Elvis's 507 was found by Jackie Jouret from Bimmer magazine in the barn of Jack Castor. Castor purchased the car in 1968 and held onto it since. The pair was able to confirm the car was owned by Elvis, who acquired it when stationed in Germany with the US Army.
As you can see from the photo above, the car was not in good shape. Aside from the tired looking paint and body, there was a lot that needed to be repaired, replaced, or reconstructed. At some point, someone saw fit to drop in a Chevy V8, which meant the restorers had to not only build a new BMW V8 for it, but also had to repair the subframe where it had been modified. The interior was in bad shape as well, with seats that needed their own ground-up restoration, and a dashboard that was just completely missing.
The restoration group also had to remove eight paint jobs the car received over its lifetime. One of those resprays was commissioned by Elvis himself. The car was originally white when it was raced by Hans Stuck, but after Elvis purchased it he reportedly painted it red to help hide lipstick and messages left by fans.
BMW Classic Group restored this car back to its original condition, which also means it's back to its original white paint. The car will be on display at this year's Pebble Beach Concours d'Elegance alongside a number of other vintage BMWs celebrating the company's centennial. If you want more information and photos of the restoration, be sure to check out BMW Classic Group's website.