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Elvis Presley fans visiting the beloved King of Rock ‘n’ Roll’s famed Graceland mansion in Memphis, Tennessee, have been expressing shock over the news that the property may be sold at auction due to a court battle between a loan company and Presley’s granddaughter.
Fox News Digital spoke to some Elvis fans outside the iconic mansion on Tuesday before a Tennessee judge paused the proposed sale of the property to address claims that documents being held by the loan company are fraudulent. That company, Naussany Investments and Private Lending, told Reuters on Wednesday that it would drop the Graceland claims, potentially diffusing the tense situation.
“It would be a shame if it disappeared altogether … as a visitor attraction,” visitor Joan Sutherland told Fox News Digital. “It’s not a huge amount to bail them out with. I wouldn’t like to do it myself, but somebody might come along and help them out, surely.”
“It would be a big loss for Memphis, but there are other things people would come here to see,” Sutherland said.
GRACELAND AUCTION HALTED AFTER ELVIS PRESLEY GRANDDAUGHTER’S PUSH FOR INJUNCTION
The iconic mansion, which Presley bought in 1957 and is now a museum, was set to hit the auction block on Thursday after a loan company said Lisa Marie Presley, Elvis’s only child, took out a $3.8 million loan but never paid it back, having put the estate up as collateral in 2018.
Naussany Investments says Lisa Marie never paid back that money before she died last year and the firm then initiated plans for the home in Memphis, as well as its surrounding acreage on Elvis Presley Boulevard, to be sold to the highest bidder at a foreclosure sale.
Elvis’ granddaughter, Riley Keough, is the sole heir to the property and had asked a court for an injunction to prevent the sale, saying the signatures on the deed of trust are forgeries. A judge on Wednesday agreed to adjourn the sale so that time can be made for adequate discovery and for the defense to address claims made about the potential sale.
Robyn Dann of New Zealand echoed Sutherland’s feelings.
“It’s really quite sad, and I think it will be really sad if the family loses control or an interest in Graceland,” Dann said.
BATTLE FOR GRACELAND: ELVIS PRESLEY AND HIS FAMOUS FAMILY IN PHOTOS
Pressley lived in the mansion until his death in 1977 and then Lisa Marie inherited the property. It was opened to the public as a museum in 1982 and features costumes, artifacts and personal mementos from Elvis and his family.
The property also displays a Convair 880 Jet called “Lisa Marie” that Elvis used in his heyday. A resort hotel and a chapel were also added to the property, according to the home’s website. Graceland is considered a pilgrimage for die-hard Elvis fans. Elvis and Lisa Marie are buried on the property.
About 600,000 tourists visit the property each year, according to the property’s website. Graceland generates $150 million in overall economic impact for Memphis, the site says.
A group of three women told Fox News Digital that whatever happens to Graceland, the property should stay in the hands of the family, given its historical nature. They also feared that the new owners may not make the property available to the public.
“I would be very sad. Elvis is a very big part of history. A lot of parents and grandparents always looked up to him and loved his music, and I just think that [Graceland] should stay the same,” Marlie Randall said. “Everybody loves coming here and seeing his life, and he was a big part of the rock ‘n’ roll era.”
“This is a part of our history,” Leanna Randall added.
Elvis Presley was an international superstar who shot to fame in the 1950s and was known for his charisma, good looks and smash hits such as “Suspicious Minds,” “If I can Dream” and “Jailhouse Rock.”
He starred in 33 films and became a cultural icon. He also served in the Army from 1958 to 1960.
Kevin Hogan, the president of Rock Island Auction Co., a firearms auction house that sold Elvis’ Smith & Wesson revolver for nearly $200,000 last year, told Fox News Digital that it would be difficult to put a price tag on Graceland.
“Elvis was a big gun collector, and his Smith & Wesson was worth $10,000 intrinsically but sold for many times more due to its historical value,” Hogan said. “The same could be said for Graceland. There are many priceless objects there that could be sold off separately, and his bed, for instance, could go for an astronomical sum.”
“Graceland is really a priceless object,” he said.