A judge has stopped any sale of Graceland, Elvis Presley's iconic home and now tourist attraction in Memphis, TN, from happening.
Presley's granddaughter Riley Keough filed a lawsuit on May 20, citing the non-judicial sale of Graceland by Naussany Investments & Private Lending LLC as "fraudulent."
Judge Chancellor JoeDae L. Jenkins has ruled that under state law, any sale or “loss” of the “unique" property “will be considered irreparable harm” and in turn put a stop to the deal.
Naussany Investments & Private Lending LLC claimed that Keough's late mother and the only daughter of Elvis and Priscilla Presley, the late Lisa Marie Presley, had taken out a $3.8 million loan against the 13.8-acre property before her death, which was used as collateral.
Graceland and Elvis Presley Enterprises issued a statement to People that reads, “As the court has now made clear, there was no validity to the claims. There will be no foreclosure. Graceland will continue to operate as it has for the past 42 years, ensuring that Elvis fans from around the world can continue to have a best in class experience when visiting his iconic home.”
Elvis Presley purchased Graceland on March 25, 1957 for $102,500. The property was opened up to the public as a museum and tourist attraction in 1982 and averages approximately 600,000 visitors every year. Elvis, along with his parents, grandmother, daughter and grandson are all buried on the estate.