BKDM Partners, the Columbia, Tenn., investment group that purchased the property, is comprised of Columbia Mayor Chaz Molder, Pinnacle Asset Management founding partner and managing director Brock Kidd and real estate broker Dan McEwen.
In posts to social media, the three separately acknowledged the sale.
"We are grateful to be a part of this beautiful, historic farm in middle Tennessee with good friends," McEwen said in a Wednesday Facebook post alongside accompanying photos of the farm, a picture of the BKDM Partners trio and screenshots of headlines.
"Really proud to have been a (small) part of acquiring this one of a kind farm. Its natural beauty and historical significance is incredible. Even better, having the opportunity to work with good partners who I’m also lucky to call good friends," Molder tweeted on Tuesday. "Excited for what’s to come…"
"I’m a proud Tennessee native and have many wonderful memories from my family’s time in Leiper’s Fork," Kidd said in a news release, according to the Nashville Business Journal, which first reported the sale. "This farm could very well be the most beautiful in our state, and the fact that it is located six minutes from downtown Franklin makes it all the more remarkable."
The investors have yet to announce plans for the property.
The Franklin farm – which is comprised of land and homes across Carters Creek Pike, Bear Creek Road and Carl Road – also includes the historic "Beechwood Hall," which was constructed in 1856 and later owned by another country music great, Hank Williams Sr.
McGraw and Hill first listed the farm for $20 million in 2013.
In April, the duo put their private Bahamas island estate "L’île d’Anges" on the market with an asking price of $35 million.