The Real Deal New York

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
By Business Insider | March 22, 2014 05:00PM

 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.

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.