Tags: elvis | airplane | graceland | auction

Elvis Airplanes at Graceland Auctioned Off in Sealed Bids

By    |   Monday, 09 Feb 2015 11:28 AM

Two private jets Elvis Presley purchased in the 1970s and that have graced Graceland in Memphis since after his death reportedly have been sold after a month-long auction.

The "Lisa Marie" and "Hound Dog II" are being sold as a pair, and are expected to fetch over $10 million. Final bids were sealed on Feb. 2, and the winner will be announced in early March.

Not currently airworthy, both planes currently reside at Graceland in Memphis, Tennessee, and were put up for auction after operators decided to build a 450-room hotel across the street from where they sit.

"You're buying a ready-made museum" Martin Nolan, executive director of Beverly Hills-based Julien's Auctions, told Forbes. "No matter where you place these planes, people will show up."

The King of Rock 'n' Roll originally purchased "Lisa Marie," a Convair 880 jet, from Delta Airlines in 1975 for $250,000.

He then poured over $350,000 into refurbishing the jet, tricking it out with four TVs, 50 speakers, golden faucets, a queen-size bed for the penthouse, and a conference room. He chose the color scheme himself, and added his trademark "TCB" — Taking Care of Business — to the tail section.

While "Lisa Marie" was getting a makeover, Presley also purchased "Hound Dog II," a Lockheed JetStar, for nearly $900,000.

Both planes transported The King around for a couple of years until his death in 1977. The last flight "Lisa Marie" made was a trip to his funeral carrying ex-wife Priscilla Presley, George Hamilton, and Lisa Marie Presley.

The sale of the planes was originally announced in July of last year, at which time Priscilla wrote on Facebook that she was negotiating to keep the planes at Graceland.

After the auction kicked off in January of this year, Priscilla was barraged by fans worried they wouldn't be able to visit the planes after they were sold.

On Jan. 3, she made a public post suggesting that the negotiations didn’t go her way.

"Do you honestly think we want them sold? Have you never thought that the owners are the culprits? That perhaps THEY are greedy, unwilling to be fair, or are being TOTALLY unreasonable?" she wrote.

After the auction closed, Nolan suggested that the owners of the planes are likely to keep them open to the public, perhaps trying to assuage the fears of the fans.

"These are sophisticated investors. They want a revenue stream," he said.



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Two private jets Elvis Presley purchased in the 1970s and that have graced Graceland in Memphis since after his death reportedly have been sold after a month-long auction.
elvis, airplane, graceland, auction
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2015-28-09
Monday, 09 Feb 2015 11:28 AM
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