Peter Morton's House: The King of Restaurants Buys a House Built for The King

By on January 31, 2013 in ArticlesCelebrity Homes

Combining good music and good food, makes for great entertainment.  It also makes for very successful businesses.  While it is difficult to keep a restaurant alive, and opening a music venue can be fraught with difficulty, opening a combination of the two entities, often results in a stable business.   Restaurants and bars with live music, and concert spaces that have their own cafes and bars, have flourished for years.  One of the most successful of these combination bar/music spaces is the Hard Rock Cafe, which was launched by Isaac Tigrett and Peter Morton, in London, in 1971.  Beginning in 1982, the first Hard Rock Cafe, began expanding into a worldwide empire.  Peter Morton ran Hard Rock Cafe America, controlling all properties in the US, including locations in New York, San Francisco, Chicago, Houston, and Los Angeles, and also Australia.  He sold all of the US properties , except the most lucrative location, the Hard Rock Hotel & Casino in Las Vegas, for $140 million in 1995.  Eleven years later, he sold the Las Vegas Hard Rock for a massive $770 million.  Combining food and music, really does make for a winning combination.  It also made Peter Morton very wealthy, and he has a number of properties to go with his happy bank account.  Recently, he bought up a new home, and his decision to buy this particular house, makes total sense.

Peter Morton's house is the 5,367 square foot property in Beverly Hills, that was once owned by Elvis Presley.  In fact, fans of "The King", still visit the home and leaves messages scrawled on the property's gates.  It is known as Elvis' "other Graceland" or "Graceland West".  Peter Morton's house has four bedrooms and five bathrooms.  It appeared on the market for $12.995 million in the fall of 2012, but he purchased it for the rather bargain price of $9.8 million.  The home features a dining room, a family room, a media room, a living room, an eat-in-kitchen, multiple fireplaces, and floor-to-ceiling windows.  Outside of Peter Morton's house, there is a large swimming pool, multiple terraces and patios, and a dog-run.  Currently, the house looks much as it did when Elvis Presley owned it, but Mr. Morton has plans to either completely renovate it, or to tear it down and build a new home from scratch.  Whatever he ultimately decides, odds are, he will end up turning a profit somehow.  He seems blessed with that ability in spades.

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