A company named Naussany Investments & Private Lending attempted to foreclose on Elvis Presley’s Graceland estate claiming that they had given a $3.8 million loan to Lisa Marie Presley, Elvis Presley’s daughter who passed away last year, and had a deed of trust on the property as collateral. However, county officials and the Shelby County Register of Deeds Office have no records or documentation of such a transaction. The company failed to file required documents such as a quit claim form, a substitute trustee’s deed, a lien, or a mortgage to legally document the transaction, leaving doubts about the validity of their claim.
The Attorney General of Tennessee, Jonathan Skrmetti, has announced an investigation into Naussany Investments’ attempt to foreclose on Graceland, describing it as one of the most iconic landmarks in the state and expressing concern over potential misconduct. Despite the lack of filed documents, the company proceeded with its foreclosure plans, posting public notices, and moving forward with the sale due to a system that allows contested cases to be resolved in court, leaving limited measures to prevent such situations.
Elvis Presley’s granddaughter, Riley Keough, took legal action by filing a claim in Shelby County Chancery Court, alleging that Naussany Investments submitted fraudulent documents with forged signatures from Lisa Marie Presley to secure the loan. The court case presided over by Chancellor JoeDae Jenkins led to the postponement of the sale, with indications that Keough may succeed in blocking it permanently by proving the fraud. The company, which remains shrouded in mystery, denied Keough’s allegations, allowing the case to continue in court for further examination.
Upon investigating the company, NBC News could not find any public records, social media profiles, or information about anyone with the name Naussany. The company responded to the court’s claim, denying the allegations and asserting its intention to provide evidence in support of continuing with the sale. Despite repeated attempts to contact Gregory E. Naussany for clarification and further information, responses indicated that the case would be dropped after consultations with lawyers, leaving questions unanswered about the legitimacy of the company and the loan claim.
In Shelby County, quit claim fraud cases, where individuals claim ownership of a property without proper documentation, are common, often targeting elderly or deceased individuals. The Register of Deeds, Willie Brooks, highlighted that cases of fraud are usually handled in civil court, with fraudulent foreclosures rarely succeeding due to the court’s intervention. When facing foreclosure, individuals are provided the opportunity to challenge it in court, requiring the filing party to prove their right to the debt with necessary documentation. In instances like the Graceland case, where required documents were missing, the attempt was thwarted in court.
The lack of transparency and documentation in Naussany Investments’ attempt to foreclose on Graceland has raised concerns about potential fraud and misconduct. With investigations ongoing and legal proceedings in place, the focus is on proving the legitimacy of the company’s claim and ensuring that the iconic estate remains in the hands of the Presley family, who have controlled it since Elvis Presley’s purchase in 1957. The case serves as a reminder of the importance of due diligence and legal processes in protecting property rights and preventing fraudulent transactions.
