The Perpetuum Ebner Musical 5v Luxus was expected to fetch 2,000 pounds, but sold for 4,400 pounds to an overseas bidder at Penzance Auction House, reported BBC online.
The singer gave the record player as a wedding gift to close friend Ellen Marschhauser and her husband Jim Jenkins in Germany in 1959, where he was stationed during his Army service.
The record player was once used by Presley as a guitar amplifier in his hotel room.
"We used it at parties. It had a great sound. But the needle broke so I put it away in the loft thinking I would fix it one day," Jenkins said.