Elvis Presley would have been 74 today on his birthday, January 8, and in honor of the King, ET's Kevin Frazier is with Priscilla Presley as she celebrates her late hubby's birthday and the 70th anniversary of Graceland in Memphis. But first, Priscilla speaks out on friend John Travolta and Kelly Preston's tragic loss of their son, Jett.

"I've met Jett and he was a beautiful son," says Priscilla. "The loss that they have suffered is beyond... They [are] incredible parents. It's going to be awhile, but we're all behind them and support them, that's for sure."

Following the 70th Anniversary celebration kick-off, three new major exhibits will open this spring at Graceland: "Elvis in Hollywood" (charting the rock 'n' roll icon's rise on the big screen, featuring scripts and memorabilia); "Elvis Lives: The King and Pop Culture" (an interactive video presentation with music and trivia); and some new additions to the Elvis Presley Automobile Museum, including both of his Rolls Royce sedans, his 6-door Mercedes Benz limo, and the 16 ft ski boat he named after his mother.

In addition to the festivities, Graceland is also adopting a 10-month-old abused colt to join the other horses in the estate's back pasture -- and Friday on ET, Priscilla personally introduces the colt to Kevin!

Watch ET for more with Priscilla Presley at Graceland!