The legal dispute over the ownership of Elvis Presley’s Graceland estate has finally ended. The family of the King of Rock and Roll now officially owns the iconic site.
The company that claimed to own the deed to Graceland has stated that it will no longer pursue its claim on the estate, according to the Associated Press.
Earlier, a court in Tennessee decided in favor of Riley Keough, who is Elvis’ granddaughter and an actor. She had been fighting to keep the property.
Keough inherited the 13.8-acre Memphis property and became the trustee of Promenade Trust, which manages the estate, after her mother, Lisa Marie Presley, passed away in January 2023.
The story began when a company named Naussany Investments and Private Lending claimed to own the property’s deed. They recently announced their intention to auction it off.
Lisa Marie Presley borrowed $3.8 million from Naussany, using her estate as collateral, according to the company. Naussany claimed that they had the right to sell the property in order to be repaid, since Presley never paid them back.
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However, Keough filed a lawsuit against Naussany, claiming that the creditor forged the signatures that supposedly granted them ownership of Graceland.
The lawsuit states that although the signatures on the documents resemble those of Lisa Marie Presley, she did not actually sign them.
“According to Keough’s lawsuit, these documents are fake.” “Lisa Marie Presley did not borrow money from Naussany Investments and did not give a deed of trust to Naussany Investments.”
The lawsuit also claims that Naussany is not a legitimate company.
“According to the lawsuit, Naussany Investments & Private Lending LLC seems to be a fake organization made with the intention of scamming the Promenade Trust, Lisa Marie Presley’s heirs, or anyone buying Graceland through a non-judicial sale,” the lawsuit states.
Naussany said in an email to the AP that they will be dropping all claims permanently. Naussany informed the AP that they were dropping the case because the loan and an important document had been filed in a different state. This would require the company to take legal action in multiple states.
A spokesperson for Graceland told Business Insider that the court has clarified that the claims were not valid. “There won’t be any foreclosure.” Graceland will keep running just like it has for the past 42 years. This means that fans of Elvis from all over the world can still have an amazing experience when they visit his famous home.
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