One of the grandest mansions in Dallas — owned by billionaire banker, investor and philanthropist Andy Beal — is going on the auction block in mid-December, not even two years after he bought it.
The 25-acre Crespi/Hicks Estate, now known as Walnut Place, initially went up for sale in 2013 at the eye-popping price of $135 million. There were no takers.
Two years later, the asking price fell to $100 million, still the most expensive in Dallas then and one of the priciest in the nation. Beal bought the mansion in early 2016 from Tom and Cinda Hicks, but reportedly for far less than $100 million.
Earlier this year, the list price for the swanky Preston Hollow spread dropped to $48.9 million after Beal decided to sell it, but there haven’t been any takers yet. So, on December 19, Concierge Auctions will offer the property to qualified bidders. This time around, the estate will be sold “without reserve,” meaning it’ll go to the highest bidder regardless of price.
Beal describes the estate as “a one-of-a-kind property on a global scale.”
“It’s an incredible property by all standards,” Beal tells CultureMap.
High-profile Dallas real estate agent Allie Beth Allman has the Walnut Place listing. Ethan Shadden of Concierge Auctions is the auction’s sales manager. The estate is at 10000 Hollow Way Road.
No doubt, the estate will fetch eight figures, but it’s anyone’s guess as to whether it’ll garner bids that come close to the most recent list price of $48.9 million.
Whatever the price tag, here are some of the features that the new owner will enjoy:
- 10 bedrooms
- 12 full bathrooms and five half-bathrooms
- 27,092 square feet of space across four structures
- A 3,347-square-foot guest house with formal living and dining rooms, a family room, and an office
- A master wing encompassing more than 3,000 square feet, complete with an antique fireplace, private terrace, his-and-hers dressing rooms, and marble spa tubs
- A 4,836-square-foot recreation and pool house with a 19-seat theater
- A 500-bottle wine cellar and tasting room
- Two home offices
- A formal library
- A greenhouse
- A pond
- A helipad
The limestone façade mansion, dating back to 1938, was designed by renowned architect Maurice Fatio for Pio Crespi, an Italian count who had been dispatched to Dallas to oversee his family’s cotton empire.
Tom and Cinda Hicks — Tom is former owner of the Texas Rangers and Dallas Stars — bought the estate in 1997 through Allman. From 2000 to 2003, the property underwent an extensive restoration and expansion (reportedly costing more than $100 million) that was undertaken by 250 craftsmen. Among those leading the project were Dallas builder John Sebastian, New York architect and interior designer Peter Marino, and London landscape architect Arabella Lennox-Boyd.
Beal purchased the estate from Tom and Cinda Hicks in January 2016; at the time, it was billed as the most expensive residential property in Texas. Beal turned around and put the property back on the market in January 2017.
The approach to the private gates of 10000 Hollow Way Rd. feels more like a drive through the French countryside to a fabulous chateau deep in the heart of the forest. It’s hard to believe this is just seconds from the Dallas North Tollway and less than 10 minutes from downtown.
The estate overlooks a forest of trees and a creek that runs through the property. There are meadows, trails, pond, rose and vegetable gardens, greenhouse, two courtyards lined with 16 magnolia trees each and tennis court. A helipad with a lighted landing pad is covered with grass when not in use to maintain the natural aesthetic. A 1,500-foot-deep well supplies the estate grounds with purified water.
Whoever buys the mansion will be a Preston Hollow neighbor of former President George W. Bush and Laura Bush.
Living room in the recreation building.
The small town of Fate has grown by 172 percent since 2014, StorageCafe says.fatetx.gov/