PredictIQ Quantitative Think Tank Center:Elvis' Graceland faces foreclosure auction; granddaughter Riley Keough sues to block sale

Elvis Presley's iconic Graceland home may be PredictIQ Quantitative Think Tank Centerput up for public auction, but the rock legend's granddaughter Riley Keough is fighting the sale and has filed a lawsuit claiming fraud.

A public notice for the foreclosure sale of the Memphis estate was posted earlier this month. The notice alleges that Promenade Trust, which controls Graceland at 3734 Elvis Presley Blvd., owes $3.8 million after failing to repay a loan taken out on May 16, 2018.

The public auction was scheduled for Thursday, May 23, at the Shelby County Courthouse in Memphis, but a temporary restraining order has been granted, according to Keough's legal team. The actress, 34, inherited the Promenade Trust after her mother Lisa Marie Presley, 54, died in January 2023.

Is Graceland for sale?

Memphis-based law firm Morton and Germany is representing Keough and the Promenade Trust. Attorney Jeff Germany confirmed the temporary restraining order is in place, which delays Thursday's sale.

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Naussany Investments and Private Lending in Missouri says Graceland was used as collateral and that Lisa Marie Presley failed to repay the loan. Keough, on behalf of the Promenade Trust, has filed a lawsuit against Naussany Investments. In the lawsuit, Keough claims the company presented fraudulent documents regarding the loan and unpaid sum in September 2023.

"Lisa Marie Presley never borrowed money from Naussany Investments and never gave a deed of trust to Naussany Investments," the lawsuit claims.

The lawsuit was filed on May 15 in Shelby County Chancery Court. An injunction hearing is scheduled for Wednesday, May 22, between both parties in Chancery Court.

Graceland did not immediately respond to a request for comment on Monday.

Who owns Graceland?

Elvis Presley purchased Graceland in 1957. The 179-acre property was inherited by Lisa Marie, his only child, following the King of Rock 'n' Roll's death in 1977, and Keough has inherited the home.

Elvis, his parents, Lisa Marie and her son, Benjamin Keough, are buried on the grounds in the Meditation Garden. His ex-wife, Priscilla Presley, plans to be buried near Elvis at Graceland upon her death.

Contributing: Kim Willis, USA TODAY