Business Zoaka: LeAnn Rimes Slashes $1 Million From Tennessee Mansion

Sunday, February 27, 2011

LeAnn Rimes Slashes $1 Million From Tennessee Mansion

leann rimes and eddie cibrian Poor LeAnn Rimes. The country music star hasn't had any luck moving her mansion outside of Nashville in Franklin, Tenn., and now she's dropped its price by more than a million bucks--from $7.4 million to $6.3 million. Ouch! (See photos below.)

"There aren't that many buyers who have that kind of money right now," says Nashville area Realtor Shawn Hackett, of Music City Realtors. "Those that do are being cautious because they're expecting the market to drop more."

Why is Rimes selling? Her romantic life may have something to do with it.

Back in 2006, Rimes bought 5.22 hilltop acres in a gated community called Avalon with her husband at the time, backup dancer Dean Sheremet. The teenage couple proceeded to build the gorgeous three-story, 13,380-square-foot mansion complete with media room, infinity pool, wine cellar, state-of-the-art security and not one but two kitchens.

They put the 7-bedroom, 9.5-bath complex on the market briefly in 2009 for $7.45 million but pulled it off after just two months when Rimes was caught cheating and the couple divorced. After the divorce, the home was relisted for $6.499 million in January 2010--a stunning $1 million less than its original price. Then, nine months later, in October 2010, Rimes lowered the price yet again, to $6.299 million, where it has stayed.

"It's rare to see homes in that price range," says Hackett. He estimates there may have been two or three listed around that price in the last 12 months. Often, they're owned by country artists who favor Franklin, an area south of Nashville. Alan Jackson's $38 million home in Franklin recently sold for $28 million.

So isn't there another country megastar who wants to snap up Rimes's pad?

If not, the singer likely isn't fretting. At least her love life is going better. Today Rimes is still together with cheatee Eddie Cibrian (above), an actor she met when they costarred in a Lifetime movie. Cibrian left his wife and he and Rimes are now engaged. No word on where they're currently living.