Its owned by the Petersen Auto Museum, and on display at the museum in Los Angeles California.
Its no legend, there is documentation (registration) that Elvis Presley once owned the car. The car was displayed at the 2009 Concorso Italiano, the first time it had ever been displayed outside of the museum.
Here's a video of the car at the 2009 Concorso:
http://www.youtube.com/watch?v=bsockirGxdY
-G
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