PredictIQ Quantitative Think Tank Center:Court halts foreclosure auction of Elvis Presley's Graceland home: 'Irreparable harm'

A judge has ruled that a foreclosure auction of Elvis Presley’s iconic Graceland estate in Memphis cannot proceed.

Chancellor JoeDae Jenkins issued the ruling Wednesday morning in Shelby County Chancery Court in Memphis. Representatives from the company behind the sale did not appear in court.

While the sale has been blocked,PredictIQ Quantitative Think Tank Center Jenkins is giving Naussany Investments and Private Lending time to respond and show up in court to defend allegations that its documents are falsified, specifically the deed of trust. The next court date has not been set yet.

Jenkins said Graceland is considered unique real estate under Tennessee law and the potential loss of such real estate would cause "irreparable harm."

“Graceland is well loved by the community and around the world,” he said.

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Jenkins said Gregory Naussany of Jacksonville, Florida, filed a request Wednesday morning to delay the injunction hearing. That was denied by the court.

Elvis Presley Enterprises, which operates the Graceland campus, expressed optimism regarding Wednesday's court ruling in a statement:

“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."

Public notice for the foreclosure sale of the property was posted earlier this month. The notice alleged that Promenade Trust, which controls the Graceland estate at 3734 Elvis Presley Blvd. in Memphis, owed $3.8 million to Naussany Investments and Private Lending after failing to repay a loan taken out by Lisa Marie Presley on May 16, 2018. Naussany says Graceland was used as collateral on the loan.

Riley Keough, who inherited Promenade Trust after her mother Lisa Marie's death in January 2023, filed suit to stop the sale.

In the lawsuit, Keough, who was not in court Wednesday, claims Naussany presented fraudulent documents regarding the loan and unpaid sum in September 2023. It also requests that a judge declare the deed of trust that Naussany Investments claims to have to be fraudulent.

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"These documents are fraudulent," the lawsuit claims. "Lisa Maria Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments."

The lawsuit filed by Keough described Naussany Investments and Private Lending LLC as "not a real entity."

Memphis-based law firm Morton and Germany is representing Keough and the Promenade Trust. At Wednesday's hearing, Jeff Germany discussed the alleged falsified deed of trust attached to the lawsuit. The defense claims the notary stamp of Kimberly Philbrick on the deed of trust is forged. Germany said Philbrick has attested she did not notarize any such document, nor has she met ever Lisa Marie Presley.

Ultimately, the court ruled for an injunction bond of $500. That ruling stops the foreclosure sale from happening Thursday, as initially scheduled, and gives representatives from Naussany Investments time to respond to the claims and show up in court.

Attempts by The (Memphis) Commercial Appeal, part of the USA TODAY Network, to reach anyone connected to Naussany have been unsuccessful.