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Elvis Presley Signed Contract to Purchase Graceland Sells Online for $114,660 by PristineAuction.com
The 1957 contract signed by Elvis Presley and both of his parents for the purchase of the home in Memphis that became known as Graceland soared to $114,660 in an online auction held August 10th by PristineAuction.com, based in Phoenix. It was the only lot in the auction. A month later, Beckett named PristineAuction.com its Auction House of the Year for 2021.
“This auction was certainly one of a kind,” said Jared Kavile the president and founder of PristineAuction.com. “The company is proud to be part of the sale of such an incredible piece of history. The legend of The King will always live on, and Graceland is one of the most famous mansions in the world, visited by millions of people from around the globe. To be part of that is an honor.”
The contract was the actual purchase agreement allowing the Presleys to purchase the property at 3764 Highway 51 in Memphis. It was printed on Virginia Grant Realty Company letterhead and included Virginia Grant’s handwritten agreement, stating the Presleys would trade their property on Audubon Drive in Memphis for $55,000 credit, plus an extra $90,000 to purchase Graceland.
When Elvis was a boy, he told his parents one day he would make a lot of money and take care of them, putting an end to their years of hard work and financial struggles. Buying the Graceland mansion was the fulfillment of that childhood promise. Graceland was Elvis's world. He and his parents lived and died there. For many, Graceland has come to represent the American Dream.
The custom-framed document, 30 inches by 34 inches, was dated March 17, 1957. It was signed by Elvis, his parents (Vernon and Gladys) and agent Virginia Grant, who signed her name in red and black ink pen. The $114,660 purchase price included the buyer’s premium. After Presley’s 1977 death, Graceland was named a National Historic Landmark. It opened to the public in 1982.
Beckett, the internationally respected sports memorabilia authenticating and grading service based in Dallas, each year hosts its Industry Summit Awards, where it recognizes and honors the best and most prominent figures in the autographed memorabilia industry. PristineAuction.com was named Auction House of the Year at this year’s event, held September 12-15 in Las Vegas.
To learn more about PristineAuction.com and the firm’s calendar of upcoming online-only auction events, please visit www.pristineauction.com.