The Elvis is Alive Museum will pack up in Missouri and move to the King's home state, Mississippi, in coming days, the new owner said.
Andy Key was the high bidder of a collection of photographs, books, FBI files, DNA reports and other memorabilia from a Missouri museum that theorizes Elvis Presley never died. The eBay auction closed Friday.
In his first interview after the auction, Key told The Associated Press he is "open to the possibility" that Elvis Presley never died, though it was not a condition of the sale.
"I want to make this a tribute," Key, who paid $8,300 (euro5,682) for the collection, said of the move to Mississippi.
"If (Elvis) wants to come to the opening, he can certainly come back."
The collection includes a tape recording of what is said to be Elvis Presley's voice made long after the date of his death, and piles of documents that are said to be FBI files proving Presley's involvement with federal authorities.
Other items include replicas of the Cadillac Elvis drove and the casket and gravestone from his 1977 funeral.
Key said he would like the museum to complement the tourist attraction in Tupelo, Mississippi, where Elvis was born and bought his first guitar.
He said some people already are trying to buy the collection from him.
"So far, the highest offer I got today was $15,000 (euro10,269)," Key said. "I said, 'No thank you.' This is part of history, to me it's a pretty major thing. This needs to be carried on."
Bill Beeny, the 81-year-old founder of the quirky roadside museum, sold the treasures on eBay in hopes the buyer will carry on his work.
Key said he is intrigued by the notion that Elvis did not die, and said he wants to spend some time with Beeny learning all he can.
"He knows a lot," he said. "It raises a question in my mind."
David Beckwith, a spokesman for Elvis Presley Enterprises, which manages Graceland, the King's estate and mansion in Memphis, Tennessee, previously said the company had no comment on the museum.