The Tennessee attorney general said his office is looking into a company’s attempt to sell Graceland, once the home of Elvis Presley, at a foreclosure auction, a move that was halted by a judge after the king of rock ‘n’ roll’s granddaughter filed a lawsuit citing fraud.
Republican Attorney General Jonathan Skrmetti announced on May 23 that the Memphis mansion “became the target” of Naussany Investments and Private Lending when it tried to sell the home-turned-museum after claiming that Presley’s daughter, Lisa Marie Presley, had defaulted on a nearly $4 million loan that she allegedly secured using the property as collateral. Ms. Presley died in January 2023.
Ms. 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. However, his authority in criminal court is more limited and typically reserved for representing the state during appeals. Criminal cases are 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 press 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 stated that it was not currently investigating the claims against Graceland. A Tennessee Bureau of Investigation spokesperson said the district attorney had not asked it to investigate.
An FBI Memphis spokesperson said the agency does not comment on the possibility or likelihood of investigations.
Memphis attorney Darrell Castle, who is not involved in the case but is monitoring it, said he was not surprised by the state attorney general’s investigation.
“That’s what should happen, it’s that important,” Mr. Castle said. “Somebody with investigative authority needs to look into it and get to the bottom of it.”
Following the judge’s orders on May 22, someone who appeared to be a representative of Naussany Investments sent an email stating that it would drop its claim.
Online court records did not immediately show any legal filings suggesting that the claim had been dropped, and Ms. Keough’s attorney told The Epoch Times that he could not comment on pending litigation.
In 2005, Ms. 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.
About the Lawsuit
Earlier this month, a public notice of foreclosure sale was posted online alleging that Ms. Presley had signed a Deed of Trust to Naussany Investments on May 16, 2018, using Graceland to secure a $3.8 million loan.The company claims that Ms. Presley, 54, who died from a bowel obstruction in January 2023, failed to repay the loan. After Ms. Presley’s death, her oldest daughter, Ms. Keough, became the sole trustee of Promenade Trust, which owns the 13-acre estate. Elvis Presley purchased the home—which has since become a beloved tourist attraction—in 1957 for more than $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,” the lawsuit reads. “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 that the notary who allegedly acknowledged the loan documents signed an affidavit saying 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. The tourist attraction is a tribute to Elvis Presley, who died 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.”
