Elvis Presley fans may no longer have to be all shook up over the potential sale of Graceland.
The King of Rock and Roll’s former estate was set to go up for auction this week, but a judge in Tennessee has halted the sale, CBS News reported on Wednesday. The temporary injunction comes after the actor Riley Keough, one of Elvis’s granddaughters, accused the company Naussany Investments and Private Lending of trying to sell the home as part of a fraudulent scheme. (Keough inherited the property and her family trust after her mother, Lisa Marie Presley, died last year.)
“The court will enjoin the sale as requested because, one, the real estate is considered unique under Tennessee law,” Shelby Country Chancellor JoeDae Jenkins said, according to CBS. “And in being unique, the loss of the real estate would be considered irreparable harm.”
Elvis bought Graceland—then a 10,266-square-foot mansion with 13.8 acres of farmland—back in 1957 for just $102,500, CBS noted. He died at the estate in 1977, and it was added to the National Register of Historic Places in 1991. Now, more than 600,000 Elvis fans visit the home, which has been turned into a museum, every year.
Earlier this month, a public notice for the foreclosure sale of the property was posted, with claims that Promenade Trust, which controls Graceland, owes $3.8 million after failing to repay a loan, CBS wrote. Naussany Investments said Lisa Marie had used the estate as collateral for that loan. Keough, however, says the company created fake documents, and in a lawsuit filed last week, she alleges Naussany Investments “appears to be a false entity created for the purpose” of defrauding Elvis’s family.
“As the court has now made clear, there was no validity to the claims. There will be no foreclosure,” a spokesperson for Elvis Presley Enterprises told CBS. “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.”
While the King’s relatives and fans are likely happy that Graceland will be staying in the family, the property would have probably fetched a pretty penny at auction. Just last year, a dilapidated private jet owned by the King hammered down for $260,000—and now it’s being turned into a luxe RV.
Thankfully, when tourists head to Memphis to get a little taste of Elvis’s life, for now, Graceland will still be waiting for them.
Source: Luxury - robbreport.com
