Judge Stops Foreclosure of Elvis Presley’s Graceland

Graceland Elvis Presley mansion sign Memphis USA
Andrew Woodley/Universal Images Group via Getty Images

UPDATED May 22, 2024

A judge has blocked the sale of Graceland after calling it fraudulent. Judge Chancellor JoeDae L. Jenkins said that the sale or loss of the Graceland estate “will be considered irreparable harm” and stopped it. Graceland and Elvis Presley Enterprises claimed to PEOPLE, “As the court has now made clear, there was no validity to the claims. There will be no foreclosure. 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.”

Elvis Presley‘s former home Graceland is now one of the most popular tourist attractions in the world. It reportedly pulls in around $10 million a month. Now, the iconic home may be put up for public auction. How is that even possible? Well, a public notice for the foreclosure sale of the estate was posted this month alleging that Promenade Trust, which controls the property, owes $3.8 million. It says that a loan was taken out on May 16, 2018, and was not repaid.

Presley’s granddaughter, Riley Keough is now in charge of the property and her legal team put up a temporary restraining order while they sort things out. She inherited the trust after her mother, Lisa Marie Presley, died last year. The public auction was originally scheduled for this week, on Thursday, May 23, 2024, but it has since been delayed.

Rock and roll singer Elvis Presley strolls the grounds of his Graceland estate in circa 1957

Michael Ochs Archives/Getty Images

Naussany Investments and Private Lending in Missouri claims that Lisa Marie used Graceland as collateral for the loan and failed to repay it. Keough, on behalf of the Promenade Trust, filed a lawsuit against the company claiming that they presented fraudulent documents regarding the loan and unpaid sum in September 2023. A hearing is scheduled for Wednesday, May 22, 2024 between both parties.

Singer Elvis Presley poses for a studio portrait

Liaison/Getty Images

Elvis Presley’s Estate added, “Elvis Presley Enterprises can confirm that these claims are fraudulent. There is no foreclosure sale. Simply put, the counter lawsuit has been filed is to stop the fraud.”

Graceland is not just the former home of Elvis Presley but is where he is buried, alongside his parents, Lisa Marie and her son Benjamin Keough. His ex-wife, Priscilla Presley also plans to be buried on the grounds. Fans can visit the property for guided tours of the 179-acre property. We will keep you updated on this shocking story.

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July 2020

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