The company looking to auction off Elvis Presley’s Graceland has abandoned its plans to sell the iconic estate after a Tennessee judge blocked the move earlier this week.
A representative for Naussany Investments & Private Lending LLC said it would withdraw its claims over the property Wednesday, shortly after a judge issued an injunction halting the foreclosure and hinted that Elvis’ granddaughter Riley Keough would likely win her lawsuit against the company.
Gregory Naussany, whose role with the firm was not immediately clear, told Reuters on Wednesday that the company would “be withdrawing all claims with prejudice” in the case, which centers on a $3.8 million loan that the company claims it gave Elvis’ daughter, Lisa Marie Presley, before her death in January 2023.
According to Naussany, the decision to not pursue the auction was made after consulting with lawyers and concluding the firm would have to file legal actions in multiple states, since the alleged loan was secured in Florida.
Naussany Investments had planned to hold a foreclosure auction for the famous estate Thursday, claiming that Lisa Marie Presley offered the popular tourist attraction as collateral for the loan.
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Author: Joseph Curl
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