Elvis Presley’s Graceland: How Much Did He Pay for the Home? What Is It Worth Today?
Elvis Presley‘s Graceland home has become as iconic as the entertainer himself. The Memphis estate draws upwards of half a million people yearly to tour the residence and its expansive grounds. In 1957, Presley paid a considerable sum for the mansion. How much did he pay for Graceland? What is it worth today?
Elvis Presley paid 20 times more than the average yearly income for Graceland
According to the Census, the average median income for a home in 1957 was around $5,000. Elvis Presley paid 20 times more than that for Graceland when he put down $1,000 collateral on a purchase price of $102,5000.
Presley reportedly left it up to his parents, Vernon and Gladys, to find the family home with more property for both privacy and security. The family previously lived at 1034 Audobon Drive, and the property was easily accessible to fans.
Subsequently, Graceland was presented as an option for the family residence via real estate agent Virginia Grant, per The Dispatch. Though she had never been inside it, Graceland had just come on the market and Virginia suggested the Presley’s see the 14-acre estate.
Grant showed Vernon and Gladys the home on Saturday, March 17, 1957. Two days later, Presley saw the house, loved it, and put down the money.
Gladys and Vernon Presley moved into Graceland on May 16, 1957. Elvis first stayed at the property on June 26, 1957 as he was filming a movie.
How much is the property worth today?
Adjusted for inflation, Graceland is currently worth an estimated $400 to $500 million in today’s market. However, the home’s rich history and its ties to Elvis Presley make it priceless.
Although he only lived at Graceland for 20 years, Presley left a legacy of work that continues to draw over half a million visitors annually. The property is so beloved that it was placed on the National Register of Historic Places in 1991 and declared a historic landmark in March 2006. Graceland’s Instagram page paid homage to the distinction in March 2023.
What additions did Elvis Presley put on Graceland that weren’t there originally?
According to Graceland’s official website, the original property encompassed 13.8 acres. Graceland was a rural area at the time. Therefore, Elvis Presley initially purchased the home and its adjacent farmland.
The home’s original owners, Dr. and Mrs. Thomas Moore, named Graceland after Mrs. Moore’s Aunt Grace Toof, the original landowner. The land was used for a cattle farm where Hereford cattle were raised.
When Presley initially purchased the property, Graceland was 10,266 square feet. According to the website, the additions Presley made to the home now total 17,552 square feet.
In the mid-1960s, Presley enclosed a porch to create a den called the Jungle Room. He added a wing on the side of the main house which was connected by a sidewalk. This led to the swimming pool area. This connected the home to a small building that was later remodeled to become what was known as the Trophy Building.
The backyard was later expanded with a large pool and a Meditation Garden. It was also turned into a Presley family graveyard.
Presley also constructed a pink Alabama fieldstone wall to protect the grounds from visitors and added a wrought-iron gate shaped like a book of sheet music.
Elvis Presley lived in Graceland for 20 years. He died in the home’s upstairs bathroom in August 1977.
