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Friday, October 31, 2014
Home » News » Dave Ramsey’s New House

Dave Ramsey’s New House

Dave Ramsey's palatial house in Cool Springs

Dave Ramsey's palatial house in Cool Springs

Anyone that has been in Cool Springs TN lately, has most likely seen Dave Ramsey’s new house.  The ‘pay with cash’ financial guru, radio host, bestselling author and founder of Financial Peace University has constructed a palatial home next door to Lee Ann Rimes house on King Richard’s Court in the Cool Springs Franklin area.

If you’re not familiar with Dave Ramsey (in other words from another planet), his basic mantra is don’t use credit cards, don’t spend money you don’t have, save and always pay with cash.  Sounds like good advice.  Dave Ramsey has made a good living from his financial “get out of debt” books, cds, events and radio program.  Dave Ramsey’s main book and New York Times best seller is “The Total Money Makeover”.

Most people have seen Dave Ramsey’s home in Cool Springs from the distance although they may not have known it is his.  The house looks like a snow capped mountain but instead of snow, the mountain top is covered by Dave Ramsey’s home.  It is fairly majestic to say the least.

Over time we’ve had several readers ask about the palace Dave Ramsey recently built at 513 King Richard’s Court in Franklin.  It wasn’t until just recently that we had the opportunity to tour the neighborhood and see Dave’s new pad, albeit from the outside.  Coincidentally a few days later, we ran across someone in the construction business, who had worked on Dave Ramsey’s new home.  He shared some information about the inside, but unfortunately we do not have pictures.

King Richard's Ct. in Avalon Subdivision

King Richard's Ct. in Avalon Subdivision

The land at King Richard’s Court Franklin TN 37067 was purchased for $1,552,000 by Dave Ramsey on April 2, 2008.  For the tax year 2008 (before the home was constructed) annual taxes were just $4,938.  For the year 2010, the land market value is $750,000 and the improvement value is $4,159,200 for a combined total market appraisal of $4,909,200.

With financial guru Dave Ramsey’s home having a total tax appraisal roughly double that of Lee Ann Rimes next door, we estimate the retail value of Dave’s house to be around $9-$10 million.

A mortgage does not appear to have been recorded for the property.  That’s our Dave!

The tax record shows 3 levels in Dave Ramsey‘s Cool Springs home, totaling 13,307 square feet of living area and 1,454 square feet of garage.

Floor Base Area Finished Area
1.0 6,287 sf 6,287 sf
2.0 2,466 sf 2,466 sf
B 4,554 sf 4,554 sf

From what we hear financial guru Dave Ramsey’s home office, including the sliding library wall ladder, is made of solid mahogany.  The shower in the master bathroom is rumored to have 18 shower heads and is larger than the jacuzzi tub.  Cathedral ceilings throughout.  The local who we spoke with felt the basement was by far the most impressive.  Full bar with whiskey barrels built into the walls, media room and several bedrooms make up the broad lower basement level you see from the distance, wrapping around the tip of the mountain.

We checked with Middle Tennessee Electric and for the last 12 months, the average monthly electric bill at Dave Ramsey’s house was $1,285 per month.

Dave Ramsey's house outside Nashville

Dave Ramsey's house outside Nashville

Ahh…the things one could do with a 4,554 square foot basement.

Side view of Dave Ramsey's house in Franklin, TN

Side view of Dave Ramsey's house in Franklin, TN

King of the hill at Avalon in Franklin, TN

King of the hill at Avalon in Franklin, TN

The never occupied Cool Springs home of Lee Ann Rimes is also right next door to Dave Ramsey’s house at 512 King Richards Court.  It is currently available for sale at $6,499,000, recently dropped from $6,950,000.  Lee Ann’s home is built on 5.22 acres and 13,380 total square feet.  The house boosts 360 degree views of Cool Springs, salt water infinity pool, full second kitchen, Gagg wine cellar, bamboo floored yoga room and designed by Peirce and Company .  The inside is tastefully decorated and is a real stunner.

Stay tuned for a Cool Springs real estate feature on it soon!

  • bubba

    I highly doubt if his business goes under that he would be able to maintain such a large house. I’m sure the upkeep would bankrupt him.

  • Kelly OConnor

    You can’t Bobby…that’s the problem. So it begs the question: would you rather have the bank control your money and profit from doing so or you and your family going forward?

  • Bobby Jr

    Kelly is right when speaking of control of your own money, just wrong on the execution of same. When I own my home, I never have to worry about what will happen if I get sick or hurt and can no longer work, or if I decide one day to just spend the rest of my life with nothing to do but play with my grand-kids,(aka early retirement), or if another McGovernite gets elected to the White House and decides to take all my income stream in repressive taxes because, as they say, “Rich people are evil, how else could they have become rich?” After all, anyone who lives in a paid for house MUST be one of the evil rich, right? If I am the one in total control of my income, I decide where to spend it, or even if to spend it. I can put it in the bank, or put it in a box, or just give it away to any charity of my choice. On the other hand, when I have to make payments on a mortgage, car, credit card, and so forth, I no longer have control of either my money or my life. The people I have to make the payments too control my behaviors. If I lose my job for any reason, I must get another one right away so I can keep up the payments or else I will lose my home as well and be in a much worse situation then if I owned my home free and clear.

    Kelly, you keep on harping that it is MATH, so why don’t you settle this debate once and for all and demonstrate this MATH you seem to worship so much? While you are at it, please demonstrate how the banks make money from me NOT having a mortgage as well. Pretend I am from Missouri and SHOW ME.

  • Bobby Jr

    Joe, to quote you, if I may, “If you listen to Dave Ramsey’s pitch, you’ll believe that a “quality mutual fund” will generate between 8%-12% per annum in net return. If I can borrow money at 3.5% and invest it at 8%, I am earning an arbitrage spread of 4.5%. If I do that, I will build net worth (wealth) far more rapidly than I would if I blindly followed Ramsey’s advice.”

    That statement neglects one glaring fact: No bank is going to loan you money to invest with because the risk is too great. If it were not, then the banks would put their money into the investment themselves and you could not get a loan from them unless you were willing to pay more than they were making from the investments. Even if you could convince some bank officer to loan you the money to make the investment, what happens when the bank gets cold feet because the market takes a dive or makes a ‘correction’ and decides to “pull the plug” so to speak and call in the loan? Don’t try to tell me they cannot do so because they are the ones writing the rules you had to agree to in order to get the loan from them in the first place and they call in what they perceive to be the riskier loans all the time, it happened to Dave Ramsey even. Notice I said “perceive to be”. Doesn’t necessarily mean they are riskier, just that the bank no longer likes that particular sector maybe even the loan officer is tired of getting calls from the underwriters about the loan or maybe he has an opportunity to make a much more lucrative loan if he can just raise enough capital to do so. Banks are what is known as, ‘Risk Adverse’, a term I am sure you are familiar with but some of the other readers here might not be. Basically it means they only want to bet on a so-called ‘sure thing’ in as much as they can guarantee that they will be getting their principle back one way of the other. That can mean the borrower pays off the loan either on schedule or early, or the bank forecloses on the real property that was pledged as collateral for the loan and then sells it.

  • JJRoid

    I was told by the 1st ward alderman of Franklin that homes were not supposed to be be built in a manner that cleared all the trees off the hilltops in Franklin. Guess Dave gets an exception – lame…. Way to go “Tree City, USA”

  • Bluemoody330

    amen Melissa, Some say that the lottery is just a tax on the stupid. I guess telling poor people to buy a book of common sense is an easier way to riches, I don’t know what he gives to charity but it’s obvious he keeps more for himself, I mean come on man! how comfortable can a bed be? How many toliets do you need? Who was that said it is easier for a camel to pass through the eye of a needle than a rich man enter heaven. I’m not judging, but I do have an opinion…..TTJ

  • Tracy Hargrove

    AMEN SISTER!!! I totally agree with you! People that have money usually end up wasting it on trivia, material things just to show off…they don’t need it are just being selfish when there are sooooo many children that are hungry, homeless and/or abused that could use some help.

  • Merenda

    turrets, gables, swirls, points and dips – reminds me of Jay’s house in Fitzgerald’s critique of the newly rich – tasteless

  • http://twitter.com/dealraiserBK Barry Kraft

    Can a Christian really live like this? Especially a “teacher” who people follow. The Bible says that teachers will be held to a higher standard. You simply can’t live in a house like this and tell me that money is not your god. That extravagance is not your god. What good can come from living in a $10million dollar house. Don’t talk about jobs created by the construction.
    So sad.

  • Andybfrank

    I gaurantee you Dave does not have ALL of his money in this house. $10 Million is a drop in the bucket.

  • Xxx

    Only if it took more than 600,000 people to build that house.

  • Xxx

    Only if it took more than 600,000 people to build that house.

  • Luis

    I am very happy for Dave because he doing exactly what he is teaching us. I applaud him for his success for not being selfish but at least trying to help the whole world out. Dave does give to charity. There are far more people out there that have millions that waste their money on Stupid things and Dave is just enjoying what he has worked so hard for. People, understand that if everyone was to give to charity we all would be blessed. Let’s applaud a man like this instead of always wanting to put him down for his success. The people that criticize are the same one that wish they were there or Envy him. I am a true believer of the saying if you make your bed, sleep in it. Congrats Dave!!!

  • Tammy

    Kelley- You make absolutely no sense…So I will stick with Dave Ramsey..we have lived debt free for a number of years before reading his materials and I have to say that we have been able to make decisions in this housing market to move out of state and take better career opportunities because we were not tied to a mortgage on our home and whether it sells or not in the near future it does not put us in a stressful, uncertain situation, it just means we own two homes peacefully and can enjoy both of them while we wait and once you do the math you must realize how much cash you are throwing down the toilet or at the bank sometimes as much as 4 times your original mortgage in interest how can that be wisdom and security?

  • http://www.facebook.com/profile.php?id=516970710 Matt Johnson

    It’s the house built by poor people.

  • Dvip

    Everyone who is bitching about this home needs to move to China or North Korea. I’m sure the men and women who built this house and the items that went into the construction were very grateful to Mr. Ramsey for building it.

    Envy is ugly.

  • Caleb

    There are two reasons an insurance company wouldn’t restore a home to it previous conditon. First, the home was underinsured and secondly, the homeowner chooses not to rebuild and elects to buy elsewhere. Insurance companies. This sounds more like improperly insuring your property to me.

  • Caleb

    Televisions and radio stations are willing to pay him millions for his show because people listen. Advertisers want to buy airtime because people listen. So are they also preying on listeners? Why is the fact that he has made a tremendous amount of money such a problem? He has done nothing unethical to earn it and he is providing a great service to so many. We are so quick to judge people. He may give $100 million to the poor around the world, we don’t know. How much does he have to give to churches, charity or the priceless gift of helping so many change their financial lives before he can “play” with some of his money? Is he being irresposible with his resources? I’m not his judge.

  • Anonymous

    Emma Rae, from what I understand David DID pay back all his creditors from his previous bankruptcy.

  • Anonymous

    Emma Rae, from what I understand David DID pay back all his creditors from his previous bankruptcy.

  • http://pulse.yahoo.com/_CQLBPNINGIQ2LEP5P32JXZYHTI Scott

    His net worth would have to be in the hundreds of millions for a house like that.   It wouldn’t be hard to believe he’s worth that.

  • the the

    you really have no idea about the process of manufacturing in third-world countries. first of all, nothing that is consumed in the US, or in most countries in the world for that matter, is made in North Korea. absolutely nothing. it’s basically a post-industrial wasteland run by a dictator who has lost his mind and all concern for the well-being of its inhabitants. secondly, working conditions in chinese and south korean (i’m guessing that is what you meant) manufacturing plants are horrendous. the laborers are not “grateful” to anyone for having more work to do, because they make less than the equivalent of a dollar an hour, regardless of whether they have a few hundred extra bathroom fixtures to make or not.

    also, saying that someone’s house is wasteful and overly extravagant does not qualify as envy. especially when it really is wasteful and overly extravagant.

  • Godislove

    Matthew 6:24 No one can serve two masters, for either he will hate the one and
    love the other, or he will be devoted to the one and despise the other.
    You cannot serve God and money.

  • Tom

     I can’t find the numbers, but doesnt Dave give a lot of money away every year?   I don’t think he should give away 100% of his wealth, even if he did it wouldnt make a dent in the problems in our country. 

    Also, if nothing else, “Live like no one else, so later you can LIVE like no one else.”

  • Eljabar

    Don’t forget it’s not really his(Dave Ramsey’s) money, it’s His(the Lord’s) money. He’s been a good steward, but I think this should be a reality check that even the best stewards of His money always have room to improve. He doesn’t have to live in a hole, but he passed modesty by a long shot.

  • Eljabar

    He references the book Millionaire Next Door in his seminars. I think he missed the point of the book.

  • Jgeertsma

    I don’t want to judge Dave since I do not know him personally.  A barb I sling via a blog will not have any effect at all. Dave should hear such things from those closest to him.   For those of you, however, who follow Dave closely, does the “live like no one else” mantra smack of materialism to you?  Should that be my goal?  By the way, we all “live like no one else” when we are compared to the living standards of the world. Is there a need to have more?  I would say that you should live with what you need and give the rest away so others can live better.

  • Joe Bandy

    He earned it. Quit whining-this is AMERICA! We should celebrate success, not stomp on it. Now go out there and make your own!!!!

  • Shorttimedebtor

    Do you give more away than you keep for yourself? That would mean that if you make 30k you are giving away at least 15k… My guess is no, but I’m just guessing…

  • Mr Bill

    When you make that kind of money and his net worth let’s see how much you donate to charity. Mind your own business.

  • PlainTruth

    I think Dave is a hypocrite, he sits there on his high horse giving people advice on how to spend thier money and how to live thier lives. I guarantee If someone called him and asks if they should buy a house that big for cash in this market, knowing how expensive the taxes, utilities, maintenance are going to be each month and every year forever he would tell them it is a waist to buy something so over the top. He got super rich by telling people to be conservative and buy what they need not what they want, unbelievable people don’t see right through this guy.

  • Debbie

    In my fathers house there are many mansions. Give and God gives back. God has blessed Dave.

  • http://twitter.com/Cotic Cotic

    You compare with someone you obviously dislike a ton, Obama. Which is what I think this comment is really about. But comparing with someone bad, does not make a person good. You could create jobs by digging a hole. All this for one greedy man – it may as well be a hole!

  • http://twitter.com/Cotic Cotic

    I don’t think she is being a hater. It’s more that she loves people who are suffering. People who have worked hard all their lives and are facing problems. Not just in the USA but in other countries too, where they are even harder up and work yet harder. Logically it is hard to see the point why one man could need such a big house. He would not get much value from it. This is just a fact. He seems to care too much about himself, or thinks he is worth this much. No man is worth this much while hard working people still suffer in the world. He’s nuts basically, as he would never even get use from it, that’s the worse part.

  • gyrfalcon

    No he would probably prefer something where “The wall was made of jasper, and the city of pure gold, as pure as glass”…