This lot is closed. Bidding ended on 12/12/2013.
On Saturday, March 17, 1957, Vernon Presley called local Memphis real estate agent, Virginia Grant, and asked her what properties she had that he and his wife Gladys could look at to purchase on behalf of their son, Elvis Presley. Grant wasted no time, and showed them two properties that day, saving Graceland to be shown last. By 6:00 p.m., she had drawn up a provisional sales agreement for Vernon and Gladys to sign and the deal was put in place for what has become as much a part of Elvis as anything else you will see. Original 8-¼” x 13-¾” two-sided contract dated March 17, 1957 used in the purchase of Graceland, Elvis Presley’s home in Memphis, Tennessee. The contract was created to acknowledge the use of two brokers, each is named on the contract. The 13-½ acre property is described at “3764 Highway 51 South”, which has since been renamed Elvis Presley Boulevard. The agreement shows that Elvis put down a $1,000 deposit on the purchase of the property, with the total purchase price listed as $102,500. The total price was comprised of a $10,000 cash payment at the time of closing, the trade of Presley’s other property on 1034 Audubon Drive at the price of $55,000, and a $37,500 mortgage over Graceland. The contract also details “4-½ acres, out of the original 18 acres, which has been donated to Graceland Christian Church.” The verso of the contract is signed by both of Elvis’ parents, Vernon and Gladys Presley. The signatures are both done in black ink and rate a strong 8 overall. Gladys Presley passed away the following year and her autograph is considered quite rare. The brokers have also signed on the verso; a small 3-½” x ¼” strip of the contract has been removed near the brokers signatures. The contract is in EX condition with a few pinholes and three horizontal creases where the contract was folded. Accompanied by a LOA from JSA. A true piece of history from the King of Rock and Roll.