Singer Dolly Parton has pulled out of a business deal to build a water park in her native Tennessee.

The country music icon, who owns popular theme park Dollywood in Pigeon Forge, recently announced plans to team up with bosses at Gaylord Entertainment Co. to convert a large 114-acre site into a family entertainment zone, complete with water slides and other attractions.

The $50 million (£31.3 million) project was slated to open in 2014, however, the 9 to 5 hitmaker has now pulled the plug on their partnership.

A statement from Parton reads, "Gaylord makes decisions that they feel are good for their company and their stockholders and I have to make decisions based on what is best for me and the Dollywood Company."