Elvis Presley, known as the "King of Rock and Roll", is not only remembered for his legendary music but also for his lavish lifestyle. His beloved home, Graceland, located in Memphis, Tennessee, has become a symbol of his fame and success.
However, recent events have left fans and the Presley family shocked as Graceland is now facing foreclosure. What's even more shocking is the family's claims of fraud and scam surrounding the auction of this iconic mansion.
GRACELAND FORECLOSURE: The historic home of Elvis Presley is set to be sold off at a foreclosure sale this Thursday, a notice stated. But Presley's granddaughter is fighting the sale. STORY: https://t.co/NK1twEv3qh pic.twitter.com/WmJ0EJjN2A
— WFLA NEWS (@WFLA) May 20, 2024
Graceland, which was purchased by Elvis in 1957, has been a popular tourist destination, attracting thousands of fans each year. The 23-room mansion is not only a glimpse into the life of the music icon but also a major source of income for the Presley family. However, things took a drastic turn when Graceland's current owner, holding company Core Entertainment, failed to make payments on a $16.5 million loan, resulting in a foreclosure auction.
The Presley family has been fighting to keep Graceland in their possession, claiming that they were the victims of a fraud and scam by Core Entertainment. According to the family, they were never made aware of the loan and were misled into signing documents that allowed the company to take control of Graceland. They have filed a lawsuit against Core Entertainment, alleging that they were "duped" into the loan agreement.
This National Travel and Tourism Week, let's take a trip down memory lane to September 2023 when Elvis Presley's Graceland was named the most Instagrammable tourist attraction in the state of Tennessee according to a study led by a travel site, Places To Travel. Share your… pic.twitter.com/ugr5NEtChi
— Graceland (@VisitGraceland) May 21, 2024
As the auction for Graceland draws near, the Presley family is not only fighting for their home but also for Elvis' legacy. They argue that Graceland holds sentimental value and is a major part of the music icon's history. The family's lawyer stated that the auction "will essentially rob a part of Elvis' legacy and history from fans around the world."
Despite the legal battle and efforts by the Presley family to keep Graceland, the foreclosure auction is still set to take place. The future of this iconic mansion remains uncertain as fans and the Presley family anxiously wait for the outcome. However, this situation has shed light on the potential dangers of fraudulent practices in the real estate industry.
Graceland's unfortunate situation serves as a cautionary tale for homeowners and buyers to always be vigilant and cautious when it comes to their properties. The Presley family's fight to keep their home not only highlights their love for Graceland but also their determination to seek justice and protect their father's legacy.
As the auction date approaches, the question remains: will Graceland continue to be a symbol of Elvis' fame or will it fall into the hands of fraudulent practices?
What are YOUR thoughts?
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Many people hate Priscilla but she sure knew how to manage Elvis’ estate.
Rather than have all the elected leaders in our country fight over who has control of the money in our country, maybe it’s time they do things to help people in our country. These kind of things should be evaluated so that that doesn’t happen to anyone else.
The Presley family should retain possession of Graceland as part of Elvis’ legacy. Somebody somewhere messed up and they need to find out who. Lisa Marie maybe? I understand she blew her inheritance. Maybe she made a loan with
that company and didn’t tell anyone. I hope Elvis’ fans come to the rescue.