PERCHED on a secluded hilltop behind towering Corinthian columns, Graceland was Elvis Presley’s sanctuary for two decades.
But tomorrow the grand mansion in Memphis, Tennessee, where the King of Rock ’n’ Roll and most of his family are buried, could be sold to pay off his late daughter’s £3million debt.
The 120-acre property, the second most visited home in the United States after The White House, has been put on the market by an investment firm.
It claims that Lisa Marie Presley, who died in January last year, used Graceland as collateral when securing a loan.
The treasured home, valued at half a billion dollars, can only be kept in the family if a last-minute legal challenge by his granddaughter Riley Keough succeeds.
Hollywood actress Riley, whose films include Mad Max: Fury Road, claims Naussany Investments and Private Lending has no right to sell Graceland.
Her lawyers described the documents provided by Naussany as “fraudulent” and claimed Lisa Marie’s signatures were “forgeries”.
Riley, 34, is the sole heir to Graceland and has found herself in the midst of legal battles since her mum died suddenly aged 54.
They have included a tussle with her grandmother Priscilla Presley over the rock legend’s fortune.
Lisa lived an extravagant lifestyle and racked up huge debts at different points in her life.
It was often the income provided by Graceland, where VIP tours cost £188 a ticket, that bailed her out.
Rags to riches
Riley, though, alleges in court documents: “The purported note and deed of trust are products of fraud and those individuals who were involved in the creation of such documents are believed to be guilty of the crime of forgery.”
Elvis bought Graceland in 1957 for £80,000 with the money from a new record contract, and it demonstrated his rags to riches story.
He was born in a shack in Tupelo 115 miles away 22 years earlier. His new, palatial, 1939 property had a sweeping driveway with marble lions and eight bedrooms.
Situated in Whitehaven, this was to be a home for his beloved mum Gladys and dad Vernon.
Priscilla, who moved there in 1963, said: “To him, having Graceland was a tangible symbol of how far he had come from his very humble beginnings.”
To him, having Graceland was a tangible symbol of how far he had come from his very humble beginnings
Priscilla
He soon set about adding opulent touches such as crystal chandeliers and a marble table, and new rooms including a racquetball court.
Visitors can see the distinctive 1970s style choices that you might expect from a man who wore rhinestone-encrusted jumpsuits on stage.
The highlight is the Jungle Room, with a lush green carpet and stone waterfall, which was the King’s man cave where he watched TV.
He also added music-themed gates where he would often meet fans who congregated outside.
Elvis is said to have loved Graceland so much that when he lived in hotels on tour, he asked for the rooms to be remodelled so they were similar to his own bedroom.
Hide his problems
But it also became a place where he could hide his problems from the world.
He would rarely get out of bed before 4pm and would rely on upper and downer drugs to regulate his mood.
In the early hours of August 16, 1977, he was found dead after consuming a reported 14 substances. He was 42.
As a result, his only child, nine-year-old Lisa Marie, became the new owner of Graceland.
Despite being the most famous singer on the planet, with countless hits under his white leather belt, Elvis had less than £4million in the bank.
It was Lisa who turned Graceland into a tourist spot and set up Elvis Presley Enterprises to monetise his image.
Her father’s other legacy proved to be her drug problems and addiction to spending.
In 2005, her financial adviser sold 85 per cent of Elvis Presley Enterprises in order to pay off more than £15million in debts.
Years later, court papers suggested she was £13million in the red and had defaulted on a mortgage for her Grade II listed home here in East Sussex, which had a swimming pool, cinema and 11 bedrooms.
It was around this time, in 2018, that Naussany Investments claimed that Lisa Marie Presley borrowed £3million from the firm. After that, her problems only mounted.
Straining her finances was a five year legal battle with her fourth and final husband, Michael Lockwood.
The couple, who shared 15-year-old twins Harper and Finley, filed for divorce in 2016, but the money situation wasn’t settled until 2021.
Lisa Marie, whose other husbands include actor Nicolas Cage and Michael Jackson, was spending a reported £70,000 a month before she died.
Her bills included a loan for a Maserati sports car and she also owed the US taxman £800,000.
We are a family, but there’s also a huge business side of our family
Riley
But the money brought in by Graceland should have been enough to keep the wolves from the door.
The mother of four was in a lot of turmoil in her final months, grieving the death of son Benjamin Keough, who shot himself in 2020 aged 27.
Drugs, though, played no part in her demise, with a coroner stating that the cause of death was a cardiac arrest brought on as result of previous surgery.
She was laid to rest in the circular Meditation Garden behind Graceland, alongside her father and son Benjamin.
Elvis was originally buried in Forest Hill Cemetery in Memphis, but his remains were moved to his former family home after grave robbers attempted to steal his coffin.
Unravelling the complex finances of the Presley clan has been a nightmare for the level-headed Riley.
There was said to be a row with her grandmother Priscilla about how much everyone got.
‘A lot of chaos’
The actress, who rarely talks about her famous heritage, said: “When my mom passed there was a lot of chaos in every aspect of our lives.
“Everything felt like the carpet had been ripped out and the floor had melted from under us.
“We are a family, but there’s also a huge business side of our family.
“So I think that there was clarity that needed to be had.”
An agreement was reached last June where Priscilla reportedly received an £800,000 sum, while Riley was named the sole trustee for Lisa Marie’s estate.
Now her legal team is taking on Naussany, which filed a lawsuit in September claiming it had the right to sell Graceland.
Earlier this month, Riley’s lawyers stated in court documents that “Lisa Marie Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments”.
She went further by questioning whether the investment firm was “a real entity”.
On Sunday, a notice was placed in Memphis newspapers informing the public that Graceland would be put up for auction this Thursday at Shelby County Courthouse.
A judge has granted a temporary injunction preventing the sale and a hearing today will take place in a bid to settle the matter.
Elvis Presley Enterprises said in a statement: “These claims are fraudulent.
“There is no foreclosure sale. Simply put, the counter lawsuit has been filed to stop the fraud.”
James Parker is a UK-based entertainment aficionado who delves into the glitz and glamour of the entertainment industry. From Hollywood to the West End, he offers readers an insider’s perspective on the world of movies, music, and pop culture.
