A rare BMW once owned by the king of rock and roll Elvis Presley has been found and restored. The 1957 BMW 507 was fully disassembled, revamped, repainted and put back together to restore its former glory at BMW in Germany. Presley originally purchased the car while stationed in Germany with the US Army in 1958. The car was previously used for racing before Presley bought it and was a hot commodity of the time. When Presley purchased the car the paint was white, but rumor says so many fans wrote notes to the king of rock in lipstick he eventually painted it red. Once he headed back to the states in 1960, Elvis brought the car along with him. He soon traded it in to a dealer who re-sold it for $4,500. Only 254 makes of the model were created of the 507 making them incredibly rare. They sell for as much as $2.5 million today in perfect condition. Presley's model was modified with a Chevrolet V8 engine and new gearbox and rear axle. After changing owners over the years it eventually came to Jack Castor, a car collector who stored the vehicle in a 'pumpkin warehouse' in Alabama. In 2006, the car was confirmed as the same one owned by Presley and BMW purchased the car from Castor. Two years ago the car was shipped to Germany, and fully restored with a mix of new and old parts. The finished look saw the car painted in its original coat of white. Although the car is not for sale, it will make a public debut at the Pebble Beach Concours d’Elegance on August 21. Read more: http://www.dailymail.co.uk/news/article-3726932/Elvis-Presley-s-1957-BMW-507-fully-restored-original-glory-Germany.html#ixzz4eKlryP3T Follow us: @MailOnline on Twitter | DailyMail on Facebook