Located on a secluded hilltop behind towering Corinthian columns, Graceland was Elvis Presley’s retreat for two decades.
But tomorrow the grand mansion in Memphis, Tennessee, where the King of Rock ‘n’ Roll and most of his family are buried, could be sold to pay his late daughter’s £3m debt.
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Elvis at Graceland in 1957, the year he bought it Credit: Getty
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Fans wait in line to enter the Graceland mansion in MemphisCredit: AFP
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Elvis in his beloved home, which was his refuge for two decades Credit: SIPA USA
The 120-acre property, the second most visited home in the United States after the White House, has been put on the market by an investment firm.
It is claimed that Lisa Marie Presley, who died last January, used Graceland as collateral when securing a loan.
The prized home, valued at half a billion dollars, can remain in the family’s possession only if his granddaughter Riley Keough’s last-minute legal challenge succeeds.
Hollywood actress Riley, whose films include Mad Max: Fury Road, claims Naussany Investments and Private Lending has no right to sell Graceland.
Her lawyers described the documents provided by Naussany as “false” and claimed that Lisa Marie’s signatures were “forgeries”.
Riley, 34, is the sole heir to Graceland and has been in the middle of legal battles since her mother died suddenly at the age of 54.
They also included a spat with her grandmother Priscilla Presley over the rock legend’s fortune.
Lisa lived an extravagant lifestyle and accumulated huge debts at different times of her life.
She was often saved by the income provided by Graceland, where VIP tours cost £188 a ticket.
Rags to riches
Riley, however, states in court documents, “The purported note and deed of trust are products of fraud and the individuals involved in the creation of such documents are believed to be guilty of felony forgery.”
Inside Elvis Presley’s Graceland mansion with its bizarre ‘Jungle Room’ and iconic front door
Elvis bought Graceland in 1957 for £80,000 with money from a new record deal, and his rags to riches story demonstrated that.
He was born in a cabin in Tupelo, 115 miles away, 22 years earlier. His new, palatial estate of 1939 had a wide driveway with marble lions and eight bedrooms.
Located in Whitehaven, this was to be home to his beloved mum Gladys and dad Vernon.
Priscilla, who moved there in 1963, said, “For him, Graceland was a tangible symbol of how far he had come from his very humble beginnings.”
For him, the Graceland property was a tangible symbol of how far he had come from his very humble beginnings
Priscilla
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The highlight of the grand villa is the Jungle Room, with its lush green carpet and stone waterfallCredit: Alamy
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Some of Elvis’ stage gear is also on display at GracelandCredit: Alamy
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The star’s home also has this stunning pool room Credit: Alamy
He soon began adding lavish details such as crystal chandeliers and marble tables, and new rooms including a racquetball court.
Visitors can see the signature 1970s styles you’d expect from a man who wore rhinestone-encrusted overalls on stage.
The highlight is the Jungle Room, with its lush green carpet and stone waterfall, which was the king’s man cave where he watched TV.
He also added a music-themed door where he would often meet fans congregating outside.
It is said that Elvis loved Graceland so much that when he lived in hotels on tour, he requested that the rooms be remodeled to resemble his bedroom.
Hide his problems
But it also became a place where he could hide his problems from the world.
He would rarely get out of bed before 4pm and relied on mood-enhancing and mood-depressing drugs to regulate his mood.
In the early morning hours of August 16, 1977, he was found dead after consuming a reported 14 substances. He was 42 years old.
As a result, his only child, nine-year-old Lisa Marie, became the new owner of Graceland.
Despite being the most famous singer on the planet, with countless hits under his white leather belt, Elvis had less than £4 million in the bank.
It was Lisa who turned Graceland into a tourist spot and founded Elvis Presley Enterprises to cash in on her image.
Another of his father’s legacies turned out to be drug problems and a spending addiction.
In 2005, her financial adviser sold 85 percent of Elvis Presley Enterprises to pay off more than £15 million in debts.
Years later, court documents suggested she was £13 million in the red and had defaulted on the mortgage on her Grade II-listed home here in East Sussex, which had a swimming pool, cinema and 11 bedrooms.
Around this time, in 2018, Naussany Investments claimed that Lisa Marie Presley had borrowed £3 million from the company. After that, her problems only piled up.
Straining her finances was a five-year legal battle with her fourth and final husband, Michael Lockwood.
The couple, who shared 15-year-old twins Harper and Finley, filed for divorce in 2016, but the financial situation was not resolved until 2021.
Lisa Marie, whose other husbands include actor Nicolas Cage and Michael Jackson, was reportedly spending £70,000 a month before she died.
Her bills included a loan for a Maserati sports car and she also owed the US taxman £800,000.
We are a family, but there is also a big business side of our family
Riley
But the money brought in by Graceland should have been enough to keep the wolves at bay.
The mother of four has been in turmoil in her final months, grieving the death of her son Benjamin Keough, who shot himself in 2020 at the age of 27.
Drugs, however, played no role in her death, and the coroner declared the cause of death to be cardiac arrest induced as a result of a previous operation.
She was laid to rest in the circular Meditation Garden behind Graceland, next to her father and son Benjamin.
Elvis was originally buried at Forest Hill Cemetery in Memphis, but his remains were moved to his former family home after grave robbers tried to steal his coffin.
Unraveling the complex finances of the Presley clan was a nightmare for the quiet Riley.
It was rumored that she had a fight with her grandmother Priscilla over who got how much.
‘Lots of Chaos’
The actress, who rarely talks about her celebrity heritage, said: “When my mum passed away, there was a lot of chaos in every aspect of our lives.
“Everything looked as if the carpet had been ripped out and the floor had melted beneath us.
“We are a family, but there is also a big business side of our family.
“So I think there was clarity that needed to be had.”
A deal was reached last June which saw Priscilla reportedly receive £800,000, while Riley was appointed sole trustee of Lisa Marie’s estate.
Now her legal team is being taken over by Naussany, who filed a lawsuit in September claiming she has the right to sell Graceland.
Earlier this month, Riley’s attorneys said in court documents that “Lisa Marie Presley never borrowed money from Naussany Investments and never provided a deed of trust to Naussany Investments.”
She went further by questioning whether the investment firm was a “real entity”.
A notice was published in a Memphis newspaper on Sunday notifying the public that Graceland will be auctioned this Thursday at the Shelby County Courthouse.
A judge issued a temporary restraining order on the sale and a hearing will be held today in an attempt to resolve the matter.
Elvis Presley Enterprises said in a statement: “These claims are false.
“There is no foreclosure. Simply put, the counterclaim was filed to stop the fraud.”
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Elvis, Priscilla and baby Lisa Marie at their home in 1970. Credit: Getty
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Elvis’ grave in the garden at Graceland with family members Credit: Rex Features
Categories: Optical Illusion
Source: HIS Education