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Elvis made just $1,000 down payment for Graceland

Elvis made just $1,000 down paymentfor 'Graceland'.

Elvis made just $1,000 down payment for GracelandGraceland is a large white-columned mansion with a 13.8-acre (5.6 ha) estate in Memphis, Tennessee, which Elvis Presley bought for his parents. In early 1957, Presley gave his parents a $100,000 budget, and asked them to find a "farmhouse" type property to purchase. At the time, Graceland was located several miles beyond Memphis's main urban area. In later years Memphis would expand with housing, resulting in Graceland being surrounded by other properties. The official purchase was made with just a $1,000 down payment on March 19, 1957.

Since then, Graceland was listed in the National Register of Historic Places on November 7, 1991 and designated a National Historic Landmark on March 27, 2006.  This and the fact, it was home to the king of Rock and Roll, undoubtedly increased the value of the property today. However, Elvis Presley Enterprises, which oversees Graceland, couldn't put a hard number on it, because according to them everything in the mansion is priceless.

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 reportedly ranks as the second-most-visited house in the country. Elvis Presley died at the estate on August 16, 1977. Presley, his parents Gladys and Vernon Presley, and his grandmother, are buried there in what is called the ‘Meditation Garden’. A memorial gravestone for Presley's twin brother, Jesse Garon, is also at the site.

In early August 2005, Lisa Marie Presley sold 85% of the business side of her father's estate. She kept the Graceland property itself, as well as the bulk of the possessions found therein, and she turned over the management of Graceland to CKX, Inc., an entertainment company. The newest attraction is a yearlong exhibit devoted to celebrating the life and legacy of Elvis, called "Icon: The Influence of Elvis Presley”. The Graceland archives team and Rock and Roll Hall of Fame and Museum joined forces to produce the exhibit, which will run until February 2013.

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