The IAAF voted to suspend Russia's federation (Araf) on 13 November after the publication of an independent World Anti-Doping Agency (Wada) report that alleged "state-sponsored doping".
The IAAF has outlined conditions Araf must meet for the ban to be lifted.
The Olympic athletics programme begins in Brazil on 12 August.
Russia, which said in November it is "fully committed" to reforms, will only be reinstated if it fulfils strict criteria, including compliance with all Wada and IAAF anti-doping rules.
The athletics federation must cut ties with all convicted dopers, resolve current disciplinary cases and investigate potential cases if it is to be readmitted to competition.
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Administrators acting for the fund say they have reached a deal to sell Lyndon Court in Belfast city centre.
Mr Graham's barrister argued that under the terms of a previous judicial direction the sale should not go ahead unless Mr Graham consents or a court orders it.
The case was adjourned until next week.
The adjournment was agreed to allow Mr Graham to have an expert witness report produced.
The report will deal with the valuation of Lyndon Court and the sales process.
The administrators, EY, must also disclose information to Mr Graham's expert witness.
The court heard that a previous ruling allowed EY to market the property, which is on Upper Queen Street.
However for a sale to proceed it would need the consent of Mr Graham or else be referred back to the the High Court.
Mr Graham's barrister, Monye Anydike-Danes QC, said the administrators had "agreed to tying their own hands".
However David Dunlop, for EY, argued that unless an injunction was imposed the administrators were "free to discharge their duty".
Mr Dunlop also said there was an urgency in the matter as the sales agent was concerned the bidder "could walk away from the deal".
He said the bid had been accepted on 8 August and the bidder said they wanted to complete within 20 days, a period which had now expired.
He argued that Mr Graham should give an undertaking that he would be liable for damages should the sale now fall through.
Ms Anydike-Danes QC said that there was no evidence that the matter was as urgent as had been claimed.
She also said it would be unfair for her client to give an undertaking in damages as no contracts had been signed and there was no binding agreement.
No undertaking was imposed and the case was adjourned until 18 September.
The court was told that the bidder for Lyndon Court is "a well known property person in this jurisdiction".
Russia's participation in athletics at the Rio Olympics will be decided when the council of world governing body the IAAF meets on 17 June in Vienna.
[NEXT_CONCEPT]
The Cerberus investment fund has found a buyer for one of the properties it repossessed from the businessman Gareth Graham, the High Court has heard.