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It might be one of the most famous estates in America, but its notoriety didn't dissuade a Missouri woman from trying to fraudulently sell Memphis landmark Graceland, the former home of Elvis Presley.

The scheme was designed to wrest millions of dollars away from Presley's family, according to a report by The New York Times that cites court documents (1) detailing how Lisa Jeanine Findley, 54, attempted to foreclose on Graceland.

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Findley was sentenced to four years and nine months in prison after pleading guilty to one count of mail fraud in a plea agreement that saw a count of aggravated identity theft dismissed.

How did this scheme unfold?

The scheme began about six months after Lisa Marie Presley, daughter of Elvis Presley, died in 2023, the Times reported.

A fabricated 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 her arrest said Findley used various aliases, email addresses and fake 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 sent to the Shelby County Register's Office.

A fraudulent“Notice of Foreclosure Sale” was also published in a Memphis newspaper.

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How does real estate fraud happen?

It sounds impossible - how could a fraudster sell your home out from under you? But fraudulent home sales can happen.

In 2023, it was reported in Canada that private investigators working for a title insurance company found at least 30 homes in the Greater Toronto Area had been sold or mortgaged without the owners' knowledge. According to the CBC, the investigators said that in four of the cases, identity theft and title transfer fraud were used to steal ownership of the homes (2).

But not all real estate scams are so elaborate. Here are some that can impact buyers and sellers:

• Title fraud: Identity theft is used to steal the title to a home, and scammers then sell or take out a new mortgage on it.
• Quitclaim deed fraud: Quitclaim deeds are legal documents that can transfer an owner's interest in a property. Fraudsters may use forged documents to transfer ownership to themselves.
• Foreclosure fraud: Scammers may target people who are facing financial difficulty or foreclosure, posing as a lifeline, and in return 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 target pending transactions, building entire fake profiles for title companies, buyers, sellers and real estate agencies. They can then send instructions to deposit money, such as for a down payment, which ends up in the hands of the scammers.

If you're worried about the online dimension of identity theft, it might be a good idea to take steps to protect yourself with services like Aura. This could be especially true with identity theft on the rise. In 2024, the FTC reported that fraudsters were costing Americans $12.5 billion, a 25% increase from the previous year.

Starting at just $9 per month, Aura provides an all-in-one digital safety net with 24/7 customer support and fraud alerts that are up to 650 times faster than their competitors. Aura also provides 3-bureau credit monitoring on all plans with $1 million in identity theft protection on eligible losses, something often restricted to premium subscription tiers.

Even better, Aura provides a 60-day money-back guarantee for annual subscriptions, and a 14-day guarantee if you opt to pay month-to-month.

Easier and legitimate ways to invest in real estate

The old saying that crime doesn't pay certainly applies to real estate fraud. If you're looking to make money on the housing market, you could forgo homeownership for real estate investing instead.

One of the more common ways to do so is through investing in residential property. But being a landlord can be a headache, which can make working with an intermediary an appealing alternative.

For years, direct access to the $22.5 trillion commercial real estate sector has been limited to a select group of elite investors - until now.

First National Realty Partners (FNRP) allows accredited investors to diversify their portfolio through grocery-anchored commercial properties, without taking on the responsibilities of being a landlord.

With a minimum investment of $50,000, investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns.

Simply answer a few questions - including how much you would like to invest - to start browsing their full list of available properties.

If you'd like to get in on the vacation property market, Arrived allows you to invest in shares of rental homes and vacation rentals without taking on the responsibilities of property management or homeownership.

With Arrived, you can browse a curated selection of homes, each vetted for their appreciation and income potential. Once you find a property you like, you can choose the number of shares you want to buy and start investing in real estate with just $100.

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Article sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

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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