Priscilla Presley gave the piano to Elvis at Christmas 1968 in honor of their first wedding anniversary which was May 8th. The piano is painted with 24K gold. Manufactured by Piano & Organ Company in 1928, the grand piano was originally white and was referred to as the “world's largest grand”. Its first owner was the Memphis Auditorium but it later got sold to the O.K. Houck Company, which owned it until 1955. The owner directly before the Presley's isn't clear. The piano stayed at Graceland until Elvis decided, in the early 70s, to give it to his Aunt Nash to use at her Church.
For 22 years the piano was leased to the Country Music Hall of Fame for $1 annually. Russ Kemppel, a business man from Ohio purchased the piano from Graceland for $2 million. Mr. Kemppel passed away January 2012, and now Mr. Kemppel's family is selling the piano to the highest bidder. Terri Fenn, a close friend to the family has tried her best to keep the piano in Nashville by reaching out to local Nashville private investors, music professionals and museums. Sadly, Ms. Fenn has not had any success in finding an interested associate. If Terri Fenn is unable to find a Nashville buyer, the piano will presumably go to a New York or California Auction company to be auctioned off.
Scott Ferrell, Kemppel Industries’ CEO and executor of the Mr. Kemppel's estate has given the Country Music Hall of Fame the required 90-day notice to end the lease.
Museum director of the Country Music Hall of Fame, Kyle Young has issued a statement:
"It is a marvelous piece of popular culture and our visitors enjoyed seeing it. We are grateful to the piano’s owners for loaning it to the museum for so many years. We will be sorry to see it go."
source: wikipedia.com & the Tennessean Newspaper