Elvis Presley’s sprawling Memphis home is almost as iconic as The King himself. Graceland once housed Elvis, his family, and countless famous guests. Currently, Presley is buried in the meditation garden there. At the same time, millions of Elvis fans from around the world travel there. They go to see the vast collection of artifacts and walk the floors where Presley once stood. In short, Graceland is a priceless place of reverence.
Last Friday was the sixty-fourth anniversary of Elvis Presley’s initial $1000 down payment on Graceland. But, how much did The King shell out for Graceland? After all, the house itself is impressive. Even if it wasn’t the former home of one of the most important musicians in history, it would still be a breathtaking home. At the same time, the home sits on a 500-acre farm, according to the Official Graceland Blog.
How Much Did Elvis Presley Pay for Graceland?
Including that initial down payment, Elvis Presley paid $102,500 for his Memphis home. If that sounds like a steal for such an impressive abode, you have to take inflation into account. In today’s money, the price tag for Graceland would be $952,392. Still, just under a million bucks isn’t a bad price for a place like Graceland.
Maybe the most impressive thing about the purchase is Elvis Presley’s age when he made it. The King was only 22-years-old at the time. However, the previous year was a big one for Elvis. It was his first year as a superstar. He was working on Loving You, his second feature film. Earlier that year he had raked in a slew of gold records. The King had also had some record-breaking live performances as well as a handful of iconic TV appearances. So, stepping into a $100,000 mansion was almost natural at that point.
The History of Graceland
Graceland was a well-known home even before Elvis Presley and his family moved in. The 500-acre plot of land had been in the Toof family for generations. In fact, the estate’s name comes from a member of that family. Her name was, obviously, Grace. It was Grace’s niece. Ruth Brown-Moore and her husband Thomas Moore built the mansion in 1939.
After Elvis Presley moved in, Graceland’s front rooms were the setting of several jam sessions. The King and some of his musician friends would get together and play for fun in their downtime. Interestingly, those rooms were used for musical recitals when the Moore family lived there. Ruth and Thomas’s daughter Ruth Marie was an accomplished harpist. She was a member of the Memphis Symphony Orchestra and would hold recitals in the front rooms of Graceland.
Graceland was well-known to Memphis residents when the Moore family lived there. However, when Elvis Presley moved in, the place got even more notoriety. Graceland opened to the public in 1982. Since then, over twenty million guests have walked the floors of Elvis’s former home.