The owner of a 4.5-acre lakefront property in Hendersonville, Tennessee, where country music legends Johnny Cash and June Carter Cash lived is giving the option of selling the land for $3.9 million to a builder or developer who would subdivide the land into residential lots.
Listing agent Stan Peacock, vice president of Crye-Leike real estate agency in Brentwood, Tennessee, said an appraisal in November factored into the owner’s recent decision to redevelop the property with four to six homes that would have multi-million dollar price tags.
“You’re talking about $2 million to $3 million homes on each individual lot,” said Peacock. “That’s pretty much the going rate on a high-end home on a lake in Hendersonville.”
The property, which is near Nashville, is split into four parcels of 1 acre or more each. With its lake frontages, boat dock and golf course nearby, Peacock said “it just makes it kind of like a developer’s dream.”
Johnny and June Cash lived in their nearly 14,000-square-foot showcase home from the late 1960s until their deaths in 2003.
British singer Barry Gibb, a former member of the Bee Gees, had bought the Cash property for a reported $2.3 million in 2006 with plans to restore the home and write songs there. However, a fire in 2007 destroyed the house where Johnny Cash wrote most of his famous music.
The estate at 200 Caudill Drive includes a swimming pool, tennis court and a log cabin turned luxury apartment that June Carter Cash used to maintain her stage wardrobe.
Peacock said the apartment across from the Cashes’ home was basically a high-end dressing room. “June had all her stage outfits in there for the Grand Ole Opry,” he said.
Peacock explained that the property owner, a Texas businessman, wanted to restore the estate to its original splendor and had hoped that another entertainer would be interested in buying the property.
“However, the owner, who had health complications, decided to have the dream turned over to someone else,” Peacock said.
He noted that the owner chose to have a property appraisal late last year since one had not been done in at least 10 years.
“It’s been on the market for a while, but we didn’t have an appraisal like we have now and also the permission from the owner to sell it to a builder/developer to sell it and allow it to be split up,” said Peacock. “They can make a profit off of it and make several beautiful lake homes on it if they want to.”
Country music artist Marty Stuart and his wife, country singer Connie Smith, used to live next to the Cashes on an acre lot, said Peacock, noting that he sold their estate four years ago for $2.75 million. “It didn’t even have a boat dock,” he pointed out, a bit amused.
“The Cash estate is a bargain for whoever buys it,” said Peacock. “It was formerly Johnny Cash’s property. The buyer will end up on world news.”
For more information, contact Stan Peacock at 615-512-3848 or email him at [email protected]
- Originally posted on Forbes