The future of Elvis Presley’s iconic Graceland Estate hangs in the balance as a judge has blocked the foreclosure auction due to the late icon’s estate failing to repay a loan used as collateral. The decision, made by Shelby County Chancellor JoeDae Jenkins, comes after Elvis Presley’s granddaughter, actor Riley Keough, filed a lawsuit to halt the sale, calling it “fraudulent.”
The temporary injunction against the proposed auction, scheduled for May 22, has been met with relief by fans worldwide. A representative for Graceland assured that there will be no foreclosure, allowing the historic building to continue operating as it has for the past 42 years, providing a top-notch experience for Elvis enthusiasts.
Riley Keough, named the sole owner and trustee of the family estate after her mother Lisa Marie Presley’s passing in 2023, has been at the forefront of the legal battle. The issue stems from a $3.8 million loan taken out in 2018, with Graceland as collateral. Riley claims that her mother’s signatures on the documents are forgeries, the loan never existed, and the company involved is not legitimate.
The Graceland estate, purchased by Elvis for $102,500 in 1957, holds immense sentimental value for fans of the rock ‘n’ roll legend. Since opening as a museum in 1982, it has become a pilgrimage site for devotees from around the globe. With the foreclosure halted, the future of Graceland remains uncertain, but for now, the gates will remain open for fans to pay homage to the King of Rock and Roll.
