The I'll Try singer has purchased the former site of the Wheel and the Wheel Cigar Bar and is planning to turn it into the appropriately-named AJ's Good Time Bar, after his 2008 hit Good Time.

Jackson, 57, admits opening his own live music venue has been a dream of his for some time.

"I always wanted to own a honky-tonk that plays real country music on Broadway that I could put my name on," he tells The Tennessean.

The star also set a record for the property price after paying $5.75 million (£4.35 million), the highest ever paid for land on Nashville's famed Lower Broadway, according to the publication.

It's Jackson's second venture to find a home on Lower Broadway - he is also a partner in Acme Feed & Seed bar/restaurant.

Fellow country veteran John Rich and singer Dierks Bentley are also set to open bars in the same neighbourhood in the coming months.