Barry Gibb of the Bee Gees and his wife Linda have sold Johnny and June Carter Cash's former home in Hendersonville, Tenn., for $2 million, according to The Tennessean, Nashville's daily newspaper.

The Gibbs bought the 13,880-square-foot home on Old Hickory Lake near Nashville in December 2005. However, the couple's plan to restore the property ended in April 2007 when a preservative compound ignited and destroyed the home.

"This place will always be the spiritual home for the Cashes," Gibb said in a written statement announcing the purchase in January 2006. "My wife Linda and I are determined to preserve it, to honor their memory. We fell in love with it. It's an incredible honor for us. We plan to use the home to write songs because of the musical inspiration."

Built in 1968, the house served as Johnny and June Carter Cash's home for 35 years and hosted numerous celebrity guests, including Bob Dylan and Billy Graham. The primary residence throughout their marriage, the house itself plays a major role in Walk the Line, the 2005 film biography starring Joaquin Phoenix and Reese Witherspoon.

The Gibbs purchased the property, which includes a 4.6-acre lakefront lot, for a reported $2.3 million. It was sold to Lakehouse Holdings, a Tennessee limited liability company, The Tennessean reports.

Johnny and June Carter Cash died in 2003.