TopTenRealEstateDeals – The days of Elvis slouched on a well-worn overstuffed sofa with a plate stacked high with banana sandwiches on his lap are long over for this house that he and Priscilla bought for $400,000 when they were first married in 1967. Located in Trousdale Estates with spectacular views over Los Angeles, fans have been coming for years to write messages to Elvis on the garden gate door set into the front wall. But when Hard Rock Cafe co-founder Peter Morton bought it in early 2013, the rumor was that he would tear it down and build a Beverly Hills super mansion. By November, Burger King made him an offer of $3.69 million. Fitting that at the time, Burger King was about to launch their Big King burger and in the offer to Morton, said they would preserve the house as was. Since Morton paid $9.8 million, it was no surprise that he didn’t accept.
During this time the idea that the house might be torn down brought the preservationists and Elvis fans out of the woodwork to launch steady protests. Finally giving up under pressure, Morton held back and just “gave the place a cosmetic makeover both inside and out,” according to “The Real Estalker,” with the intention of renting it for $45,000 a month. But on closer inspection of the before and after photographs, it appears that he just stripped out some of the most charming elements of the house and landscaping, including the focal point spectacular tree arching over the pool-terrace area that was the center point of the view over the city. Morton just sold the property for $14.5 million, realizing a profit of $4.7 million in just one year. No word on what the new corporate buyer will do with the house.
Morton purchased the home for $9.8 million, paying $3.2 million under the asking price. Elvis & Priscilla bought the Trousdale Estates house in 1967 for $400,000. Just flipped to an unnamed corporation for $14.5 million.