The auction for a grand Dallas mansion was a success. The property known as Walnut Place was auctioned on December 20, and the winner was Mehrdad Moayedi, CEO of Centurion American Development Group, who bid $36.2 million, according to the Dallas Morning News.
Moayedi told the DMN that there were about eight other bidders for the 25-acre property at 10000 Hollow Way Rd., west of the Dallas North Tollway off Walnut Hill Lane.
The seller was billionaire Andy Beal, who bought the estate from previous owner Tom Hicks in 2016.
The property included separate lots that Hicks acquired to create a larger estate. Moayedi plans to leave 10 acres only for the main house, and break up the surrounding land into parcels to build five additional houses.
He also intends to try and sell the big house. "If I don't get the right offer I will keep it," he told the newspaper.
His company, Centurion American Development, is a residential community developer, and also the force behind the redevelopment of the Statler Hotel in downtown Dallas.
Beal put the house on auction after he was unable to sell it via a conventional real estate listing; his asking price was $48.9 million.
Originally known as the Crespi/Hicks Estate, it has four structures including a two-story guest house and an entertainment building with a 20-seat theater; 10 bedrooms, 12 full bathrooms, and five half baths. The main house has seven bedrooms plus additional bedrooms for staff.