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UPDATE 10/15/14: You can’t buy Graceland, but you can buy “Graceland West” at auction.

The Palm Springs residence of Elvis Presley, that gained its moniker by The New York Times, is currently bank-owned. Any offer the owner receives in the next 10 days will become the starting bid, said Jeff Egan of Keller Williams Realty, who currently holds the listing.

Presley bought the home in 1970. He loved the Palm Springs area but preferred to stay there during the hottest parts of the year — late summer and early fall — when there were smaller crowds.

In 1973, Presley and his wife Priscilla divorced, and Presley began to turn the home into more of a “boys’ club,” said Eric G. Meeks, who previously listed the home for sale.

“He had a big entourage,” explained Meeks. “Elvis added on a wing of about 2,000 square feet, a big, dance floor-style room called the ‘Jungle Room,’ off the pool, where they held all the parties.”

Presley also added on another master suite. He didn’t want to stay in the same room that he and Priscilla shared, says Meeks. He also enclosed a 15-person hot tub to avoid paparazzi.

When Presley died in 1977, the home remained in a trust for two years before it was sold to Frankie Valli. From there, it passed through a number of owners who did their best to capitalize on the former presence of the “King of Rock and Roll.” However, many of the efforts fell through; the house was foreclosed on twice in two years.

The house, currently priced by the lender at $2.59 million, measures 5,040 square feet with 5 bedrooms, 7 bathrooms, a wet bar, sauna and steam room. Many of the fixtures, decor and appliances are original — which could be part of the home’s appeal, says Meeks.

“If someone wanted an original piece of Palm Springs architecture [and] a piece of Elvis memorabilia, this would be it,” he said.

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About the Author

Erika Riggs, the Zillow Digs manager, covers home design and trends.

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