Elvis Presley's Memphis estate, Graceland, is selected as a National Historic Landmark.

The federal government will now officially recognize the home that many Elvis Presley fans already consider a landmark.

Elvis' Memphis home, bought in 1957 for $3,000 after he released "Heartbreak Hotel," draws more that 600,000 visitors a year.

It will now join the likes of over 2,500 sites such as Pearl Harbor, the White House, the Alamo and Mt. Vernon in a ceremony scheduled for Monday.

Jack Soden, of Elvis Presley Enterprises, says, "It is arguable that worldwide it is the second most famous home in America."

Graceland has been on the National Register of Historic Places since 1991.