Developer Is Building 15 Homes On Reba McEntire’s Former Estate
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After the country singer and actress split from her husband, Reba McEntire put her Tennessee home on the market. It was for sale from September 2016 until recently, when it was scooped up by real estate developer Paul Burch in July 2017.
Now that Burch is the official owner, he’s reportedly decided to turn the 83-acre estate known as Starstruck Farm into 15 separate lots. And the 10 acres that the original house sits on? Well, it and the mansion are still on the market for $2.95 million.
So, if you’re interested in owning McEntire’s former home, or just a piece of her former land, that’s good news for you!
The home itself is gorgeous. It has a grand entrance, with four columns spanning the front of the home.
Once you enter, you’re met with a chandelier and spiral staircase. There are decorative ceilings and touches of granite and marble throughout the home.
And that’s just the inside.
The outside also has a pool, stable, tennis court and lush greenery surrounding the property.
It really is a a lavish set-up—which is precisely why it comes with a nearly $3 million price tag.
As far as the remainder of the property, Burch plans to build homes on the 15 different lots.
According to Sotereas Pantazes, founder of the real estate and home improvement website and app EFynch, if he sold each home for $700,000, he’d see quite the profitable return.
“Given the potential to add a premium for waterfront lots, I imagine these new homes selling for $700,000,” Pantazes told Realtor.com. “As a rule of thumb, there’s an 18 percent to 20 percent profit margin for single-family homes, which means he could net as much as $140,000 per home.”
That would leave Burch with an estimated $2 million gain on the original $5 million purchase of the property.
The tale of this house is sad, similar to a country ballad, especially for the former owner. But the redevelopment of the property is good news for anyone who’d like to own a piece of what was once McEntire’s.
Much like the subject of McEntire’s hit song, Starstruck Farm is a survivor.