Here’s How Much Elvis Presley Paid For Graceland

Elvis Presley moved from his previous location at Audubon Drive, East Tennessee to Graceland in the spring of 1957. The famous estate was a lonely house, a barn, and nearly 15 acres of land. Elvis got to work on the property, adding more rooms to make it 23.

Elvis bought Graceland’s estate for $102,500 and transformed it into a mansion, adding the pink Alabama fieldstone wall erected by Tennessee Fabricating Co. and Memphis’ Dillard Door Co. The doorway also got a makeover featuring ornamental stained-glass peacocks from the Laukhuff Stained Glass Company.

Graceland in the ’50s

Elvis ensured that his “man cave” was included by remodeling the basement into a TV room with three TV sets so he could watch multiple commercials at a time. There was also the indoor pool room with an eye-catching table at the center. Contrary to popular thought, Graceland was named by former owners Dr. Thomas Moore and his wife Ruth, who named it after Ruth’s aunt, Grace.

Elvis made the famous Jungle Room by adding Tiki furniture, plants, and a natural ambiance, and turned it into a temporary recording studio in 1976 where he worked with RCA’s mobile recording unit. The beautiful estate remains open to all but with the second floor off-limits to the public.

Graceland’s fate

Thanks to Elvis’ lover, Priscilla Presley, Graceland began generating revenue after being made available to the public in 1982. The fate of the property, which is currently worth over $5 million, became a cause for concern after Elvis’ only daughter, Lisa Marie Presley, died last year. She allegedly put down the building as collateral for $3.8 million, causing the lending company to demand that the estate be put up for auction.

Thankfully, Lisa Marie Presley’s daughter, Riley Keough, engaged in a legal battle against Naussany Investments & Private Lending to prevent her grandfather’s historical home from being sold. Priscilla also showed her support to protect Graceland right after the feud between herself and Riley over who owns the trust based on Lisa Marie’s will. She eventually conceded and received over $1.4 million in compensation and legal fees.