Parton originally wrote and released the song in 1973 as a farewell to her then-partner, Porter Wagoner. Houston went on to cover the tune for the soundtrack of her 1992 filmThe Bodyguard, which she starred in opposite Kevin Costner. The track became a massive hit and, according to Forbes, earned Parton a minimum of $10 million in royalties.
On WWHL, Parton revealed that she decided to invest that money in a predominantly Black neighborhood in Nashville called Sevier Park because it felt like "the perfect place for her to be."
"I bought my big office complex down in Nashville. I bought a property down in what was the Black area of town, and it was mostly just Black families and people that lived around there and it was off the beaten path from 16th Avenue," Parton explained to Cohen.
"It was a whole strip mall, and I thought this is the perfect place for me to be, considering it was Whitney. So I just thought, 'This is great, I'm just going to be down here with her people, who are my people as well. I love the fact that I spent that money on a complex and I think, 'This is the house that Whitney built.'"
During #WWHL, @DollyParton said she wishes she could've performed 'I Will Always Love You' with Whitney Houston.
"I would've loved that, but I don't think I could come up to snuff with her though. She would've outsung me on that one for sure." pic.twitter.com/4ReL6humhD