A heart valve assembly includes a prosthesis for receiving a prosthetic valve to replace a preexisting natural or prosthetic heart valve within a biological annulus adjacent a sinus cavity. The prosthesis includes an annular member implantable within the biological annulus for contacting tissue surrounding the biological annulus to provide an opening through the biological annulus, a collar extending upwardly from the annular member, and a sewing cuff extending radially outwardly from the annular member and/or collar. Optionally, the annular member and/or collar may be resiliently compressible, expandable, and/or otherwise biased. A valve member, e.g., a mechanical or bioprosthetic valve may be coupled to the collar, e.g., using a drawstring, sutures, or other connectors, to secure the valve member to the gasket member.