Priscilla Presley is setting the record straight on news that Graceland, her ex-husband Elvis Presley's legendary estate, is undergoing a foreclosure sale.
On Monday, her granddaughter Riley Keough –– who is the sole trustee of her late mom Lisa Marie Presley's estate, The Promenade Trust, and is the heir to Graceland –– filed a lawsuit seeking to block Naussany Investments & Private Lending LLC (NIPL, LLC) from selling the home, alleging it would be a "fraudulent" sale.
The move on behalf of the private lending company stems from a lawsuit they filed in September against Lisa Marie, who they claim failed to make good on a $3.8 million loan from 2018, and moreover listed her stake in Elvis Presley Enterprises, plus Graceland itself, as collateral.
Taking to Instagram after Riley's lawsuit was made public, Priscilla, who moved into the Tennessee home when she was 18 years old, posted a photo of Graceland with "It's a scam" emblazoned over it in bright red.
© GettyWho owns Graceland?
Lisa Marie was the owner of Graceland – though it was managed and operated by Authentic, which owns the rights to Elvis – until her death, but since Riley and Priscilla's settlement was reinforced in June, she took over as owner.
MORE: Lisa Marie Presley's teen daughter Finley shares emotional tribute in her honor, Riley Keough reacts
Elvis purchased the home in 1957 for $100,000 at age 22, and Priscilla moved into the iconic property in 1963. She married Elvis four years later, after meeting when she was 14 and he was 24.
© GettyWhy is NIPL, LLC suing Lisa Marie and trying to sell Graceland?
In the lawsuit against Lisa Marie's estate, NIPL, LLC claims she first took out a loan (under similar terms as her 2018 loan) for $450,000 in July 2016, however she repaid it in full less than a month later.
The second loan, the $3.8 million, came in May of 2018, and per court documents obtained by Entertainment Tonight in September, the private lender provided as proof two checks from U.S. Bank made out to Lisa Marie, as well as a loan agreement, signed by her, agreeing to pay the loan in full by May 16, 2022, or else risk the collateral promised to secure the loan, Graceland.
© GettyFurther, NIPL, LLC claims in the court documents that despite their continued attempts, they did not have contact with Lisa Marie after March 23, 2022. In court documents obtained by People, Riley alleged "the note and deed of trust are fraudulent and unenforceable."
© GettyHow much is Graceland worth today?
At the time of Elvis' death in 1977 when he was 42 years old, Graceland was reportedly worth $5 million, a $4,900% increase in value from when he first bought it.
Despite the increased valuation, it was Priscilla's decision to open Graceland to the public in 1982, which made it one of the U.S.' most popular tourist destinations, that largely saved the Presley family from financial peril (the $500,000 annual upkeep of the home while it remained a private residence had significantly dwindled Priscilla and Lisa Marie's fortune.)
Today, it reportedly generates over $10 million annually, plus a Presley executive told Rolling Stone in 2020 that the estate is worth upwards of $500 million.
