The live bidding for these and other Elvis items — and a chance to have a private luncheon with his ex-wife Priscilla — begins Saturday 

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Elvis Presley's iconic jumpsuit and cape he wore in a string of concerts at Madison Square Garden in 1972
Elvis Presley's iconic jumpsuit
| Credit: Kruse GWS Auctions

A young Elvis Presley wowed fans during a string of shows at Madison Square Garden in 1972 wearing an iconic white eyelet jumpsuit and cape — and now, for the right price, you can own them.  

Kruse GWS Auctions is selling the outfit, designed by Bill Belew in 1972. The opening bid for the jumpsuit is $350,000 and the cape is going for $50,000 as of Thursday morning. Live bidding begins Saturday, Sept. 4, at Kruse GWS Auctions.

That year, Presley sold out four straight nights at MSG, becoming the first person to do so at the historic Manhattan venue, according to the auction house. 

Elvis Presley's iconic jumpsuit
Elvis Presley's iconic jumpsuit
| Credit: Kruse GWS Auctions

Fans can also bid on an assortment of other Elvis items, including a Bible gifted to him by a fan, the helmet he wore in the film Viva Las Vegas, and a collection of his hair saved by the singer's barber. 

And you can even have a private luncheon in Beverly Hills with Elvis's ex-wife, Priscilla, who opens up about the difficulties she faced while adjusting to life as the late King of Rock and Roll's wife after she married him in 1967 in this week's issue of PEOPLE, on newsstands Friday. 

"I thought, 'Why not be a part of it?'" Priscilla tells PEOPLE. "I used to have a different opinion about these estate sales, but then as I got older I realized that you have to pass these things down to someone who'll really appreciate them."

To have Priscilla on board, says Kruse GWS founder Brigitte Kruse, who will also be at the luncheon, is priceless: "She's just such a wealth of experience and knowledge. You don't study and learn about Elvis without learning about Priscilla as well. Their names are synonymous."

A portion of the luncheon auction proceeds will go to the Dream Foundation — which supports terminally ill adults and their families — in honor of Priscilla's late mother Ann, who died on Aug. 2 at age 95.

"I'm just happy this year has passed," she says, "and hopefully we can have some good news come in."

In addition, hundreds of non-Elvis memorabilia on the auction block include Les Paul's personal guitar case, which carried the first Les Paul guitar in 1952, a red scarf and red crystal bottle owned by Jimi Hendrix, Marilyn Monroe's 1950's black sleeveless 'Wiggle' dress, and the maroon dress that Elizabeth Taylor wore in National Velvet

"This collection chronicles so many important moments in entertainment history," says Kruse.