Firm drops plans for foreclosures sale and is now beneath investigation

Riley Keough’s authorized battle over Graceland has apparently come to an finish.

After a Tennessee choose quickly blocked Naussany Investments and Personal Lending on Might 22 from promoting the previous dwelling of Elvis Presley in a foreclosures sale, the corporate mentioned it’s going to drop its declare.

The dispute stems from a $3.8 million mortgage the lending firm mentioned Lisa Marie Presley, Keough’s late mom, took out in 2018, utilizing Graceland as collateral, and by no means repaid. Keough filed a lawsuit towards the corporate on Might 20 after it marketed a foreclosures public sale of Elvis Presley’s dwelling set for Might 23. She claimed the sale was fraudulent and that her late mom’s signature on the mortgage paperwork was cast.

The Tennessee lawyer normal is trying into Naussany Investments to find out if there was any misconduct.

🚨What simply occurred?

Keough, the only real trustee of her grandfather Elvis Presley’s Memphis property after her mother’s 2023 dying, scored a authorized victory on Might 22 when Shelby County Chancellor JoeDae Jenkins issued the short-term injunction halting the public sale.

Hours later, an lawyer for Keough “acquired an e mail from Gregory Naussany confirming they don’t intend to maneuver ahead with their declare,” a Graceland rep advised Individuals journal.

Naussany Investments emailed a press release to the Related Press saying the corporate wouldn’t proceed as a result of a key doc within the case and the mortgage had been recorded and obtained in a special state, so “authorized motion must be filed in a number of states.” Consequently, “The corporate might be withdrawing all claims with prejudice.”

Naussany mentioned in an e mail to the Memphis Industrial Attraction: “There was no hurt meant on Ms. Keough.”

The tried foreclosures is now being investigated by Tennessee Legal professional Common Jonathan Skrmetti’s workplace.

“I’ve requested my attorneys to look into this matter, decide the complete extent of any misconduct that will have occurred, and establish what we will do to guard each Elvis Presley’s heirs and anybody else who could also be equally threatened,” he mentioned in a press release on Might 23.

Keough mentioned in her authorized submitting final week that her mom “by no means borrowed cash from Naussany Investments” nor did she give the corporate a deed of belief for Graceland. She alleged that the enterprise “just isn’t an actual entity,” however was “created for the aim of defrauding” Keough’s (beforehand Lisa Marie’s) Promenade Belief.

The Daisy Jones & the Six actress claimed her mom’s signature was cast on the alleged mortgage paperwork. The notary listed as a witness to the mortgage, Kimberly Philbrick, mentioned she by no means met Lisa Marie Presley nor notarized any paperwork for her. Keough’s submitting alleged that the “people who had been concerned within the creation of such paperwork are believed to be responsible of the crime of forgery.”

Elvis Presley Enterprises — the company entity that runs Graceland — backed Keough’s claims that the public sale was fraudulent. “There isn’t any foreclosures sale. Merely put, the counter lawsuit has been filed to cease the fraud.”

Priscilla Presley, Elvis’s former spouse and Keough’s grandmother, deemed it a “rip-off.”

↩️ How we received right here

Final summer season, Keough was granted management of the Graceland dwelling, Elvis’s belongings and 15% of Elvis Presley Enterprises after her mom’s sudden dying and her transient authorized battle with Priscilla.

In September, Naussany Investments and Personal Lending sued the property, claiming Lisa Marie defaulted on the mortgage, which was presupposed to have been paid off by Might 2022. The corporate claimed it had no contact with Lisa Marie after March 2022 and that makes an attempt to succeed in her had been unsuccessful. Naussany Investments mentioned it might drop the lawsuit if the property paid 75% % of the debt, or round $2.85 million, inside 45 days.

Lisa Marie had monetary issues throughout her life. She inherited her father’s property, price an estimated $100 million, when she was 25. Failed enterprise offers and overspending led to her promoting 85 % of the stake in Elvis Presley Enterprises in 2005. (She later sued her former enterprise supervisor, Barry Siegel, claiming he mismanaged the property.) Within the $114 million sale, Lisa Marie acquired $50 million money, $26 million in inventory and had $25 million of debt erased. She retained 15% of Elvis Presley Enterprises in addition to possession of Graceland and its authentic gadgets. Elvis Presley Enterprises modified fingers once more in 2013, with Lisa Marie retaining her stake.

Lisa Marie was buried at Graceland final yr, close to her father, grandparents and son Benjamin Keough, who died in 2020. In an interview after her mom’s dying, Keough talked about what the property meant to her and her plans for Graceland, which included a Christmas particular she produced.

As sole trustee, Keough additionally manages the trusts of her two youthful siblings, 15-year-old half-sisters Finley and Harper Lockwood, who’re Lisa Marie’s daughters from her marriage to musician Michael Lockwood.

Up to date, Might 23, 2024 5:22 p.m. ET: This story has been up to date to mirror that Naussany Investments dropped its claims and is now beneath investigation.