A Tennesee judge has ruled in favor of the Elvis Presley estate after it halted the foreclosure sale of Graceland after issuing a temporary injunction.
According to CBS News, Shelby County Chancellor JoeDae Jenkins issued a temporary injunction against the supposed auction that has since been scheduled in Memphis, Tennessee. The injunction temporarily upholds Riley Keough's previous restraining order on the foreclosure sale.
"The court will enjoin the sale as requested because, one, the real estate is considered unique under Tennessee law. And in being unique, the loss of the real estate would be considered irreparable harm," Jenkins said in a statement obtained by WREG Memphis. "Graceland is part of this community and well loved by this community and around the world."
ABC News reported that someone from the company that sued Graceland for failing to repay a 2018 loan said they would drop their claim. The Presley estate, through Keough, has since been arguing that the claim was based on fake and fraudulent documents.
"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 Enterprises Inc. spokesperson said in a statement.
In September 2023, it was reported that the Promenade Trust, which effectively controls the Graceland Museum, allegedly owes a whopping $3.8 million after failing to repay a 2018 loan.
Naussany Investments and Private Lending alleged that the late Lisa Marie Presley had used the famous Memphis tourist spot as "collateral" for the loan, hence the public sale notice.
To stop the foreclosure sale, Keough, who had inherited the estate after her mother's death, filed a countersuit, claiming that the company had presented fraudulent documents in their filing.
"Lisa Maria Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments," Keough's lawyer maintained in their lawsuit.
Keough also claimed in her lawsuit that the company "appears to be a false entity" created to defraud her family.
As of this writing, the Presley estate has not yet issued a statement about the recent development.
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