The Park of Keir development had earlier been recommended for refusal by planning officers.
It was supported by golfer Colin Montgomerie, tennis coach Judy Murray and former Manchester United manager Sir Alex Ferguson.
The project would have included tennis and golfing facilities, set inside a new country park along, with a visitor centre and museum.
Luxury homes were also included in the scheme which would have contributed towards the project's costs.
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However, planning officials recommended refusing the application due to it being located on greenbelt land.
Councillors also voiced concerns over the proposed luxury homes, which they said could "exacerbate affordability in the local area".
Over 1,000 objections to the scheme were recorded with only 45 in support.
Mark Ruskell, Scottish Green Party Councillor for Dunblane and Bridge of Allan, welcomed the decision.
"I'm delighted that this proposal has been rejected," he said. "It would have been totally wrong to rip up our democratically agreed local plan to make room for executive housing on this treasured greenbelt area.
"For over 25 years, local communities have fought against development at Park of Keir. Judy Murray had a good idea but it was in completely the wrong location – I'm sure that sporting legacy can be secured elsewhere."
(LM/JP)
