"This is false. Their home is not on the market," publicist Karynne Tencer said.
The home took more than four years to build and sits on a seven-acre lot. It was featured in Architectural Digest in 2011, and houses a professional recording studio and screening room. Its living room has a retractable skylight and views of a man-made lake on the property.
The Smiths' home was initially reported as listed at $42 million.
Rumblings about the couple's relationship arose earlier this month, when the couple pulled their investment in privately funded New Village Leadership Academy to continue homeschooling their children, Jaden and Willow.
2014: NFL Cheerleaders [PHOTOS]
Soviets call Reagan joke 'dangerous' [ARCHIVE]