Just outside Nashville lies Tennessee's priciest home, valued at $65 million.

CNBC's new quarterly series, Cities of Success, examines cities that have evolved into thriving business centers with an entrepreneurial atmosphere, drawing in capital, corporations, and talent.

If Twin Rivers Farm sells for its $65 million asking price, it will become Tennessee's most expensive home.

The suburb of Leipers Fork, known for attracting high-net-worth individuals and celebrities such as Justin Timberlake and Nicole Kidman, is just 30 miles southwest of Nashville.

According to Dan McEwen with the McEwen Group, the real estate holding is one of the most significant in the Southeast, as stated in the upcoming "Cities of Success" primetime special on CNBC, airing Dec. 6 at 10 p.m. ET.

The estate's size, at 383 acres, and its unique amenities, including a man-made private fishing lake, contribute to its commanding eight-figure asking price, as stated by McEwen.

In 2010, the most expensive home sold in the state was valued at $28 million.

In the past 20 years, the real estate market in Middle Tennessee has undergone significant changes, primarily due to the influx of out-of-state buyers and families who have relocated to the area and invested in local properties, according to McEwen, who spoke to CNBC.

Since 2019, the number of millionaires in the Nashville area has increased by more than 70% to over 116,000, according to research firm Wealth-X, an Altrata company. This means that there are now over 1,000 people in the Nashville area with a net worth over $30 million.

New families are being attracted to the region due to its low costs, lack of income tax, moderate climate, low crime, and culture, as stated by McEwen. The migration wave has resulted in residents relocating from New York, Illinois, and California.

In 2015, Larry Keele, a retired co-founder of Oaktree Capital, relocated to the Twin Rivers Farm property from California and purchased two adjoining plots of land for approximately $7.2 million.

He destroyed existing buildings and spent millions on building a resort-like property near Nashville.

Larry's career was in Los Angeles, but he always felt a pull towards his hometown in Tennessee. McEwen believes that the quality of life in Tennessee ultimately drew Larry back home.

The main residence boasts an impressive 10,626 square feet with five bedrooms, seven bathrooms, and hardwood floors imported from France. The walls are adorned with rich blue leather and Italian cashmere worth $100,000, as per the broker.

McEwen stated that the sellers did not skimp on any expenses when constructing this home, and it is the quality that distinguishes it from others.

The game room, safe room, and wine cellar are accessible through several concealed passages in the estate. Additional amenities include a pool house with a retractable glass roof, a putting green, a large chessboard, and a tennis court.

The Keeles constructed a man-made lake and miles of scenic trails for fishing, swimming, and hiking.

"Here, grass, trees, and hills surround you. That's why the vision was to create something that fit this environment," said McEwen.

The barn on the property accommodates the Keeles' poultry and livestock, as well as a section for human visitors, featuring a dining room with a retractable cupola that exposes the sky with the press of a button.

The total built square footage of the main residence, barn, cabin, stable, and pool house is 28,583 square feet, according to the broker. At a price of $65 million, it equates to $2,278 per square foot.

The 95th percentile luxury home price in the Greater Nashville Area is currently $471 per square foot, according to Hannah Jones, senior economic research analyst at Realtor.com.

The Keeles are requesting nearly five times the square footage threshold.

As wealthy buyers seek a rural lifestyle with high-end amenities, trophy properties like Twin Rivers Farm are becoming increasingly popular in the area, according to McEwen.

The area is popular among celebrities because it offers opportunities to socialize with friends and appreciate nature away from the public's scrutiny.

What prompted the Keeles to sell the trophy estate they had customized at a great expense? McEwen reveals that the decision was motivated by a need to downsize and move closer to Nashville.

The 2022 real estate tax for the property amounted to $22,474.46.

CNBC will air the "Cities of Success" special featuring Nashville on Dec. 6 at 10 p.m. ET.