The former property of music legend Johnny Cash could become home to new residential development.
The owner of the 4.5-acre estate in Hendersonville, Tennessee is offering the option of selling the land for $3.9 million to a developer or builder to divide it into residential lots, Forbes reported. Johnny and June Cash lived in their nearly 14,000-square-foot home on the land from the late 1960s until their deaths in 2003.
The current owner is a Texas businessman who had previously hoped another entertainer would buy the property — but his own health complications led to a chance of plans. Crye-Leike’s Stan Peacock, the listing agent, said a November appraisal led to the owner’s decision to redevelop the land.
“You’re talking about $2 million to $3 million homes on each individual lot,” Peacock told Forbes. “That’s pretty much the going rate on a high-end home on a lake in Hendersonville.” The development would have four to six homes on roughly one-acre lots, with lake frontages and multimillion dollar price tags.
“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,” Peacock continued. “They can make a profit off of it and make several beautiful lake homes on it if they want to.” [Forbes] — Meenal Vamburkar