According to the court records that ET was able to get, Lisa Marie received the loan in May of 2018.
A private lending business has filed a lawsuit against the estate of Lisa Marie Presley, saying that the late daughter of Elvis and Priscilla Presley did not repay a loan in the amount of $3.8 million as agreed upon.
According to court records acquired by ET, Naussany Investments & Private Lending, LLC says that Lisa Marie Presley took out the loan in May 2018, and that she used her ownership part in Elvis Presley Enterprises and Graceland, the mansion that her father had owned in Memphis, Tennessee, as collateral for the transaction. Graceland was passed down to Riley Keough and her brothers, Harper and Finley Lockwood, all of whom are 14 years old, earlier this year after the passing of their mother, Lisa Marie, on January 12, 2023. Her age was 54.
According to NIPL, LLC, Lisa Marie took out a loan in the amount of $450,000 in July 2016, under the same conditions as her subsequent loan, and she paid it back in full less than a month later. In May of 2018, Lisa Marie obtained a second loan for her business. The cashier’s checks were drawn on U.S. Bank and made payable to Lisa Marie. They were attached by the private lender. In addition, there is a promissory note that Lisa Marie signed, which states that she committed to repay the $3.8 million loan in full by May 16, 2022, or else the private lending firm may file a deed of trust on the collateral that Lisa Marie used to secure the loan. This note was signed by Lisa Marie.
According to the records filed with the court, NIPL, LLC did not communicate with Lisa Marie after the 23rd of March, 2022, and its various attempts to collect the debt were unsuccessful on several occasions.
On the other hand, the private lending firm has said that it is ready to participate. If the trustee agrees to pay in full 75% of the $3.8 million borrowed, which means the estate would need to stump up $2.850 million within 45 days, NIPL, LLC claims it will agree to a settlement plan and not continue with legal action. This is stated in the papers filed with the court.
As was previously revealed by ET, Priscilla Presley and Keough engaged in a heated legal struggle in order to determine who would be given authority over Lisa Marie’s assets. The star of Daisy Jones and The Six was given the responsibility of serving as the sole trustee of her late mother’s estate back in August. The change became official when a court granted Keough’s petition in June to have the settlement agreement that she, her grandmother Priscilla, and Michael Lockwood, the Guardian Ad Litem for the 14-year-old twins, had agreed approved. The deal had been negotiated between Keough, Priscilla, and Michael Lockwood. According to the details of the deal, which Entertainment Tonight was able to get back in June, Keough will act as the sole trustee of her mother’s estate as well as the sub-trusts for her sisters Harper and Finley.
For her part, Priscilla will take on the role of Trustee of the sub-trust that will be established for her son, Navarone Garibaldi, who will be given one-ninth of the Trust. Navarone is Lisa Marie’s half-brother. The remaining eight and a ninthths of the Trust will be divided equally amongst Lisa Marie’s three kids, Riley, Finley, and Harper.