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Nashville’s hot real estate market has made it one of the top cities for competitive housing prices.
But one particular residence may have some people scratching their heads.
A small mobile home located in the Music City has been sold for a whopping $1.5 million, according to the local Fox station, WKRN.
To compare, when it was last sold back in 2007, the price was just $135,000.
The mobile home only spans about 528 square feet.
But it appears there was more than meets the eye beyond what the listing initially had described — and it wasn’t exactly bought for the mobile home, but rather the acreage.
“Odds are that the listing, or whatever web service that pulled that data, only pulled that one parcel but gave the total price,” Ryan Turbeville of Ashton Real Estate Group told WKRN. “With that amount of acreage, they could build 40-50 townhomes and either sell them or rent them out as short-term rentals.”
The listing initially stated that the mobile home was only situated on .24 acres but, in actuality, it is made up of four parcels, totaling about 1.5 acres.
The new owners are listed under the pseudonym 1110 Baptist Partners, who also simultaneously purchased another plot of land in the area for only $112,000, property records show.
“With the River North development finally starting up and Oracle announcing itself as the main anchor tenant, all of the neighborhoods surrounding it are going to develop,” Turbeville added, referring to the tech corporation. “How long that takes is anyone’s guess — probably five to 10 years before it spreads out.”