Reba McEntire's waterfront estate in Lebanon, an 83-acre expanse with a gazebo, tennis court, stables, pastures, and a seven-bedroom Southern colonial home, sat on the market for more than a year.
The $7.9 million listing finally sold in July 2017 at the deeply discounted price of $5 million.
In the greater Nashville area, such multi-million-dollar home sales have skyrocketed since 2000 — from dozens to hundreds sold each year.
Since 2013, the number of homes sold for over $1 million in the 9-county greater Nashville area have jumped each year, from 300 in 2013 to 846 in 2018 as of Dec. 20, according to Greater Nashville Realtors.
They present lucrative opportunities for real-estate agents willing to invest time and energy into them. But it can take years to unload luxury properties and, even then, deep discounts may be needed.
McEntire's estate was split in two, and the buyer developed 15 homes on one portion. The house was resold for $3.1 million, and is now an event venue called The Estate at Cherokee Dock.
In Nashville's heated real-estate market, the average home sells within about a month.
But, with just a smaller pool of wealthy buyers to draw from, luxury listings linger.
Kelly Clarkson's $8.75 million gated lakefront Hendersonville mansion has been on the market for two years.
Former NFL quarterback Jay Cutler and reality TV personality Kristin Cavallari put their $7.9 million Forest Hills home on the market in July.
Nicole Kidman and Keith Urban shaved more than $1 million off the cost of their Franklin home to unload it for $2.3 million after two years on the market.
One of the most expensive recorded sales in the Nashville area — country star Alan Jackson's 135-acre "Sweetbriar" estate in Franklin — was listed for $38 million in 2009. It sold for the discounted price of $28 million in 2010 to tech entrepreneur Willis Johnson.
James Spencer, a real-estate agent with Mossy Oak Properties, is currently marketing the most expensive listing in the Nashville area: a $32.5 million, 1,600-acre ranch that straddles Davidson and Williamson counties, just south of Bellevue.
"Not many people walk around with millions of dollars in their pockets," Spencer said. "These (listings) do not come along every day. It will be a good day at our house when the property does sell. But a lot of work goes into it."
Spencer is using targeted ads designed to attract the well-heeled on Facebook, and in magazines and the mail.
Real-estate agents earn a commission that typically starts at 6 percent — or nearly $2 million for a $32.5 million sale — but they cover marketing costs and often split earnings with listing agents.
Quality photos of the properties are critical, and agents must be present at showings.
"We get it in front of the folks who have relationships with those types of people," Spencer said. "We knew that we would be taking on a large amount of upfront marketing expense. And we know that ultimately the property will sell, it may just be a matter of time."
Traceland Farm, Spencer's high-priced listing, has a world-class equestrian center, several lakes, ATV trails, a 4-bedroom home with two safe rooms and an escape tunnel, and more than 60 deer stands.
"To find a tract this large with this much privacy so close to Nashville is almost unheard of," Spencer said. "That's where a lot of the value is. Somebody's got to be looking for that. (The owners) hunted it, fished it, rode horses. It was a family compound."
A seller can hasten the sale by lowering the price tag, making improvements to it, and reducing any restrictions they may have put on the property. For example, Spencer's listing is open to investors who could split it into parcels and develop the land — although they would first have to get permits to do so.
Bill Henson, an agent with SilverPointe Properties, recently put a $17.9 million home on the market in Franklin's exclusive gated enclave of Hidden River Lane.
The 6-bedroom, 10.5-bathroom brick mansion boasts more than 100 chandeliers, nine fireplaces and three bars.
Agents for luxury listings like this one typically cast a wide net for buyers across the country who may be looking for a place to live in Nashville, he said.
"This one is very opulent and would be a primary residence," Henson said. "As much as you want to think the buyer may drop in from Mars or California, Texas or New York, you've certainly got to market it here as well. The buyer is going to decide they want to live in this area and then look for houses here, not the other way around."
Often, high-priced homes will come with furniture included to help ease the transition for the buyer, since furnishing a luxury home is expensive and time consuming.
"Sometimes a home may sell very quickly in this price range, but not very often," Henson said. "Often, (sales) include furniture because, let's be honest, it might take you three years to decorate a 20,000-square-foot home properly."
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