Failed Graceland sale by a mystery entity highlights attempts to take assets of older or dead people

MEMPHIS, Tenn. (news agencies) — The catalyst behind the failed gambit to sell off the iconic Graceland property in Memphis is a mystery.

The self-styled investment company also is under fire from a lawsuit alleging fraud, an aggressive attorney general and a community of Elvis Presley loyalists who consider the home-turned-museum of the the king of rock n’ roll to be sacred ground.

Among the many questions surrounding the attempt to auction Graceland is how often cases pop up in which an entity emerges to claim assets of older or dead people. Experts say it’s more common than one might think.

“I have never heard of a fraud targeting such a well-known institution. So it’s a bit surprising on that end,” said Nicole Forbes Stowell, a business law professor at the University of South Florida’s St. Petersburg campus. “But I don’t think it’s surprising to everyday people that are the targets.”

Naussany Investments and Private Lending caused a stir when a public notice for a foreclosure sale of the 13-acre (5-hectare) Graceland estate was posted this month.

The notice said Promenade Trust, which controls the Graceland museum, owed $3.8 million after failing to repay a 2018 loan. Riley Keough, an actor and Elvis Presley’s granddaughter, inherited the trust and ownership of the home after her mother, Lisa Marie Presley, died in 2023.

Naussany said Lisa Marie Presley used Graceland as collateral for the loan, according to the foreclosure sale notice. Keough filed a lawsuit on May 15 alleging Naussany presented fraudulent documents regarding the loan in September 2023 and asking a Memphis judge to block the sale to the highest bidder.

“Lisa Maria Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments,” Keough’s lawyer Jeff Germany wrote in the lawsuit.

“It’s a scam,” actor Priscilla Presley, Elvis’ former wife, declared on her social media accounts.

On Wednesday, an injunction by Shelby County Chancellor JoeDae Jenkins halted the sale, which was planned for the next day. Jenkins said in court that Elvis Presley’s estate could be successful in arguing Nausanny’s attempt to auction Graceland is fraudulent.

One reason is an affidavit from Kimberly Philbrick, the Florida notary whose name is listed on Naussany’s documents. Philbrick indicated she never met Lisa Marie Presley or notarized any documents for her, according to the lawsuit. The judge said the affidavit brought the signature’s authenticity into question.

On the relevant documents, the signature blocks were not correct and the paperwork references an online notarization option that was not recognized in Florida until 2020, two years after the alleged notarization, Stowell said.

“That makes me wonder if these documents were created after Lisa Marie passed away,” Stowell said. “The whole thing does not pass the smell test.”

Mark Sunderman, a University of Memphis real estate professor, questioned why the lender would foreclose now if it had not received payments years after the loan was issued.

“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,’” Sunderman said.

The lender’s legitimacy also is in doubt after unsuccessful attempts by media to verify its existence beyond an email address and court filing signed by a Gregory Naussany.

Court documents included company addresses in Jacksonville, Florida, and Hollister, Missouri. Both were for post offices, and a Kimberling City, Missouri, reference was for a post office box. The business also is not listed in state databases of registered corporations in Missouri or Florida.

“I’ve never heard of that business,” Kimberling City Clerk Laura Cather said.

A search of online records for the Financial Industry Regulatory Authority showed no registration for the company. No representatives of Naussany appeared in court, though the company filed an unsuccessful motion denying the lawsuit’s allegations and opposing the estate’s request for an injunction.

After the sale was halted, Naussany issued a statement saying it would drop its claim because a key document in the case and loan were recorded and obtained in a different state, meaning “legal action would have to be filed in multiple states.” The statement did not specify the other state.