King of Rock and Roll Elvis Presley's private jet has been purchased for $260,000 after spending 40 years gathering dust in a desert.

After sitting on the tarmac at the Roswell International Air Center in New Mexico for the past four decades, the late King of Rock and Roll's 1962 Lockheed 1329 Jetstar has now found a new home after going under the hammer last month on what would have been the 'Unchained Melody' hitmaker's 88th birthday, reports aceshowbiz.com.

At the Mecum Kissimmee Collector Car Auction in Florida on January 8, Elvis' ex-wife Priscilla Presley said that the singer - who died from a heart attack in August 1977 aged 42 - got great "joy" from his car and plane collection.

The "Hound Dog" rocker bought the aircraft in 1976 for the mega-sum of $840,000, and it was used to transport his infamous manager Colonel Tom Parker, his band, crew and their gear to his gigs. While the outside is in desperate need of repairs, the inside has the original '60s red velvet seats, wood panels, gold finishing, plus a retro entertainment system. The cooking area also includes a Kenmore microwave.

A businessman called Jim Gagliardi was the last known owner of the jet after he bought it for $430,000 in 2017.

Priscilla attending the auction comes after the death last month of her and Elvis' only daughter, Lisa Marie Presley.

Following Lisa's passing from two heart attacks aged 54 on January 12, the 77-year-old actress decided to contest an amendment to her will but insisted amid the battle that she "loved" the "Suspicious Minds" hitmaker "very much" and thwarted anyone who may "think differently."

She told E! News, "I loved Elvis very much as he loved me. Lisa is a result of our love. For anyone to think anything differently would be a travesty of the family legacy and would be disrespectful of what Elvis left behind in his life."

The former "Dallas" star is contesting an amendment on Lisa Marie's will which removed her and the singer's former business manager Barry Siegel from being in charge of her trust and replaced them with eldest children, Riley, 33, and Benjamin - who took his life in 2020 at the age of 27.