Alan Peppard reported Sunday on something I have been meaning to tell you: The Tom Hicks Crespi Estate on Walnut Hill Lane has been reduced in price, somewhat. As Alan reports, the Hicks have decided to sell their estate with less land for less money: 10 acres, and 42,500-square-feet of the most luxurious living in Dallas or the entire state, for that matter.
Previously we reported here, first of course, that the Hicks estate was on the market for $135 million. At that time it took the prize for the most expensive estate for sale in the United States. That was for all 25.25 acres, a lot of grass and trees (and some ponds) even in the honeypot of Old Preston Hollow. In fact, I wonder how much damage the Hicks had from last weeks’ storm– hopefully none.
Alan reports that Doug Newby now says you can have the house and all the structural trimmings on 10 acres for a mere $60 million.
But aha, Unique Homes Magazine claims that the whole shebang was reduced to $98 million in 2014, for less land. How much less? I’ve got an email into my NAREE colleague Camilla McLaughlin over there to find out.
Could it be that the offering has nibbled the property down even more to attract a buyer?
What this does is open up the sale of the other 15 plus acres to a developer who might want to create a luxury home development on the Crespi Estate. Can you imagine the potential? These would be 15 very pricey one-acre estates.
Doug Newby, the Hicks’ agent, says Preston Hollow acres are now selling for $2 million:
“The buyer of the Crespi/Hicks Estate home on 10 acres will be given the opportunity to buy additional acres, up to the entire 25.25 acres,” says Newby. “Estate property in Preston Hollow has sold this summer for over $2 million an acre.”
Well, yes, he is right. More than right. Preston Hollow dirt is probably the highest it’s even been. However, I thought that when you sell multiple acres, you cannot always count each one at full acre value — multiple acres tend to be discounted after the first acre. Correct me if I am wrong. This is a great question for D.W. Skelton and Brian Hagan. Or Brad Edgar.
Then I need to call Doug: I know someone who might be paying attention to this property should the price begin to slide, even just a quiver. Oh yes!
