Singapore mansionThis story in TIME ran mid-January,

“An exclusive Dallas mansion has become the most expensive property for sale in the U.S., with a whopping $135 million price tag. The Crespi-Hicks Estate boasts a five-story main residence, three-story pool house and two-story guesthouse, altogether offering 42,500 sq. ft. of living space across 25 acres of manicured land.”

Dallas agent Doug Newby has done a marvelous job of promoting the Hicks home on Walnut Hill Lane by pure, sheer PR. The home is NOT listed in MLS because, he says, the owners (naturally) want privacy and can you imagine the lookey-loos who would traipse through the Crespi Estate? Still, I fail to see how this guards the privacy of the Hicks family when Doug talks about the home on The Huffington Post. In any case, the home and it’s hefty price tag are drawing more eyes to Dallas real estate market and those eyes are blinking twice!

My mother told me this: someone else will always be prettier and richer than you. The same is true in real estate. Lookie here: in Singapore, there is a house on the market for $300 million pounds (or $242 million US dollars). Singapore is Asia’s most expensive housing market, after Hong Kong. The 85,000-square-foot site is on an elevated lot at 33 Nassim Road, near the city’s Botanic Gardens. It includes a two-story home, a swimming pool and tennis court, and neighbors include the British high commissioner and the Japan and Russian embassies. The site could also be sold as lots, to yield a total of five homes. Doug told Bloomberg it’s all about the cost of dirt:

“The price is 79 percent higher than the $135 million listing for the Crespi-Hicks Estate in Dallas, according to broker Douglas Newby, which is marketing the property. The home on the 25-acre site, owned by former Texas Rangers owner Tom Hicks, is touted as the most expensive property for sale in the U.S., according to a report by Time Magazine on Jan. 31. “The primary value of a property is based on the land value,” Newby said in a phone interview yesterday. For the Singapore property, “if the land is worth $150 million to $200 million, then this might be a legitimate buy.”

Doug is pretty keen on the Hicks’ dirt being valued at an easy $2 million per acre, this in the honeypot of Preston Hollow. Of course, Della Lively always told me that when you have these huge parcels, you do not count each acre the same — the first acre is always the highest. In any case, thanks to Tom for once again putting our real estate on the international map, and remember: there is always a more expensive house (or bauble)  just around the corner or other side of the world. You know what’s important? Be happy with what you have!

Singapore mansionThis story in TIME ran mid-January,

“An exclusive Dallas mansion has become the most expensive property for sale in the U.S., with a whopping $135 million price tag. The Crespi-Hicks Estate boasts a five-story main residence, three-story pool house and two-story guesthouse, altogether offering 42,500 sq. ft. of living space across 25 acres of manicured land.”

Dallas agent Doug Newby has done a marvelous job of promoting the Hicks home on Walnut Hill Lane by pure, sheer PR. The home is NOT listed in MLS because, he says, the owners (naturally) want privacy and can you imagine the lookey-loos who would traipse through the Crespi Estate? Still, I fail to see how this guards the privacy of the Hicks family when Doug talks about the home on The Huffington Post. In any case, the home and it’s hefty price tag are drawing more eyes to Dallas real estate market and those eyes are blinking twice!

My mother told me this: someone else will always be prettier and richer than you. The same is true in real estate. Lookie here: in Singapore, there is a house on the market for $300 million pounds (or $242 million US dollars). Singapore is Asia’s most expensive housing market, after Hong Kong. The 85,000-square-foot site is on an elevated lot at 33 Nassim Road, near the city’s Botanic Gardens. It includes a two-story home, a swimming pool and tennis court, and neighbors include the British high commissioner and the Japan and Russian embassies. The site could also be sold as lots, to yield a total of five homes. Doug told Bloomberg it’s all about the cost of dirt:

“The price is 79 percent higher than the $135 million listing for the Crespi-Hicks Estate in Dallas, according to broker Douglas Newby, which is marketing the property. The home on the 25-acre site, owned by former Texas Rangers owner Tom Hicks, is touted as the most expensive property for sale in the U.S., according to a report by Time Magazine on Jan. 31. “The primary value of a property is based on the land value,” Newby said in a phone interview yesterday. For the Singapore property, “if the land is worth $150 million to $200 million, then this might be a legitimate buy.”

Doug is pretty keen on the Hicks’ dirt being valued at an easy $2 million per acre, this in the honeypot of Preston Hollow. Of course, Della Lively always told me that when you have these huge parcels, you do not count each acre the same — the first acre is always the highest. In any case, thanks to Tom for once again putting our real estate on the international map, and remember: there is always a more expensive house (or bauble)  just around the corner or other side of the world. You know what’s important? Be happy with what you have!

Love this sassy little write-up on the Hicks estate, which is marketed by Douglas Newby & Associates, from Your Mama at The Real Estalker:

Like we usually do when it comes to dissin’ and discussin’ high-priced real estate in Dallas Your Mama gave the deliciously dishy Dallas-based property gossip Candy Evans a ringy-dingy and asked if she thought there was much of a market for a $135,000,000 house in Dallas.

There may very well be a market for an $135 million house in Dallas, but it’s a small one, as Candy said. You never know, right? Still, as Your Mama pointed out, you’re going to need big bucks and a lot of water to run this place. Natch:

The next owner of the Hicks’ estate may want to know that maintaining the vast estate will require an astonishing amount of water. Even with a private well Mister and Missus Hicks consistently rank among the highest users of water in a state regularly racked by drought. In August 2011 reports numerous multiple media outlets in the Dallas/Houston/Fort Worth area reported that Mister and Missus Hicks used 1.35 million gallons of public water for the month of June alone and in July 2012 the Dallas Morning News reported they consumed a total of 12,315,020 gallons of public water in 2011.

Eeek! That’s crazy! Then again, it’s not exactly like you can xeriscape a 25-acre estate! Maybe it’s time to take a nod from the soon-to-be-open George W. Bush Presidential Center and replace some of the landscape with drought-hardy natives and maybe some wildflowers? Just a thought.

 

Fasten your seatbelt, it’s going to be a wild ride in real estate this spring. The ink is not yet dry on our post detailing 5911 Glendora, Howard and Cindy Rachofsky’s family home that just hit the market. Now I’ve discovered that, while it is NOT in MLS, Douglas Newby is indeed marketing the 25 acre estate of Thomas O. and Cinda Hicks on Walnut Hill Lane and Hollow Way Road.

For years, the Crespi Estate has headed every list of the Most Expensive Home in Dallas. But, having been inside it, I can tell you this home is about so much more than money. There was speculation when former President Bush bought his home on Daria that he wanted to be near the Hicks, and perhaps utilize their helicopter landing area. (Hicks does not have a concrete helicopter pad, I learned at the time, but he does have the lighting.) The Hicks have a rear auto estate entrance just a few feet from the Dallas North Tollway service road. The Hicks family hosted numerous Mayflower Estates homeowners meetings introducing the Bushes to the neighborhood.

Crespi Estate Photo Sunroom

According to Doug, Mr. and Mrs. Hicks acquired the Crespi estate 16 years ago and Cinda spent five to ten years completing the architectural vision of the original architect, Maurice Fatio. She brought in international architect Peter Marino from New York and worked painstakingly on the home, refining and honoring Fatio’s proportions and architecture. I have heard from knowledgeable sources they spent close to $100 million on the expansion and remodel.  The Hicks have raised six children in the house and are now empty nesters in a home DCAD sizes up at 28,996 square feet for the main structure, 6300 for the guest house, and 7200 for the pool house. That might be a little large for two people, eh? Tom Hicks is the former chairman of Hicks, Muse, Tate & Furst, an investment banking firm, and he once owned the Stars and the Rangers. Hicks sold the Rangers for around $590 million in 2010. He recently just this January settled disputes with Texas Rangers Baseball Partners administrator Alan Jacobs. He is now the chairman of Hicks Holdings and currently making several exciting business acquisitions.

Doug says the dirt in Mayflower Estates is valued at $2 million per acre, which would be about $50 million, and the residence with pool house, guest house and main house comprises 42,500 square feet for a grand total of $85,000,000. 

 Crespi Estate Entry

So it appears it will take $135,000,000 to buy The Crespi Estate. Did I get all those zeros right? This makes Mt. Vernon look like a Blue Light Special.

But really, $135 million is nothing for the most refined, sophisticated residence in Texas on an expansive 25 acre estate that is merely 8 minutes from downtown Dallas, the Arts District, 40 minutes from D/FW or really, what matters, 15 from your private jet hangar at Love Field. I have been in this home and seen what the Hicks have created and it would be impossible, impossible to replicate it.  A new owner could even add a stable: one horse per acre in Preston Hollow!

As Doug described it so aptly in this post for The Huffington Post:

“A winding private drive descends to the home beautifully placed in front of a creek flowing across the 25-acre estate property. It is majestic, dignified and graceful. The home is also warm and fun. The design exudes elegance and the architecture, a subtle power. The architectural massing of the main house, guest house and pool house convey a home that is grand yet serves primarily as a place for a family to live. The sensibility for the past is blended skillfully with the technology and resources of the present, presenting visual continuity. The estate owners honored the original family, architecture and history of the home with an inspired approach — one that creates the impression that the home has not been renovated or expanded, but truly and magnificently completed.

To be continued, stay very tuned…

Oh and where did all the pictures go? Gracious Doug Newby kindly let me keep them posted for a few days, but to see more, and I mean way more, click right here over to his site.