For Sale: Graceland West

A Palm Springs estate that Elvis Presley bought in 1970 and owned it until his death in 1977 has hit the market with an asking price of $17 million.

The home, in which the rock-and-roll king recorded eight songs for RCA, is being offered as either a single-family home or as a business opportunity. The current owners, Reno and Laura Fontana, bought the property in 2003. They have operated it as a tourist destination for the past year.

After buying the house, the Fontanas began to receive requests to see the property from all over the world, Brooks said. About 1,000 people from all over the world have visited the property, known by locals as “Graceland West”. The Fontanas have remained in the house and live in a wing that is not part of the half-hour, $20 tour. The house, which has a capacity of about 150 people, is also available for corporate events at a cost starting at $20,000 per night.

Originally commissioned in 1946 for the family that owns the Jergen’s skin care line, the 5,000-square foot house was designed by architect Albert Frey. It is located on two acres of land in the San Jacinto Mountains. When he bought it in 1970, Elvis paid $85,000 for it, Brooks said. After Elvis death, Priscilla Presley sold it to American musician Frankie Valli. Courtesy the Wall Street Journal.