The iconic Graceland mansion, once home to music legend Elvis Presley, is facing the possibility of being sold at auction after his daughter allegedly failed to repay a $3.8 million loan. The King of Rock and Roll’s granddaughter is working hard to prevent the court-approved sale.
Graceland, situated on a 13.8-acre estate in Memphis, Tennessee, was purchased by Elvis in 1957 for a mere $102,500. The estate, named after Ruth’s aunt Grace, was originally constructed by Ruth Brown Moore and her husband Thomas D. Moore in 1939.
Following Elvis’ death in 1977, his father, Vernon Presley, took over the management of Graceland. The family transformed the property into a museum and tribute to the music icon, which opened its doors to the public in 1982. Ownership of Graceland was later transferred to Lisa Marie upon her 25th birthday in 1993.
However, recent reports claim that Graceland is scheduled to be auctioned off to the highest bidder on May 23, 2024, after Lisa Marie allegedly used the property as collateral for a loan she never repaid before her untimely death in 2023. Her daughter, Riley Keough, has filed a lawsuit stating that the loan documents are fraudulent and the signatures are forged.
Despite the turmoil surrounding the potential sale of Graceland, the estate’s archivist, Angie Marchese, revealed that the family does not reside there but does visit on occasion. Graceland has become a popular tourist destination, attracting over 600,000 visitors annually.
For those interested in paying tribute to the King of Rock and Roll, Graceland offers year-round tours for adults at a cost of $82.
Visitors can explore the famous mansion, view Elvis’ gold records and classic cars, and experience interactive exhibits showcasing the life and career of the music legend.
