Jack White has splashed out $300,000 on Elvis Presley's first recordings.

The 39-year-old musician has been revealed as the highest bidder on the lot at an auction, which took place at the late star's Graceland estate in Memphis, Tennessee on January 8, which would have been Elvis' 80th birthday.

The identity of the successful buyer was originally kept a secret, although the 'Sixteen Saltines' singer has now been announced as the person who now owns the covers of 'That's When Your Heartaches Begin' and 'My Happiness' on 78rpm acetate, which were originally recorded by the musician at the age of 18 in 1953.

Now the former White Stripes rocker has been revealed as the new owner of the tracks, he reportedly plans on ensuring the world can hear them.

The songs were originally hits for Ink Spots in 1941 and Jon and Sondra Steele in 1948 respectively, although could receive a new lease of life, as Billboard reports Jack plans on releasing them through his label Third Man Records on vinyl for Record Store Day on April 18.

Elvis - who passed away in 1977 - released his final album 'Moody Blue' just one month before his death, although a number of posthumous releases have been put out since, including a remixed version of his 1968 track 'A Little Less Conversation' which topped the charts for Dutch musician JXL in 2002.