Tennessee turns failed Graceland auction probe over to...

27/06/2024

An investigation into the audacious plot to steal Elvis Presley's historic Graceland has taken a new turn weeks after granddaughter Riley Keough managed to halt its foreclosure amid fraud claims.

The Tennessee attorney general has asked the federal government to take over an investigation into the attempt to auction off Elvis Presley's Graceland estate, a spokesperson said on Wednesday.

This comes after a legal battle between Elvis's granddaughter and Naussany Investments & Private Lending LLC over the firm's attempt to sell the iconic Memphis, Tennessee property.

Director of communications for the Tennessee Attorney General's Office Amy Lannom Wilhite said it became apparent that 'this was a matter best suited for federal law enforcement.'

'We have faith in our federal partners and know they will handle this appropriately,' Wilhite said in a statement.

Tennessee's attorney general has asked the federal government to take over an investigation into an attempt to auction off Elvis Presley's Graceland estate. Pictured: 'King of Rock and Roll' Elvis Presley poses in front of his Graceland villa in Memphis Tennessee

Pictured from left to right: Priscilla Presley, Lisa Marie Presley and Riley Keough. Lisa Marie inherited the state after her father's death in 1977. Her eldest child, Riley, became the sole heir after Lisa Marie's passing in 2023. An investment firm pressed Riley for repayment, claiming her mother used Graceland as collateral after failing to repay $3.8 milliom

Naussany Investments had claimed that Presley's late daughter, Lisa Marie Presley, had used Graceland as collateral when borrowing $3.8 million that was never repaid. She died suddenly last year at age 54 from cardiac arrest.

Following the sudden death of Elvis’s only child, the mysterious investment company pressed the surviving Presley family members for repayment.

The company sent the family multiple documents, including the alleged loan agreement, apparently completed in Duval County, Florida, and signed by Lisa Marie and then notarised — witnessed by a lawyer.

In emails to the family’s lawyers, the company claimed that it would ‘accept’ a reduced sum of $2.8 million to satisfy the loan, and then filed a collection claim in a Los Angeles court.

Lisa Marie's eldest daughter, Riley, who inherited the estate after her mother's death and became the sole trustee of the Promenade Trust that protects the assets of Elvis's estate, refused to pay.

Graceland, Elvis Presley's historic estate in Memphis, Tennessee — set in more than 13 rolling green acres, with its magnificent, white pillared portico

Elvis Presley and Yvonne Lime are photographed at his home, Graceland, in Memphis, Tenn., around 1957. The Tennessee attorney general's office said Tuesday, June 25, 2024, that it has turned over its investigation into the failed sale of Presley's home Graceland at a foreclosure auction to federal authorities

Then, several weeks ago, Naussany Investments took out a classified advertisement in a local Memphis newspaper announcing its intention to hold the foreclosure sale on the steps of a Memphis courthouse on Thursday, May 23, when Graceland would be sold to the ‘best and highest bidder’.

EXCLUSIVE

Inside plot to steal Graceland from Elvis Presley's family after loan firm claims it gave millions to star's daughter with estate as collateral

Riley, an actress and director who recently appeared in the drama series Daisy Jones & The Six, sued Naussany on May 20 - days before the purported sale.

She claimed her mother had never taken out the loan and that Naussany was engaged in fraud.

A day before the auction was due to take place on May 23, Shelby County Chancellor JoeDae Jenkins issued an injunction, halting the sale.

The bizarre saga has surprised and unsettled the people in Elvis’s hometown, where Graceland is a major tourist attraction, bringing in $100 million (£78 million) a year, but Jeff Morris, a master auctioneer in the property business, as well as a Presley family friend, says deed fraud, when thieves transfer a home title to themselves, is not uncommon.

Elvis bought his mansion in 1957 for $102,500. He lived in the home until he died at the age of 42 on August 16, 1977 and is buried there

Elvis Presley at his piano inside Graceland in this photograph made for the March 7, 1965

Visitors queue to enter Elvis Presley's Graceland mansion on August 12, 2017 in Memphis, Tennessee. The estate attracts hundreds of thousands of tourists every year

According to the FBI’s 2022 Internet Crime Report, some 11,827 individuals in the U.S. were victims of property fraud — a tiny percentage of the 87 million homeowners in the U.S. — but the numbers are growing.

Located in Memphis, Tennessee, the 13.8-acre Graceland property attracts hundreds of thousands of visitors every year, as people remember one of America's most impactful musicians.

The King of Rock and Roll bought his mansion in 1957 for $102,500. He lived in the home until he died at the age of 42 on August 16, 1977.

When Elvis first bought the home, it spanned 10,266 square feet, but numerous renovations on the way to becoming a renowned museum have seen the mansion grow to 17,552 square feet.

Elvis carefully curated the aesthetic of the home throughout his lifetime.

Lisa Marie Presley, Priscilla Presley and Riley Keough Three Generations of Presley's Hand and Footprint Ceremony, TCL Chinese Theater, Los Angeles, California, in June 2021

Riley Keough and Priscilla Presley attend the 75th Primetime Emmy Awards at Peacock Theater on January 15, 2024 in Los Angeles, California. The two were recently at loggerheads with each other over Lisa Marie's living will, which left Riley as the sole heir to the Graceland estate

From having additions built to hand-selecting each piece of furniture, the musician created a world of 1970s luxury.

Suspicious minds: How Elvis Presley's ex-wife Priscilla and granddaughter Riley are feuding bitterly over Lisa Marie's estate

Lisa Marie had inherited the estate after his death and it was later opened to the public as a museum in 1982.

Lisa Marie's death prompted a bitter legal battle between Riley, who inherited the estate, and her grandmother and matriarch of the Presley family Priscilla, who challenged her daughter's living will.

The heated feud did eventually end in a settlement, which confirmed that Priscilla, who divorced Elvis in 1972, would be receiving a $1 million lump-sum payment, funded by Lisa Marie's life insurance policy, as part of the settlement, according to documents obtained by People.

In addition, Priscilla's son Navarone Garibaldi will be a beneficiary of Lisa Marie's trust as well. Perhaps most importantly of all, Priscilla will be buried near her ex-husband Elvis at Graceland when she passes away.