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Elvis Presley's granddaughter Riley Keough stops sale of Graceland estate with lawsuit

The actress claims that the investment fund claiming the property as collateral for an alleged loan from the family has no evidence of legal grounds.

Mujeres miembro de la familia Presley, de distintas generaciones, posan en un evento. Al centro, Lisa Marie, Priscilla Presley y Riley Keough.

(Bauer Griffin / Cordon Press)

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Riley Keough, granddaughter and heiress of Elvis Presley, filed a lawsuit to protect the family's historic property, Graceland, from being fraudulently sold. It is a lawsuit against an investment fund that has its eyes on the family estate that houses the tomb of the "King of Rock and Roll."

The legal action by actress Riley Keough comes nearly two years after the death of her mother, Lisa Marie Presley. After her death, the investment firm Naussany Investments & Private Lending, alleged that Lisa Marie Presley had an outstanding loan with them and for which Graceland was put up as collateral. The amount owed allegedly amounted to as much as $3.8 million.

Regarding this alleged loan with the family property as collateral, Riley Keough assures that this is a false and fraudulent allegation. According to Presley's granddaughter, her mother never borrowed money from Naussany Investments and never granted a deed of trust to said fund. The lawsuit also claims that the documents purporting to prove such loan are false.

With her lawsuit, Keough was able to stop the sale of the property, which was advertised for auction on May 19. The auction was even advertised in the media and was scheduled for May 23 at the Shelby County Courthouse in Memphis, Tenn. Following Keough's lawsuit, a court issued the order to stop the auction this Monday.