The late singer’s estate, which includes Graceland, is being sued over a million-dollar loan
Just four months after Priscilla Presley and Riley Keough settled their legal dispute over Lisa Marie Presley’s estate, The Promenade Trust, in May, her assets have once again been thrust into another legal drama.
After the late Presley heir passed away unexpectedly on January 12, her mother and daughter spent months at odds over her estate, specifically an amendment she made to her will in 2016 which made Riley, as opposed to her grandmother and Lisa Marie’s former business manager Barry Siegel, the sole trustee.
In June, Riley and Priscilla reached a settlement agreement which left the Daisy Jones & the Six actress as sole trustee, however it appears legal trouble is far from over for her.
The Promenade Trust is being sued by a private lending company, who is claiming Lisa Marie failed to make good on a whopping $3.8 million loan.
In court documents obtained by Entertainment Tonight, Naussany Investments & Private Lending, LLC (NIPL, LLC) claims she took out the loan in 2018.
What’s more, the court documents revealed she listed her stake in Elvis Presley Enterprises, plus none other than Graceland, the former Memphis, Tennessee home her father bought back in 1957 when he was 22, as collateral.
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, the former took over as owner.
Elvis bought Graceland 66 years ago for $100,00, and at the time of his death 20 years later, it was reportedly worth $5 million.
Lisa Marie was laid to rest in Graceland in January, where her father, grandparents, and son Benjamin are as well However, the homes’ worth has since skyrocketed – in large part thanks to Priscilla’s decision to open it to the public – and 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.
Riley and Priscilla settled their legal dispute over the trust in May.
In the lawsuit to Lisa Marie’s estate, NIPL, LLC claims she first took out a loan (under similar terms) 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 on May 2018, and 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, aka Graceland.
Further, NIPL, LLC claims in the court documents that despite their continued attempts, they did not have contact with Lisa Marie after March 23, 2022.