GWS Auctions believe the motorcycle is worth about $A3m.
If it does, it would smash the current auction record set on Australia Day 2018 by an Australian-owned 1951 Vincent Black Lightning.
Jack Ehret set an Australian speed record on the bike which was bought at the Bonham’s annual Las Vegas motorcycle auction for a record $US929,000 ($A1,155,000, €748,500) by an unknown collector.
The new owner has returned the bike to Australia.
The Black Lightning beat the previous motorcycle auction record set by Steve McQueen’s 1915 Cyclone which sold at a 2015 Las Vegas Mecum auction for almost $A1 million.
Elvis bike is leaving the building
Now the “King” is expected to eclipse those records with even more star power.
After buying a Harley Davidson Sportster 1000 as a gift, Elvis purchased the customised FLH full dresser in California on 11 August 1976 and shipped it to his home at Graceland, Memphis.
He barely rode the bike, clocking up just 202km in less than a year before he sold it to a local Harley dealership 90 days before he died in 1977, aged just 42.
Elvis often gave away his favourite “toys” after a short time of enjoyment, substantiating his lifelong charitable nature.
The immaculately preserved Harley includes a number of custom features, with Presley choosing a black and blue two-tone paint job, stitched leather seat and chrome accents.
Incredibly, the bike i
s still registered in Presley’s name and has been on show at the Murdo South Dakota Pioneer Auto Museum for over 30 years.
The motorcycle has been housed in a glass museum quality display for its entire stay at the museum and guests have never been allowed to touch it.
There are also two Presley cars up for auction: the last limo he bought, a 1973 Lincoln Continental with all-white leather interior, and a fully restored Circle G Ranch 1967 GMC Pickup Truck with a slick green paint job.
All three vehicles go under the hammer August 31 and you can find out more information about each item at gwsauctions.com.