Posted by Rapti Gupta on Jan 28, 2014 08:37 AM EST

Elvis Presley’s Graceland West Estate Now Asking $3.95 Million

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(The grave marker of Elvis Presley pictured)Elvis Presley, the king of rock n roll, died in August 1977 aged 42. He is one of the top earning dead celebrities, bringing in $55 million in 2009 according to Forbes and is marketed by Elvis Presley Enterprises. (Photo : Reuters)

Elvis Presley, the king of rock n roll had quite a controversial life. So did his estate in Palm Springs, California. The Graceland West residence has hit the listing market once again with an asking price of $3.95 million.

As the story goes, Reno Fontana, a big fan of Elvis Presley (he calls himself an 'Elvis Promoter') purchased the home from a Japanese businessman in 2003 for about $1.25 million and dubbed it 'Graceland West'. Over the years, he used the estate to not only promote Presley but also used it to air the King of Pop Michael Jackson's live memorial service in 2009.

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However, the bank foreclosed on Fontana and another investor Rade Raicevic took over the home. Raicevic wanted to sell it off for $4 million but he also ran into financial trouble and in 2012, the U.S. Bank National Association took over the home, reports Curbed.

While the ownership of Graceland West is still disputable, it has hit the listing market for almost $4 million. According to the listing at Estately, the residence is a 5040 square feet home, sitting on a prime 2 acre lot.

Comprising of five bedrooms and seven bathrooms, the home has some interesting interior features. One of the rooms has chessboard print flooring with cardboard cut-outs of Elvis Presley planted right in the middle of the room! Boasting of mixed ceilings and flooring, the house has glass windows and wooden doors. Exclusive features include an enclosed spa, a wet bar and a 'jungle room'.

Outside, the home has ample recreation space, a garden and sitting area and a kidney-bean shaped pool as well.

The listing description compares the estate to Frank Sinatra's Twin Palm Estate on Arenas. Check out the photos of the home, here.

Elvis Presley had several properties in and around the country. After his passing, the Elvis Presley Trust created Elvis Presley Enterprises to handle its operations and all assets that belonged to the legendary singer.

Related: Check out Elvis Presley's Beverly Hills Estate

Presley's main abode, Graceland, is located in Memphis, Tennessee. The white-columned mansion has been declared a National Historic Landmark.

More recently, about 200 fans gathered near Graceland to celebrate Presley's 79th birth anniversary. The event was organized by Elvis Presley Enterprises.

"No matter how far his career took him, or how high his fame carried him, Elvis remained steadfastly devoted to Memphis, the city that he loved, the city that inspired him and the city he called home," Mark Luttrell, Shelby County mayor said at the occasion, reports NewsMax.com.

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