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A run-down mobile home in Nashville beat the odds and was bought for a staggering $1.5 million. However, there is more going on behind the scenes that led to the big buy.
According to WKRN, a mobile home off Baptist World Center Drive on the East Bank of the Cumberland River was listed on Zillow with a million-dollar price tag. While a first glance at the property, listed as 1111 Spurgeon Avenue, might not match the price, it's the land it sits on the drew in the new owners, 1110 Baptist Partners. The sale actually includes four parcels of land on roughly 1.23 acres, but nearby residents still believe the price is "absolutely insane." Check out photos here.
"Odd are that the listing, or whatever web service that pulled that data, only pulled that once parcel but gave the total price," said Ryan Tuberville, director of Commercial Real Estate, Ashton Real Estate Group of RE/MAX Advantage. "With that amount of acreage, they could build 40-50 townhomes and either sell them or rent them out as short-term rentals."
While the future of the property is unknown, Tuberville said big developments, like River North and Oracle, could be beneficial to surrounding areas in Nashville.
"With mixed-use zoning, there are many different ways they could approach redeveloping this property, and it's possible they don't know what that plan is yet," said Tuberville. "Sometimes developers will buy a property keep the existing tenant and keep generating revenue for a short period of time while they develop their larger plan for the property."