The famed "Circle G' Ranch" - for which Elvis Presley paid $300,000 in 1967 - has been bought for $3.65 million (€2.69 million) by a private interest.

Located in DeSoto County, close to Memphis, the 240-acre Circle G Ranch was named as a tribute to Elvis’ mother, Gladys. Commercial real estate news site Globe reports that Elvis originally purchased the ranch as a place of seclusion to get away from the pressures of touring and recording.

His Graceland estate is a mere ten miles away. 232 acres of the ranch are usable and existing facilities include a 5,028-square-foot residence, a honeymoon cottage, a 3,000-square-foot restaurant, and four wood-framed barns which Elvis apparently used to keep animals.

The Circle G Foundation has proposed the ranch be used as a centre for the disabled and disadvantaged.