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It was one of those indelible Elvis moments.

Surrounded by hundreds of pieces of soon-to-be-auctioned memorabilia, ranging from a bottle of Love Me Tender moisturizer to a white Rolls-Royce, the reporter was learning more than he ever thought he’d need to know about the King’s wardrobe.

Jimmy Velvet, president of the Legends and Superstars Hall of Fame in Branson, Mo., was explaining the mythology behind–and some misconceptions about–two of the costumes exhibited in the showroom. The two men were discussing the financial merits of the red Burning Love stage suit (Lot 2102) and the white Madison Square Garden stage suit (Lot 1431).

“The white Madison Square Garden jumpsuit is great,” said Velvet, from whose neck hung a gold TCB necklace (“Taking Care of Business,” Elvis’ motto), with a lightning bolt. “It was originally known as the Burning Love suit. However, through the years, the fans started confusing the red Burning Love suit with it.

“It’s on the cover of the `Burning Love’ album, so they call it the Burning Love jumpsuit. But, then, as time went by, Elvis came out in the red suit, started wearing it, before giving it away for a cancer charity auction. Then that started being called the Burning Love jumpsuit.

“It’s hard to say which one is which, but the white one’s better known as the Madison Square Garden jumpsuit, which is where they did the live recordings in June, 1972. It also has a cape. They’re sold separately, because that wouldn’t be fair to the other suits, since the others don’t have capes with them.”

No one need ever confuse the two again.

The setting is Butterfield & Butterfield’s auction house on Sunset Boulevard, deep in the seedy heart of Hollywood. The public and press are being given a three-day preview of what the firm is calling “the largest auction of Elvis Presley Memorabilia ever offered from private collections.”

The sale includes more than 400 items from Velvet’s now-shuttered Elvis Presley Museum Collection, a portion of which was auctioned off last year by Butterfield, bringing in $2.365 million. Also providing hundreds of items for sale are Paul Lichter–a friend and business associate of Presley–road manager Joe Esposito and head of security Dick Grob, who recently brought forth an unreleased acetate recording.

Among the treasures, trinkets and trivia assembled here are dozens of items that might cause a lifelong fan of rock ‘n’ roll to linger and be washed in a sea of nostalgia. It’s not just the obvious stuff, either–the clothes and guitars that could otherwise have found their way to the new, much-balleyhooed Hall of Fame in Cleveland–but such pristine pop-cultural gems as a 1957-vintage Harley-Davidson cap or the singer’s personal copies of his first five Sun singles (“That’s All Right,” “You’re a Heartbreaker,” “Good Rockin’ Tonight,” “Baby, Let’s Play House” and the immortal “Mystery Train”).

At the auction, which will be held Oct. 6 and 7 at the Hard Rock Hotel & Casino in Las Vegas, investors likely will zero in on the big-ticket items, including Elvis’ Formal Notice of Induction into the U.S. Army, a 1960 MG from the film “Blue Hawaii,” a white grand piano once used in Graceland and his personal credit cards. Fans of more modest means might consider bidding instead on the many available scarves, coats, paintings, lyric sheets, photos, weapons, cigarette lighters, fan magazines, sunglasses, movie posters and correspondence–perhaps even the spooky lifesize bust of a perspiring Elvis in concert.

“Unlike other auctions, there’s something for everyone here–fans, as well as high rollers,” said Paul Lichter, a well-known collector, author and head of the Elvis Unique Record Club. “Usually the fans are shut out, but I wanted to make sure that wouldn’t happen this time. I’m looking at this auction as an Elvis weekend of love.”

Lichter met Elvis in the ’60s and is inclined to speak of the singer as if he were still around. “Elvis is eternal,” he says, when asked about the timing of the auction.

Velvet, a former singer (the original “Blue Velvet”), met Elvis at a Hank Snow show in 1955–before the deluge, as it were–in Jacksonville, Fla. They spoke backstage at the Gator Bowl for about 90 minutes and became friends.

After closing his Presley museums and traveling exhibits, Velvet incorporated several of the prized pieces into his Legends Hall of Fame in Nashville and, more recently, a 32,000-square-foot facility in the country-music mecca of Branson. He has collected memorabilia from 600 cultural heroes and several TV shows and films.

Butterfield & Butterfield expects the sales in next month’s auction to exceed the total brought in last year at the Presley Museum Collection auction. (The firm exacts a 10 to 15 percent commission over bid price.)

Earlier this month, Christie’s auction house got $27,900 for a Japanese Airlines kimono made for and worn by John Lennon, and $8,370 for a bowl used by Lennon to stash his marijuana. The city of Lubbock, Tex., recently purchased a 156-piece collection of Buddy Holly memorabilia for $175,000, and has put a portion of it on display at Texas Tech University.

Like Lichter, Velvet enjoys explaining the provenance of a particular item.

“The Rolls-Royce, I love that piece,” he says, moving to the automobile, whose interior still smells leathery and new. “I don’t care if it sells.

“It was originally Michael Landon’s car. He had it for four years. Then Elvis bought it from him at a football game–they used to play football every Sunday together. Elvis kept it for seven years, then gave it to Charlie Rich. Charlie sold it to a doctor, who sold it to Charly McLain, the country singer who married a soap-opera star.”

The darker side of Elvis’ life isn’t ignored entirely in the collection of items for sale. Several photographs taken during the last years of Elvis’ life–used as authentication of lots for sale–show a grotesquely bloated man, who is more to be pitied than admired, especially when contrasted in such close proximity to youthful images.

But it’s the good times that the fans and collectors will try to rescusitate in Las Vegas next month. Lichter is anxious to see what will happen when certain celebrated items go up for bid.

“From a personal standpoint, the highlight should come when the red Burning Love jumpsuit goes up for sale,” he said. “It’s arguably the most famous stage costume in rock ‘n’ roll history and certainly the fans’ favorite. That could be the highest sale in rock history. Also, the red Gibson Acoustic Dove Guitar.”

Lichter also explained the difference between what can be seen here and what is on display in Graceland and Cleveland.

“Nothing came from the estate, which isn’t allowed to sell or purchase anything because it’s set up as a trust,” he said. “If someone comes to the estate to offer or buy something, they direct them to me.”

Some people, young and old, still scratch their heads in wonder at the universal appeal and astonishing success Elvis Presley was able to achieve in his lifetime–and marvel at how his legend and fortune have increased since his death. Lichter has a simple explanation.

“I think there’s a little bit of Elvis in all of us,” he says. “He didn’t find a cure for cancer, he didn’t perform heart surgery. But he did a very important thing: He brought happiness to a lot of working people’s lives.”

Looking ahead to the auction, he predicts, again inserting the pop idol in the here-and-now, “This will be an event, and anytime Elvis can have another event–without someone saying they saw him at the local Burger King–is great.

“Elvis’ personal Sun 45s are here . . . what could be more historic? Dick Grob has the never-before-heard acetate, which is pretty exciting, because if RCA chooses to buy it, then there could be another No. 1.”

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The auction will be held at 3 p.m. on Oct. 6-7 at the Las Vegas Hard Rock Hotel & Casino. Another preview of items up for bid will held Oct. 4-5 at the Hard Rock. Both are open to the public. Bidding also will be conducted by phone from Butterfield & Butterfield in Hollywood.