A 1962 Lockheed JetStar, sitting untouched at the aircraft boneyard in Roswell, New Mexico since 1982 and once owned by rock singer Elvis Presley, was auctioned to the highest bidder last Saturday. However, the aircraft fetched a lot less than the auctioneers had hoped. Liveauctioneers and GSW Auctions had estimated the airplane’s value at $2 million to $3.5 million. However, no reserve was stipulated and bidding topped out at $430,000.

The aircraft was purchased from a “private collector” but the name of the buyer and plans for the aircraft were not immediately disclosed. The aircraft would have to have its wings removed if it is to be shipped to a location where it could be renovated. The four engines and many cockpit instruments are missing, but the passenger compartment remains as designed by Presley.

Saturday’s event was the second time that the aircraft had been placed on auction. In December 2008, auctioneer Kruse International included the airplane at the annual Las Vegas Collector Car Auction. But bidding failed to reach reserves.