A 1969 Custom Gibson Ebony Dove guitar played by Elvis Presley at his Aloha From Hawaii concert in 1973 was auctioned for $270,000 (£184,670) on 7 January at the late singers Graceland home in Memphis. The guitar was expected to fetch between $300,000-500,000, according to organisers.

Elvis played the guitar at dozens of concerts from 1971 to 1975, including the documentary concert film Elvis on Tour. The auction was held at the Graceland Archives Studio on the grounds of the mansion where the man dubbed the king of rock n roll died. Bidders also participated in the auction online at GracelandAuctions.com.

A total of 126 items were set to be auctioned, including the reel-to-reel original tape recording of Elvis performance at the Louisiana Hayride show, estimated between $10,000-$15,000 (£6,800-£10,200). Several of the singers rings also went under the hammer, along with a gold necklace with the letters TCB – meaning taking care of business – which was gifted to bodyguard Sam Thompson and was estimated to reach $12,000-$15,000 (£8,200-£10,200).

All the auction items are authenticated, and are from third-party collectors and not from Graceland archives, the organisers said. The mansion and all the items inside the home are owned by Lisa Marie Presley, daughter of Elvis and Priscilla Presley, and are not for sale.