Elvis Presley’s Historic Graceland Up For Auction?

Is Elvis Presley’s historic Graceland home up for auction? This is a place where tourists come from all around the country to feel closer to the late icon. Not only is he buried there but so is his daughter, Lisa Marie Presley. So, what is going on with the Memphis, Tennessee hotspot? Keep reading for all of the details.

Elvis Presley’s Historic Graceland Up For Auction?

When Elvis Presley passed away in 1977, this was a place where people came to feel closer to the singer and actor. No one wanted to believe that he was really dead and he lived on in their hearts and minds. Luckily, it was soon turned into a memorial museum, opened to the public in 1982, five years after his passing. This was a big deal because fans felt that they could be a part of Elvis, his life, and his legacy. Now, fans may not be able to see Graceland for long.

Upon the passing of Elvis’ daughter, Lisa Marie in January 2023, her daughter, Riley Keough inherited Graceland. According to The Sun, it seemed that the iconic landmark would be going up for auction on Thursday, May 23rd. The reason is that Lisa Marie allegedly took out a $3.8 million loan and used Graceland as collateral. However, Riley maintains that this sale is fraudulent and is doing all that she can to prevent the sale of the home. Her lawyers are suing to stop this “fraudulent scheme” and are stating the company “appears to be a false entity.”

This also applies to the paperwork alleging Lisa Marie Presley took out a loan and used Graceland as collateral, per The New York Times. Elvis Presley Enterprises, the operators behind Graceland, had this to say: “There is no foreclosure sale.” More so, they are doing what they can simply to stop the fraud. Now, Lisa Marie may have had a debt when she passed. At the same time, Graceland still generates around $80 million per year so it is more than bringing in what it needs to support the family.

The Importance Of Graceland

Selling Graceland would be a horror show for all Elvis Presley fans. What would happen to all of the memorabilia or would that be removed and placed elsewhere? More so, what would happen to Elvis and Lisa Marie Presley’s graves? They are both buried at Graceland so that would be awful to have them moved from their final resting places. There is so much of Elvis’ life inside that home and those walls, it is a historic landmark that no one should ever be able to touch.

Do you think that Graceland should be protected at all costs? Moreover, what else should be done to keep it in the family? Let us know in the comments below.