The secretive corporation organizing the Graceland foreclosure auction has backed out after a court banned the sale due to fraud suspicions. The FBI is now interested in a potential criminal investigation.

A spokesperson for Naussany Investments & Private Lending told Reuters that the company would withdraw all of its claims against Graceland. The popular Memphis tourist site attracts over 600,000 people each year. Naussany said Elvis’ late daughter Lisa Marie Presley signed for a $3.8 million loan, with Graceland listed as security. As the loan was never repaid, Naussany issued a public notice of intended sale, causing outrage about the fate of the renowned property.

READ MORE: Elvis’s Graceland Home Is In Foreclosure. Riley Keough Fights Sale, Cries Fraud!

Elvis Presley’s granddaughter and Graceland heir after her mother’s death sued Naussany, claiming that her mother never took out a loan on the property. She claims the documents presented with Lisa Marie Presley’s signature are forgeries, despite the fact that a notary public mentioned on the paperwork swears she has never met Lisa Marie Presley or notarized the signature on the documents.

Gregory Naussany said the corporation decided to back out of the Graceland deal because it would have to file legal action in various states. Nassauny claims the supposed loan was secured in Florida, but he does not address Keough’s case or allegations of fraud.

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Meanwhile, Elvis Presley Enterprises issued a statement saying, “As the court has already made plain, the allegations were without merit. There will be no foreclosures.

The Federal Bureau of Investigation (FBI) has taken note of the allegations of fraud, and the Tennessee Bureau of Investigation is also investigating. FBI investigators allegedly approached Riley Keough and her representatives about starting a criminal investigation into the fraud. Elvis died in 1977 at the age of 42, and Keough’s mother, Lisa Marie, acquired the fortune. Riley Keough will be the sole heir to the property following Lisa Marie’s death in January 2023.