by Renee Israel
Some of the most exciting Elvis Presley memorabilia are going up for sale in Memphis next month, and the item grabbing the most attention is a white grand piano played by the King for over a decade.
Betting markets have opened on the final sale price of the piano, with odds of 5/2 being offered that it will fetch between $1 million and $1.5 million.
Auctioneers believe that the piano is worth over $1 million and this is the price they are hoping to achieve at the Elvis Memorabilia auction on August 14th.
The piano, a white Knabe, was purchased by Elvis in 1957 from the Ellis auditorium in Memphis, where it had been played by gospel performers for 20 years before that.
The piano was housed in the music room at Presely's home, Graceland, until 1969.
Other items that go on sale next month include a letter that Elvis wrote to his girlfriend, Anita Wood, in 1955, as well as a contract that the star signed with RCA Records in 1955.
The latter is expected to fetch at least $150,000.
A 1957 purchase agreement for Graceland should make at least $35K.
Odds on Elvis's piano price:
Under $500K - 11/4
$500K - $999K - 9/4
$1 m - $1,499,999 m - 5/2
$1,499,999 m - $1,999,999 - 5/1
$2 m - $2,499,999 - 6/1
$2.5 m or over - 3/1
