Elvis Presley bought a pair of jets back in 1975, which he named "Lisa Marie" and "Hound Dog II."

"Lisa Marie" is a 4-engine 28-passenger Convair 880 jet from Delta Air Lines. Presley bought it for $250,000 and named it after his daughter. The "Hound Dog II" is a Lockheed Jetstar, which carries eight to 10 passengers; it cost Presley around $900,000 at the same time the "Lisa Marie" was being refurbished.

The King of Rock and Roll reportedly spent over $300,000 for the refurbishment of the jet. It had an executive conference room, penthouse bedroom, bar and videotape system connected to four TVs. It also had a bathroom designed with gold taps and stereo system with 50 speakers. The jet was painted red, white and blue and carried Presley's motto "TCB" (Takin' Care of Business) on its tail.

The Convair jet could fly up to 4,800 kilometers high and flew mostly at night as Presley preferred to travel at that time of the day.

The King had briefly traveled for two years using his personal jets before he passed away in 1977.

Both jets are no longer airworthy and are about to be sold at a sealed-bid auction as announced by the Beverly Hills Auction House.

The "Lisa Marie" had its last flight when Priscilla Presley, former wife of Elvis Presley, and actor George Hamilton used it to attend Elvis' funeral. In 1978, it was sold by his father Vernon. After having two owners, the jet was bought by a consortium as a result of a joint collaboration with the owners of Graceland and had since then been allowed to be displayed at the tourist hotspot. The agreement is now bound to expire in April 2015 and will not be renewed. Bidders are encouraged to place their bid by Feb. 2.

"I can see them going somewhere like China," said Darren Julien, CEO of Julien's Auctions. "In the right location they're going to be a major attraction that will draw millions of people to see them."

Now that Graceland is placing the vintage private jets up for auction, Julien said, it is a "missed opportunity" for Graceland to continue holding on to these rare and larger-than-life Elvis memorabilia.

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