Hard Rock Cafe founder flips Elvis’ L.A. home for $4.7M profit

The home sold off-the-market to a corporate entity for $14.5 million

Elvis Presley's L.A. Mansion
Elvis Presley's L.A. Mansion

WEEKENDEDITION Just over a year after he bought Elvis Presley’s old Beverly Hills mansion for $9.8 million, Hard Rock Cafe founder Peter Morton has flipped the property for a tidy profit, according to real estate blogger The Real Estalker.

The home reportedly sold off-the-market to a corporate entity for $14.5 million. Morton was rumored to be tearing down the historic home, but it seems that those plans never panned out.

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The home, which has four bedrooms, five bathrooms, and spans 5,367 square feet, sold to Morton in December 2012 for significantly less than the initial $12.995 million asking price.

The gated property sits on 1.18 acres of land, with stunning views of Los Angeles from the backyard. Morton is a bit of a real estate buff, with another home in Holmby Hills and a mini-compound on Carbon Beach in Malibu.