Elvis's jewelry, outfits fetch surprisingly high bids

The auction at the annual "Elvis Week" fan gathering at the late music great's Graceland estate in Memphis racked up $950,000 in sales of 160 items, all from outside collectors, the estate said Friday.

One of the most surprisingly high bids was for a racquetball shirt worn by Elvis, which sold for $32,000, well above the estimate selling price of $4,000 to $6,000.

Other sales included a custom-made leather and mink coat, movie costumes and jewelry.

A gold and diamond necklace which Elvis had given to fellow entertainer Sammy Davis Jr. -- inscribed with the initials "TCB," for "Taking Care of Business," as Elvis called his band -- sold for $40,000, twice the estimated price.

More than 40,000 fans were estimated to have converged on Graceland for Elvis Week, a major tourist draw that takes place around the anniversary of Presley's 1977 death.

Marking the occasion, the US Postal Service released a new postage stamp of Elvis, with a black and white photo of the late singer.

An Elvis stamp released in 1993 became one of the most talked-about stamps ever, after the USPS allowed the public to vote on which image to choose.