Elvis' 'Graceland' Deal: 55 Years Ago for $1,000 Down

Just over 55 years ago, Elvis Presley pulled off a rocking purchase for his parents: He bought them a 14-acre Memphis mansion known as "Graceland."

The pop-culture icon, who had already bought one home for his parents in Memphis, was able to purchase the $102,500 mansion, which has been converted into a museum, with just a $1,000 down payment on March 19, 1957, according to History.com.

No doubt, the value of the storied home has skyrocketed over the years, but Elvis Presley Enterprises, which oversees Graceland, couldn't put a hard number on it. Why?

"We don't have a value on the home because everything here is priceless," the company said in a statement.

With all the scrutiny that lending standards have received in the wake of the housing meltdown, it may strike some as humorous that Elvis apparently managed to buy a home for less than 1 percent down. Even during the heady days of the housing boom, a loan on such a measly deposit may have been considered dubious.

But they don't call him "The King" for nothing, do they?

Graceland reportedly served as a base for the "Memphis Mafia," an eclectic group of friends who fed off Elvis' success, according to History.com. Now the mansion is a museum and reportedly ranks as the second-most-visited house in the country. Elvis is buried in the home's "Meditation Garden," which was added to the home in the mid-1960s, The Telegraph reports.

A yearlong exhibit devoted to celebrating the life and legacy of Elvis, "Icon: The Influence of Elvis Presley" is now showing in Graceland. The Graceland archives team and Rock and Roll Hall of Fame and Museum joined forces to produce the exhibit, which runs until February 2013.

"Icon" features artifacts from a wide range of famous musicians who were influenced by Elvis. Bob Dylan's leather jacket and James Brown's jumpsuit are among the possessions tied to music celebrities, and other figures represented include Elton John, Tom Petty, The Beatles and Robert Plant.

For more information on Graceland visit www.elvis.com.

Elvis originally came from Tupelo, Mississippi. See one mansion that represents the best in Tupelo luxury homes.

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