The roadster was lost for nearly 50 years before turning up so the BMW Group Classic group could complete its restoration. It is currently owned by Jack Castor, a private owner. The plan is to unveil the restored classic at the Concours d’Elegance in Pebble Beach, Calif. on Aug. 21.
According to the BMW Group, the restored classic was restored to its exact condition when Presley took delivery of the car on Dec. 20, 1958. The Feather White paint job, V8 aluminum engine, center-lock rims and black-and-white interior complete the package.
“This was an exceptionally fascinating project. The outcome is not simply a source of great pride to us. Jack would undoubtedly have been delighted by the outcome,” said Ulrich Knieps, head of BMW Group Classic, in a company press release.
The company said the previous condition of the roadster “was a cause for concern.” The car was intact, with the exception of its engine and gearbox. The rear axle was a replacement part, there was no instrument panel and the seats were worn.
There were only 254 of the BMW 507s produced from 1955 to 1959. There were famous owners like Ursula Andress, John Surtees and Alain Delon. The actual history of Presley’s 507 was a mystery as there were questions as to whether Presley actually brought the roadster back to the United States after his tour of duty was completed in Germany.
During research, American journalist Jackie Jouret found that Presley’s car was actually previously owned by racer Hans Stuck before it was sold to Presley. Stuck used the vehicle for tours and motor shows in 1958. In the Fall of 1958, Presley, who was 23 at the time, test drove the 507 from a dealer in Frankfurt and purchased it immediately.
It was discovered that Presley did bring the roadster back to the United States where, in 1960, he traded it at the Chrysler dealer in New York. The dealer then sold the car for $4,500 to Tommy Charles, a radio commentator. Charles fitted the car with a Chevrolet engine in order to race it in the South. He won a race in Daytona Beach then sold the roadster in 1963. After two more owners, Caster, a space engineer, purchased the car and took it to California.
From there, the roadster was placed in storage in a pumpkin warehouse before reading Jouret’s article about the missing car. He reached out to Jouret who came to California to find out about the missing roadster.
“Jack had tied down its engine bonnet with ropes,” recalled the journalist when she looked back on the moment of discovery. “It took some time until we actually got the engine compartment open and identified the stamped chassis number: 70079, the Holy Grail among BMW numbers.”
In 2014, Caster shipped the 507 to Germany where it was restored by BMW Group Classic to its present condition.