It may be one of the most famous properties in America, but its notoriety did not deter a Missouri woman from trying to fraudulently sell Memphis’ iconic Graceland, the former home of Elvis Presley.
The scheme was designed to take millions of dollars from Presley’s family, according to a report by The New York Times that cites court documents (1) detailing how Jeanine Findley, 54, attempted to foreclose on Graceland.
Findley was sentenced to four years and nine months in prison after pleading guilty to one count of mail fraud in a plea deal in which a charge of aggravated identity theft was dismissed.
The plan began about six months after Lisa Marie Presley, daughter of Elvis Presley, died in 2023, the Times reported.
A trumped-up company called Naussany Investments & Private Lending LLC claimed that Lisa Marie Presley had taken out a $3.8 million loan, using Graceland as collateral, and had not repaid it before she died.
According to the Times, the affidavit filed for his arrest said Findley used several aliases, email addresses and false documents as part of a plan to threaten to foreclose on the property. The scheme included a package containing a “creditor’s claim,” along with false affidavits submitted to the Shelby County Recorder’s Office. A fraudulent “Notice of Foreclosure Sale” was also published in a Memphis newspaper.
It sounds impossible: how could a scammer sell your house short of you? But fraudulent home sales can occur.
In 2023, it was reported in Canada that private investigators working for a title insurance company discovered that at least 30 homes in the Greater Toronto Area had been sold or mortgaged without the owners’ knowledge. According to CBC, investigators say that in four of the cases identity theft and title transfer fraud were used to steal ownership of the homes. (2)
Read more: US auto insurance costs increased 50% between 2020 and 2024; This Simple 2-Minute Check Could Put Hundreds of Dollars Back in Your Pocket
But not all real estate scams are so elaborate. Below are some that may affect buyers and sellers:
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Title fraud: Identity theft is used to steal the title to a home and then scammers sell it or get a new mortgage.
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Fraud in the deed of resignation: Quitclaim deeds are legal documents that can transfer the owner’s interest in a property. Scammers may use forged documents to transfer ownership to themselves.
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Foreclosure Fraud: Scammers may target people facing financial hardship or foreclosure, posing as a lifesaver, and in exchange ask you to transfer your title to them as collateral.
Another type of scam targeting home buyers involves wire transfer fraud. Cybercriminals hack into email accounts and attack pending transactions, creating entire fake profiles for title companies, buyers and sellers, and real estate agencies. They can then send instructions to deposit money, for example for a down payment, which ends up in the hands of the scammers.
A key way to protect yourself against real estate fraud is to protect your personal information. Be careful what you share online, and be wary of anyone asking for your full name, address, date of birth, Social Security number, or banking information.
Stay up to date and always review your bills and bank statements to make sure everything is normal. You should also obtain your credit reports regularly and review them. You are entitled to receive one free report annually from each of the three national credit bureaus: Equifax, Experian and TransUnion. There is only one website that can process requests for free annual reports.
If you live somewhere that offers free alerts about any changes made to your writing, you should sign up.
Scammers often target vacant homes whose owners live out of the country or have moved into a retirement or long-term care facility. Consider asking a neighbor to check on said property from time to time. You may also want to set up a Google alert for the address in case it appears on any real estate or rental websites.
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The New York Times (1); CBC (2)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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