Elvis' gold piano could sell to the tune of $700,000

Elvis Presley Jailhouse Rock

Anything with a signature tie to the "King of Rock and Roll" is guaranteed to sell and one instrument could soon sell for over half a million dollars.

Elvis Presley's gold-leaf grand piano is expected to go for as much as $700,000, when it goes under the hammer November 7th, at a rock n' roll themed auction in Beverley Hills, California.

Presley's grand piano was played by the rock icon inside a music room at his Graceland mansion in Memphis, Tennessee.

While the piano's initial finish was walnut, it was later decorated with a 24K gold-leaf finish by Presley's wife, Priscilla as a first wedding anniversary present, Julien's Auctions revealed in a press release. It was first bought by Presley in 1955 for his mother.

The current estimate for the piano is expected to fetch between $500,000 to $700,000, and will be sold alongside a matching bench.

For those whose music taste leans more towards English rock, the auctioneers are putting a Beatles' "T-logo" drum head – not kit – up for auction, which appeared on the band's 1964 debut U.S. television appearance on "The Ed Sullivan Show."

The fabled drum skin has not yet been given an estimate, with the firm telling Reuters there was no price set, as the signature logo of a dropped "T" was too "unique" to put a price on just yet. This will be the second time it's gone up for auction ever.

Musician memorabilia tends to soar on auction day, and Julien's Auctions are very familiar with the hype generated around Presley when it comes to prized possessions.

This year, the auction house has already put two of Presley's private planes up for sale , while this May, a bidder paid $5,000 for an "EAP" charm bracelet, while someone else paid $41,600 for Elvis's marriage certificate to Priscilla Presley.

—By CNBC's Alexandra Gibbs, follow her on Twitter @AlexGibbsy.

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