The company experienced lackluster sales when the 507 debuted in the ’50s, likely due to its 26,500-German-mark price tag that equates to more than $450,000 USD in today’s dollars, according to Ran When Parked. Plans for a limited run of 1,000 units were cut back by more than 75 percent, and the model was never profitable despite celebrity ownership.
The particular 1957 example purchased by Elvis was first showcased at the Frankfurt Motor Show of the same year, before serving in the press fleet. BMW later asked legendary racing driver Hans Stuck to enter the chassis in the ADAC Schauinsland-Rennen mountain race.
“The King,” serving in Europe for the US Army at the time, caught his first glimpse of the roadster at a track near Paris in 1958, inspiring him to sign up for a lease and eventually covered the white body with a coat of Porsche Red paint.
One of the subsequent owners outfitted the 507 with an American V8 to participate in drag events. It was shelved in a warehouse at the end of the ’60s and continued to collect dust for the next four decades.
The current owner recently shipped the 507 to Munich, where it will be exhibited in BMW’s “Lost & Found” museum before a full two-year restoration begins.
Photos courtesy of Auto Motor und Sport.