. A Tennessee Bureau of Investigation spokesperson stated that the district attorney had not asked it to investigate, while an FBI Memphis spokesperson declined to comment on the possibility or likelihood of an investigation.
Following a judge’s orders on Wednesday, someone who appeared to be a representative of Naussany Investments sent an email stating that the company would drop its claim. Online court records did not immediately show any legal filings suggesting the claim had been dropped, and Ms. Keough’s attorney told The Epoch Times he could not comment on pending litigation.
In 2005, Lisa Marie Presley sold 85 percent of Elvis Presley Enterprises (EPE), including rights to Elvis’ name and management of Graceland operations, in a deal reportedly worth $100 million. Ms. Presley passed away from a bowel obstruction in January 2023 at the age of 54.
Following her death, Ms. Keough became the sole trustee of Promenade Trust, which owns the 13-acre estate. Mr. Presley purchased Graceland—which has since become a beloved tourist attraction—in 1957 for just over $100,000. The home was originally built in 1939.
Naussany Investments presented documents in September 2023 purporting its claims against the estate, according to court documents. These documents are fraudulent,” reads the lawsuit filed by Ms. Keough’s attorney. Lisa Marie Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments.
The lawsuit also claims that Ms. Presley’s signatures on the loan documents are forgeries, and the notary who allegedly acknowledged the loan documents signed an affidavit stating she had never met Ms. Presley nor did she notarize any documents for her. The judge said the notary’s affidavit brings into question the “authenticity of the signature.
Graceland opened as a museum in 1982 and attracts hundreds of thousands of visitors each year. It remains a tribute to Mr. Presley, who passed away in August 1977.
Graceland is one of the most iconic landmarks in the state of Tennessee, and the Presley family have generously shared it with the world since Elvis’ passing,” Mr. Skrmetti said. Elvis made Memphis the center of the music universe, and Graceland stands as a monument to his legacy and a fond remembrance for his family.