HOUSE OF THE DAY: Hard Rock Cafe Founder Buys Elvis Presley's LA Mansion For $9.8 Million, Plans To Tear It Down

In an ironic twist, the founder of the Hard Rock Cafe — the restaurants dedicated to preserving musician memorabilia — is rumored to be tearing down Elvis Presley's old Beverly Hills mansion to construct a brand new house, according to Curbed LA.

The home, which has four bedrooms, five bathrooms, and spans 5,367 square feet, was previously on the market this past October for $12.995 million and sold to Hard Rock's Peter Morton in December for $9.8 million.

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, according to Curbed.