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 Could 22 from promoting the previous house of Elvis Presley in a foreclosures sale, the corporate mentioned it should 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 in opposition to the corporate on Could 20 after it marketed a foreclosures public sale of Elvis Presley’s house set for Could 23. She claimed the sale was fraudulent and that her late mom’s signature on the mortgage paperwork was solid.
The Tennessee legal professional normal is wanting 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 loss of life, scored a authorized victory on Could 22 when Shelby County Chancellor JoeDae Jenkins issued the momentary injunction halting the public sale.
Hours later, an legal professional for Keough “obtained 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 have been recorded and obtained in a unique state, so “authorized motion must be filed in a number of states.” In consequence, “The corporate shall 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 Lawyer Basic Jonathan Skrmetti’s workplace.
“I’ve requested my attorneys to look into this matter, decide the total extent of any misconduct that will have occurred, and determine what we are able to do to guard each Elvis Presley’s heirs and anybody else who could also be equally threatened,” he mentioned in a press release on Could 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 solid 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 have 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 is no such thing as a 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 bought right here
Final summer time, Keough was granted management of the Graceland house, Elvis’s belongings and 15% of Elvis Presley Enterprises after her mom’s sudden loss of life and her temporary authorized battle with Priscilla.
In September, Naussany Investments and Personal Lending sued the property, claiming Lisa Marie defaulted on the mortgage, which was alleged to have been paid off by Could 2022. The corporate claimed it had no contact with Lisa Marie after March 2022 and that makes an attempt to achieve her have been unsuccessful. Naussany Investments mentioned it will drop the lawsuit if the property paid 75% p.c 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, value an estimated $100 million, when she was 25. Failed enterprise offers and overspending led to her promoting 85 p.c 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 obtained $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 palms once more in 2013, with Lisa Marie retaining her stake.
Lisa Marie was buried at Graceland final 12 months, close to her father, grandparents and son Benjamin Keough, who died in 2020. In an interview after her mom’s loss of life, 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, Could 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 below investigation.
