As I enter my 25th year of writing a weekly real estate column, I shall write about a sale that I would, in most cases, avoid or ignore altogether. In fact, I do not recall ever writing about a sale in which the listing broker and the buyer’s agent were both from within the confines of the firm with which I am affiliated.
But has never before been a single-family home in Belle Meade, or Davidson County, for that matter, sell for $32 million. This house has 19,811 square feet in the main dwelling and an additional 1,072 square feet in the pool house. For all the price-per-square-foot buffs out there, that equates to $1,615 square per square foot.
Such are the statistics for 1304 Chickering Road, the address that served as residence to Dr. Tom Frist and his late wife, Patricia.
Not since Fridrich listed and sold the house at 702 Bowling for $18 million, or $1,395 per square foot, has the Nashville real estate market seen such a price per square foot. It has been well-chronicled and document throughout the local, regional and national media that these houses were both owned by members of the Frist family.
One of the most philanthropic families in history, the Frists were donors to Frist Athletics Village at Vanderbilt, “which honors one the largest gift in Vanderbilt Athletics history” according to Vanderbilt’s website. The Frist Art Museum founded in 2001 represents the family’s dedication to the city and passion for the arts. There are countless other institutions that have benefited from their gifts.
When the finance committee for any nonprofit organization is raising money for its major event convenes in its inaugural meeting, the first question from the chair is: “Does anyone know one of the Frists?” Whether or not a committee member knows a Frist, chances are the Frist family will be there for the charity.
Such generosity and good works could only be the result of great wealth accumulated through the health care industry, and Dr. Frist was one of the founding fathers of Hospital Corporation of America, along with his father, the late Dr. Thomas Frist, Sr., and the late Jack Massey, who had enjoyed success with Kentucky Fried Chicken. It is interesting that a father and his son could be founding fathers together.
With the basic understanding that the First family has fared well financially, many point to that wealth as a basis for the real estate having significant value. That explains how the Frists owned the Chickering property but fails to account for the fact that someone actually paid $32 million for the esteemed residence.
That buyer is a resident of Middle Tennessee and was not in the health care industry, rather the shipping business, and was the once the chairman of Marine Terminal Company, a company founded by his family.
Steve Fridrich has long served as the real estate broker for several of the Frist family and many other well-heeled buyers and sellers in the community, and his career sales have surpassed $1 billion, a number that few, if any, in the greater Nashville area have achieved. His father, the late Jerry Fridrich, and the late Hale Hooper started the firm as Fridrich and Hooper more than 50 years ago.
The firm has more than 150 agents, yet Steve’s favorite agent Jan. 5 – the day the $32 million sale closed – had to be Christy Reed, a Realtor from his own firm who delivered Christopher Redlich, Jr.
Reed had represented Redlich when he established his residence in Middle Tennessee, and she has his house at 4760 Sharpsville Road in Murfreesboro listed for $13.5 million.
Redlich’s property is a 94-acre equestrian community that Reed describes as “Yellowstone in Rutherford County.” Reed, like Fridrich, is no stranger to upper-end sales, having been the buyer’s agent when Dusty Hill of ZZ Top fame bought Sheryl Crow’s property in College Grove. She also was involved in the Hidden River sale, as well as the one-time record-high sale in Laurelbrook.
The Chickering house is situated on 49.72 acres and has the property taxes were listed at $99,999, as Realtracs would not allow enough room for six figures. Modestly enough, the house has five bedrooms, five full bathrooms and four half bathrooms.
With this sale, the Yosemite Sam exclamation of “Thar’s gold in there thar hills” could refer to Tennessee not California. Interestingly, the phrase originated in a writing by Mark Twain from a phrase spoken by one Dr. M.F. Stephenson, an assayer from the Dahlonega mint. He wanted the Georgians to remain in their home state rather than head to California for the during the gold rush. He was referring to he gold in the hills of Georgia.
Now there is gold in the hills of Belle Meade.
Richard Courtney is a licensed broker with Fridrich & Clark Realty, LLC and can be reached at [email protected].