The guitar was given by his father, Vernon Presley.
It is thought that Vernon Presley changed the finish on the Gibson Dove to black after his son earned a black belt in karate.
Elvis Presley gave the guitar to a fan during a concert in North Carolina in 1975.
Auctioneers Julien’s also sold John Lennon’s handwritten lyrics for The Beatles’ Being For The Benefit of Mr. Kite! for $354,400.
Other items in the sale included a red neoprene vinyl jacket which Michael Jackson wore for his 1996-97 HIStory world tour, and Elvis Presley’s first piano.
Michael Jackson’s jacket sold for $256,000, over four times the pre-sale estimate, while the piano fetched $140,025 – about $60,000 under what had been predicted.
Lady Gaga’s first piano, which had been valued at $100,000, failed to find a buyer, as did Stevie Ray Vaughan’s Fender Broadcaster electric guitar, which was estimated at over $400,000.
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