Last week, several media outlets reported on a fraudulent attempt to sell Graceland, the famed estate of the late Elvis Presley in Memphis, Tennessee.
According to sources, fraudsters posed as a fake auction company and fabricated documents to make it appear that Elvis’ late daughter, Lisa Marie Presley, defaulted on a loan in which she used the property as collateral. By claiming a lien on the property, the fraudsters challenged the ownership of the heir – Lisa Marie’s daughter, actress Riley Keough – and planned to sell the estate to the highest bidder. Keough sued to stop the sale, which fell through once investigations determined both the company and documents were false.
While this incident drew national attention because of the notoriety of the property and its owners, scenarios like this happen more often than you might think. In fact, it illustrates one of the fastest growing trends in real estate: seller impersonation fraud.
Click here to learn how this scheme works, who it targets and how to protect yourself from becoming a victim.