The historic Crespi Estate in Dallas spawned a spec mansion that hit the market for $17.6 million, making it Texas’ most-expensive listing last month.
Dallas developer Mehrdad Moayedi listed the Preston Hollow mansion, at 5531 Walnut Hill Lane, for about $1,467 per square foot, according to the Houston Association of Realtors. Charles Gregory and Ryan Streiff of Dave Perry Miller Real Estate have the listing.
Moayedi, who is the CEO of Centurion American, built the home about 1,000 feet from the famed Crespi Estate, which is Texas’ most-expensive listing, asking $64 million.
Moayedi bought the Crespi Estate, once the home of billionaire Tom Hicks, in 2017 from another Dallas billionaire, Andy Beal, who never lived there. Moayedi’s renovations included replatting about 12 acres of the Crespi Estate’s land to build five spec mansions, including this one.
Built by Moayedi’s Crescent Estates Custom Homes in 2022, it was listed for about $16 million in July 2023, when it was unfinished, but it was taken off the market the following month. Construction is now fully complete, Gregory said.
The five-bedroom home spans about 12,000 square feet on 1.95 acres, with a contemporary design and two stories, beside a large motor court and a pond with a fountain.
The home includes a media room, dining room, family room, storage room, two utility rooms, a game room, an office and a den. It has a wine room, chef’s kitchen and catering kitchen, and an infinity-edge pool and pickleball court, along with a guesthouse.
Homes in Preston Hollow and Park Cities have commanded some of the highest prices in the state.
Homes with acreage are becoming scarce in those neighborhoods, Gregory said.
Other top listings in the area include a $13.7 million listing in Preston Hollow on just under 1 acre, and a $32.5 million mansion in Highland Park, on just over an acre.
The northern suburbs are also getting in on the ultra-luxury action. A $25 million mansion in Far North Dallas was listed in late February, and a home on 7 acres sold for $15.9 million last month in Plano, which broke the Collin County sales record.
The 15-acre Crespi/Hicks Estate is still the most-expensive listing in Texas. The seller, an entity called the Cox Charlee Lochridge Dynasty Trust, is asking $2,362 per square foot. Moayedi sold it for $60 million in 2023.
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Crespi Estate hits market as most-expensive listing in Texas
Move over, Preston Hollow: $16M Plano estate sets price record
