MEMPHIS, Tenn. The recent failed attempt to auction off the iconic Graceland property in Memphis has brought to light concerning issues surrounding the targeting of assets belonging to the elderly and deceased. The failed sale, orchestrated by a shadowy entity, has sparked legal battles and raised numerous questions.
The self-styled investment company at the center of the controversy is facing allegations of fraud, a lawsuit, and scrutiny from the Tennessee Attorney General’s office. Elvis Presley loyalists, who consider Graceland sacred ground, are particularly outraged.
The saga began when a public notice for a foreclosure sale of the 13-acre Graceland estate was posted earlier this month. The notice claimed that Promenade Trust, which manages the Graceland museum, owed $3.8 million after failing to repay a 2018 loan. Riley Keough, actress and granddaughter of Elvis Presley, inherited the trust after her mother, Lisa Marie Presley, passed away in 2023.
Naussany Investments and Private Lending, the company behind the foreclosure notice, asserted that Lisa Marie Presley had used Graceland as collateral for the loan. However, Keough’s lawsuit, filed on May 15, alleges that Naussany presented fraudulent documents and requested a Memphis judge to block the sale.
“Lisa Marie Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments,” Keough’s lawyer, Jeff Germany, stated in the lawsuit. Elvis’ former wife, Priscilla Presley, called the attempt “a scam” on social media.
On Wednesday, Shelby County Chancellor JoeDae Jenkins issued an injunction halting the sale, which was scheduled for the next day. Jenkins noted that Elvis Presley’s estate could successfully argue that Naussany’s attempt to auction Graceland was fraudulent. A key affidavit from Florida notary Kimberly Philbrick, whose name appeared on Naussany’s documents, indicated she never met or notarized anything for Lisa Marie Presley, casting doubt on the documents’ authenticity.
Business law expert Nicole Forbes Stowell remarked, “The whole thing does not pass the smell test.” She pointed out inconsistencies such as incorrect signature blocks and outdated notarization options in the documents.
Mark Sunderman, a real estate professor at the University of Memphis, questioned the timing of the foreclosure. “If someone starts missing payments or hasn’t made a payment, you’re not going to sit around for a couple of years and then say, ‘Golly, I think we need to foreclose now,’” he said.
Attempts by the Associated Press to verify Naussany Investments’ legitimacy have been unsuccessful. The company has no apparent existence beyond an email address and court filings. Addresses listed for the company led to post office boxes, and the business is not registered in state databases.
Tennessee Attorney General Jonathan Skrmetti announced that his office is investigating the case for potential fraud. “We often see cases where older people are targets of fraud,” said Memphis attorney Darrell Castle. “People in the final stages of life in nursing homes are often financially victimized.”
Graceland, opened as a museum in 1982, is Memphis’ most famous tourist attraction, drawing hundreds of thousands of visitors annually. The estate, deeply revered by Elvis Presley fans, was almost auctioned off in a scheme that University of Memphis criminology professor Nikos Passas described as falling apart “with the first email and phone call, or internet search.”
“The question is then, ‘What was the intent, and who was behind it?’” Passas added, emphasizing the need for a thorough investigation to prevent similar fraudulent attempts in the future.
Gary P Hernal started college at UP Diliman and received his BA in Economics from San Sebastian College, Manila, and Masters in Information Systems Management from Keller Graduate School of Management of DeVry University in Oak Brook, IL. He has 25 years of copy editing and management experience at Thomson West, a subsidiary of Thomson Reuters.
