HOUSE OF THE DAY: Hard Rock Cafe Founder Flips Elvis Presley's LA Mansion For $4.7 Million Profit

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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 property, 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.