MEMPHIS, Tenn. — Tennessee Attorney General Jonathan Skrmetti said Thursday that his office is investigating an investment company’s attempt to foreclose on Graceland.
A Shelby County judge issued an injunction Wednesday, May 22, to postpone a proposed foreclosure sale of Elvis Presley’s Memphis mansion.
An LLC called Naussany Investments and Private Lending claimed Lisa Marie Presley, who died in January 2023, borrowed $3.8 million from its company using the deed to Graceland as collateral. The company placed a lien on the property and wanted to hold a foreclosure sale on for Thursday, May 23, 2024.
In a countersuit filed May 15, 2024, Riley Keough, Lisa Marie Presley’s daughter, claimed the documents alleging the debt are fraudulent. Keough is the trustee for Promenade Trust, according to her filing, which currently owns Graceland. Keough’s complaint alleged her mother never borrowed money from Naussany Investments, and also claimed that the company is not “a real entity.”
The judge Wednesday said there was question regarding the authenticity of Presley's signature on the deed of trust, allegedly signed in 2018, since the notary swore they did not actually notarize the signature.
After the injunction, Gregory Naussany, claiming to represent the firm, sent ABC24 a statement saying the company would withdraw the claims and there was “no harm meant” to Keough.
The company is being investigated by the A.G.’s consumer team, and Skrmetti said the TBI and Memphis Police could assist,
The Attorney General told ABC24 that this could possibly be a criminal case through the Shelby County District Attorney's Office, depending what the investigation finds.
“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’s passing,” said Skrmetti. “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. My office has fought fraud against homeowners for decades, and there is no home in Tennessee more beloved than Graceland. 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.”
“Graceland opened to the public on June 7, 1982. As one of the most visited homes in America, nearly one million visitors annually make a pilgrimage to the site. Only the White House attracts more tourists to a home. Graceland is owned by Elvis Presley’s granddaughter, and a court in Memphis confirmed her ownership on May 22, 2024,” said the A.G.’s news release.
Elvis Presley Enterprises (EPE) released the following statement after Wednesday's hearing: “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.”