Duke Adams, a 62-year-old "older-era Elvis", said he was approached while in a queue at a pharmacy by a man offering to sell him items once owned by Presley, including jewellery, clothing and the king's revolver.
Remembering the March 2004 burglary, Mr Adams said he asked the man to stop by his business the next day.
Mr Adams went home and called police.
Authorities arrested Eliab Aguilar last week after the Las Vegas man brought all but one of the stolen items to Adams' employment agency.
Aguilar and some accomplices had allegedy backed a stolen tow truck into the museum, used the vehicle's hook to lift an overhead door and stole the loot in a matter of minutes.
Aguilar was charged with burglary, grand larceny auto, possession of stolen property and possession of a stolen firearm.
Among the items recovered were a 41-carat ruby and diamond ring worth A$104,650, a A$88,340 gold and black onyx medallion that spells "Elvis" in diamonds, and a gold-plated Smith & Wesson .38 special.