Fabulous land sharing supply almost everyone rejected (7-2)
I believe the answer is:
shangri-la
'fabulous land' is the definition.
(Shangri-la is a mythical land)
'sharing supply almost everyone rejected' is the wordplay.
'supply' is an anagram indicator (in a supple way).
'almost' means to remove the last letter (most of the word but not all of it).
'everyone' becomes 'all' (all people).
'rejected' says the letters should be written backwards.
'all' with its final letter taken off is 'al'.
'al' written backwards gives 'la'.
'sharing' anagrammed gives 'shangri'.
'shangri'+'la'='SHANGRI-LA'
(Other definitions for shangri-la that I've seen before include "Fictional Tibetan paradise from novel 'Lost Horizon'" , "Imaginary earthly paradise" , "Milk" , "Tibetan paradise created by James Hilton in novel 'Lost Horizon'" , "Imaginary paradise on earth" .)