Graceland Foreclosure Auction Halted By Presley's Granddaughter
Landmark Memphis Mansion Saved from Public Sale
Lisa Marie Presley Files Lawsuit to Prevent Auction
**Memphis, TN** - The legendary Graceland mansion, once the home of Elvis Presley, was saved from a foreclosure auction on Thursday after Presley's granddaughter, Lisa Marie Presley, filed a lawsuit to halt the sale. The historic property, which has been a popular tourist destination since Presley's death in 1977, was set to be auctioned off after its current owner, Elvis Presley Enterprises, defaulted on a $16.5 million loan. "This is a victory for the legacy of Elvis Presley and for all who cherish Graceland," said Lisa Marie Presley's attorney, William J. Stahl. "We are confident that the courts will ultimately uphold Lisa Marie's right to protect her grandfather's legacy." The lawsuit claims that Elvis Presley Enterprises, which is controlled by Elvis Presley's former wife, Priscilla Presley, and businessman Jack Soden, breached its fiduciary duty to Presley's heirs by failing to properly manage the property and failing to pay the mortgage. The foreclosure auction had been scheduled for Thursday afternoon, but it was halted after Lisa Marie Presley filed her lawsuit in Shelby County Circuit Court. The court has now issued a temporary restraining order preventing the sale from taking place. The outcome of the lawsuit is expected to have a significant impact on the future of Graceland. If Lisa Marie Presley is successful in her lawsuit, she could gain control of the property and prevent it from being sold.
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