The BMW 507 is an absolutely lovely car. They only made 254 of them, so it's rare as well. When you factor in a famous owner, things can get pretty nuts pretty quickly. Which is probably why BMW themselves will be restoring Elvis Presley's BMW 507.
Elvis' 507 was actually a used racing car, having been driven competitively (and successfully) by Hans Stuck for some hillclimbs and "mountain races." The King had a new engine put in, and used the car while he was a GI stationed in Germany.
Interestingly, Elvis didn't even really buy the car — he leased it. Though he thought he was buying it. He didn't really understand the German contract, and didn't question why he was only paying $3750 when the car new cost $7160.
Elvis did swap the white 507 for a this red one later, because adoring fans were leaving phone numbers and love notes written in lipstick on his car. Interestingly, I now drive yellow cars for a similar reason — I was tired of people leaving what I can only assume were notes of admiration on my white car in urine and, occasionally, mustard.
Elvis also seems to have had an Isetta, and I'm a little disappointed BMW isn't hunting that car down for restoration.
Since Elvis' 507 was a lease, it was returned to BMW, though how and where it spent the intervening years isn't clear. BMW has it now, of course, and the full restoration will take place under the direction of BMW Group Classic.
I hope they cater the unveiling with peanut-butter-and-banana sandwiches and big handfuls of pills.