This story is part of CNBC’s new quarterly Cities of Success series, which explores cities that have transformed into business hubs with an entrepreneurial spirit that has attracted capital, companies and employees.
Twin Rivers Farm could break records as Tennessee’s priciest home if it fetches its $65 million asking price.
The property is located just 30 miles southwest of Nashville in the suburb of Leipers Fork, known for attracting high-net-worth individuals and celebrities such as Justin Timberlake and Nicole Kidman.
“It’s one of the most significant real estate holdings in the Southeast,” listing agent Dan McEwen with the McEwen Group told CNBC for the upcoming “Cities of Success” primetime special, airing Dec. 6 at 10 p.m. ET.
According to McEwen, the estate’s sheer size, unfolding over 383 acres, and its unique amenities such as a man-made private fishing lake, help it command the eight-figure asking price.
Apart from the 10,626 square foot main residence, the estate features a barn, guesthouse and a man-made lake, stocked with trout for fishing and swimming.
The previous record for the most expensive home sold in the state, set in 2010, stood at $28 million.
“Over the last 20 years, the real estate market here has changed drastically. It’s been mostly because of out-of-state buyers, out-of-state families that have settled here in Middle Tennessee and invested in Middle Tennessee,” McEwen told CNBC.
The number of millionaires in the Nashville area increased more than 70% since 2019 to north of 116,000, according to research firm Wealth-X, an Altrata company. There are now more than 1,000 people in the Nashville area with a net worth over $30 million.
The migration wave has seen residents relocating from New York, Illinois and California. McEwen credits the region’s low costs, lack of income tax, moderate climate, low crime and culture with drawing new families.
The main residence of Twin Rivers Farm is 10,626 square feet.
Larry Keele, a retired co-founder of Oaktree Capital, moved to the Twin Rivers Farm property from California in 2015, acquiring two contiguous plots of land for approximately $7.2 million.
He demolished existing structures and invested millions in constructing a resort-like estate just outside Nashville.
“Larry spent a lot of time in [Los Angeles]. His career was in LA. I think home always called to Larry,” McEwen said. “He’s from Tennessee. And I think the quality of life here called to Larry and ultimately brought him home.”
The walls of this room are adorned with blue leather.
The main residence stretches an impressive 10,626 square feet and features five bedrooms, seven bathrooms and hardwood floors imported from France. In addition, the walls are clad in rich blue leather and Italian cashmere worth $100,000, according to the broker.
“When the sellers built this home, they did not spare any expense. The quality here is what sets it apart,” McEwen said.
The kitchen has marble countertops and the cabinets also serve as windows that offer views of the trees and landscape.
The estate has multiple hidden passages leading to a game room, a safe room and a wine cellar. Additional features include a pool house with a retractable glass roof, a putting green, a jumbo-size chessboard and a tennis court.
The pool house has a retractable glass roof for year-round usability.
There are also miles of scenic trails and even a man-made lake the Keeles constructed and filled with trout for fishing and swimming.
“Everywhere you look, you see grass and trees and hills. And so the vision was to do something that fit here,” said McEwen.
Twin Rivers Farm spans 383 acres and features a barn alongside a man-made lake.
The property’s barn houses the Keeles’ chickens and sheep. It also includes an area for human guests, complete with a dining room beneath a rooftop cupola that effortlessly slides away at the touch of a button, unveiling the sky above.
The barn’s dining area features a glass-windowed door with a view overlooking the man-made lake.
The main residence, barn, cabin, stable and pool house combined amount to 28,583 built square footage, according to the broker. Priced at $65 million, it translates to $2,278 per square foot.
In the Greater Nashville Area, a luxury home price is typically defined at the 95th percentile, and the most recent data indicates it to be $471 per square foot, as reported by Hannah Jones, senior economic research analyst at Realtor.com.
The square footage the Keeles are asking for is almost five times that threshold.
According to McEwen, trophy properties like Twin Rivers Farm are in increasing demand in the area as wealthy buyers look for the large acreage and rural lifestyle of a farm, combined with high-end amenities such as pools and guest houses.
Celebrities also like the area because they can entertain their friends and enjoy nature outside the prying eyes of the public.
So why are the Keeles selling the trophy estate they spent tens of millions to customize? McEwen says the decision is driven by a desire to downsize and relocate closer to Nashville.
The 2022 real estate tax for the property amounted to $22,474.46.
TUNE IN: The “Cities of Success” special featuring Nashville will air on CNBC on Dec. 6 at 10 p.m. ET.