Naussany Investments & Private Lending, LLC are suing Lisa Marie Presley's estate for an unpaid loan amounting to $3.8 million from 2018.
The lawsuit states that Elvis' daughter had until May 2022 to pay this loan in full, as reported by Entertainment Tonight.
It has been claimed that, although multiple attempts at debt collection were made following March 2022, there was no contact with Lisa Marie, who died in January.
The documents presented to the court state that his ownership interest in both Graceland and Elvis Presley Enterprises had been put up as collateral.
Resolving the court case between NIPL, LLC and Lisa Marie's estate, Riley Keough has been given 45 days to pay $2.85 million - which constitutes 75 percent of the total debt - should she wish for it to be dropped.
Last month, following legal proceedings, Riley was appointed sole trustee after the passing of her mother.
Riley has been awarded a significant inheritance. Not only did she gain ownership of her grandfather Elvis Presley's legendary home, Graceland, but she is now in charge of two sub-trusts set up for her 14-year-old half-sisters, Harper and Finley.
After a lengthy legal battle, Priscilla, 78, has been rewarded with a paid unique adviser role at the trust and was ultimately granted her wish to be buried next to her late husband.
To achieve their agreement, Riley reportedly offered his grandmother more than $1 million before their case ended in June.
READ ALSO: Elvis Presley Divorce Song Dedicated To Ex-Wife Priscilla Presley Revealed
A disagreement began between Priscilla Presley and Riley Keough shortly after Lisa Marie passed away.
Priscilla disputed the "authenticity and validity" of her daughter's will, which caused a court battle.
Despite this conflict, Priscilla insisted she was never on unfriendly terms with her granddaughter.
Last month, Priscilla spoke to The Hollywood Reporter and commented on her daughter becoming the executor.
"Riley and I are on good terms. We were never not on good terms. That was all publicity." When asked about their relationship status, Priscilla quickly noted that they were always in good standing.
She said, "In fact, I'm having dinner with [Riley] tonight. We understand what needs to be done. I'm there for her. She knows that. She wants me there for her to help her."
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