Presley's daughter Lisa Marie, 30, decided to sell the property fit for a King—most of which had been in storage for years—to raise money to build transitional housing for the homeless in Memphis, a cause of personal interest. "Lisa Marie never forgets that her father and his family [once] lived in federally subsidized transitional housing," says Jack Soden, CEO of Elvis Presley Enterprises. The sale is expected to net at least $2 million. (The '97 auction of Princess Diana's dresses brought $5.7 million.) "Elvis wasn't really sentimental about holding on to stuff," says Presley's childhood friend George Klein, 63, a Memphis radio personality who thinks his pal would approve of the sale. "He always said, 'If I give you something, and you have to sell it, then I've done two good things for you: I've given you a gift, and you've made some money by selling it.' "
It's now or never for fans who want a piece of Elvis Presley. Some 2,000 belongings and related items of the rock icon, who died in 1977 of drug-abetted heart disease at age 42, are to be auctioned Oct. 8, 9 and 10 at the MGM Grand Hotel in Las Vegas. The goods include his prized 1956 Lincoln Mark II (estimated at $500,000); his Stroud piano ($300,000 to $400,000); his sixth-grade report card showing A's and B's in music, D's and F's in math ($15,000 to $20,000); and manuscripts, furniture and clothing from his Memphis mansion. "With a few exceptions these items have never been removed from Graceland," says Arlan Ettinger, president of Guernsey's, the New York City auction house handling the event.