A pair of white boots Elvis wore during the closing number of his 1968 NBC TV performance have sold for ?�29,500 ($44,838).
The lot led a sale at Henry Aldridge & Son in the UK on November 14.
The song was originally written by songwriter Walter Earl Brown as a tribute to Martin Luther King, who was assassinated two months prior to the show's filming.
Elvis was deeply upset by the murder and sang the song with enormous conviction.
Auctioneer Andrew Aldridge explained: "To show producer Steve Binder his performance was so staggering it seemed almost like a religious experience.
"Out on the floor with a hand mic, Elvis fell to his knees. For a moment, it appeared like he was back in church, singing the gospel songs of his youth.
"These boots represent a tangible link to this truly iconic moment in showbusiness history.
"If I Can Dream was the closing number of one of the greatest moments in entertainment history and is regarded by Elvis collectors as one of the 'Holy Grails'."
The consignor, Charlie Hodge, comments: "These white Verde brand boots are the boots that Elvis wore on stage on his 1968 NBC TV special.
"He wore them in the closing number of the show 'If I Can Dream' while he was wearing a white suit. Elvis later gave me these boots."
Recently Elvis' gold piano set a new auction record.
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