3/17/1957 Original Graceland Purchase Contract Signed by Elvis’s Mother and Father

The Historic Graceland Purchase Contract: A Testament to Elvis Presley’s Legacy

A Momentous Acquisition

On a fateful day in March 1957, Vernon Presley embarked on a journey that would forever intertwine the Presley name with one of the most iconic residences in American history. The original contract for the purchase of Graceland, Elvis Presley’s cherished home, stands as a tangible piece of rock and roll history. This 8-¼” x 13-¾” two-sided document, dated March 17, 1957, marks the beginning of an era where Graceland would become synonymous with the King of Rock and Roll.

Details of the Purchase

The contract meticulously outlines the terms of the purchase, reflecting the strategic decisions made by the Presley family. The 13-½ acre property, initially described as “3764 Highway 51 South,” now famously known as Elvis Presley Boulevard, was acquired for a total price of $102,500. The breakdown of this amount reveals a $10,000 cash payment at closing, the trade of Elvis’s previous property at 1034 Audubon Drive valued at $55,000, and a $37,500 mortgage on Graceland.

• Property Location: 3764 Highway 51 South, now Elvis Presley Boulevard
• Total Purchase Price: $102,500
• Initial Deposit: $1,000
• Cash Payment at Closing: $10,000
• Trade-in Property Value: $55,000
• Mortgage Amount: $37,500

Signatures of Significance

The verso of the contract bears the signatures of both Vernon and Gladys Presley, executed in bold black ink, rating a strong 8 overall. These signatures are particularly poignant, as Gladys Presley passed away the following year, rendering her autograph a rare and treasured find. The contract also includes the signatures of the brokers involved, though a small strip near their signatures has been removed.

Condition and Accompaniment

Despite its age, the contract remains in excellent condition, exhibiting only minor imperfections such as pinholes and creases from folding. It is accompanied by a Letter of Authenticity (LOA) from JSA, further cementing its status as a genuine artifact of Elvis Presley’s life.

This contract is not merely a piece of paper; it is a gateway to the past, offering a glimpse into the life of a legend. For those interested in exploring more about sports memorabilia auctions and other historical artifacts, Grey Flannel Auctions provides an unparalleled platform. Discover the allure of consigning your own treasures by visiting our consignment page, or consider having your items appraised by our experts through our appraisal services.

In acquiring this contract, one is not just obtaining a document but a fragment of history, a testament to Elvis Presley’s enduring legacy and the indelible mark he left on the world. Graceland remains a symbol of his life and career, a place where fans continue to pay homage to the King of Rock and Roll.

* This text was generated from the original auction listing.