Today in 1957, Elvis Presley purchased a big house, in fact, a mansion, in Memphis and christened it Graceland.
At 10:00 a.m. on Monday, March 19, 22-year-old Elvis, accompanied by his parents, met Grant at Graceland. At this time the property was a 13.8-acre ‘farm’ about 10 miles south of downtown Memphis in Whitehaven, an area that was still largely rural at that time. The property included a large, two-story house, a barn, and rolling pastures. Elvis surveyed the property for a few minutes, then baptized the house by playing some Rock ‘N’ Roll at a piano. Elvis, Vernon and Gladys Presley signed the sales contract on the spot as purchasers, and a closing date was set for Tuesday, March 26, at 4:30 p.m.
Elvis was fortunate to get Graceland as it had already been sold to the YMCA for US$35,000 when he saw it. By upping the price significantly Elvis finally obtained his ‘home’. The purchase was funded by a combination of $10,000 cash deposit, trade of the Presley home on Audubon Drive for $55,000 and mortgage of $37,500.
When Elvis was a poor youngster, he frequently told his parents that some day he would make a lot of money, buy them the finest house in town, and end their years of hard work and financial struggle.
In April 1957, the Presleys moved in – Elvis, his parents, and his grandmother, Minnie May Presley.