Hicks Walnut Place

We have heard rumors ever since he bought the most expensive piece of real estate in Dallas from Tom Hicks that he wanted to sell it.

Well, now he has gone and made it official: Andy Beal listed 10000 Hollow Way Drive, just west of the Dallas North Tollway at Walnut Hill Lane, on January 10 with the agent who sold it to him, Allie Beth Allman. Asking price is $48.9.

The estate is the same size as it was a year ago when Beal snapped it up — all 27,029 square feet —  and Beal is selling off every lick of the land of 25.25 acres. Only difference: the kitchen has been ripped out.

There has been much speculation that he would divide and split up the land, parsing the vast acreage into developable lots (think the Creeks of Preston Hollow) and sell the home on a 5 or 7 acre parcel. But for now, it appears he is selling it all lock, stock and barrel, including that torn up kitchen Beal ripped out to replace.

The price is also not surprising. We had heard the estate, once priced at $135 million when Douglas Newby had it, sold for somewhere in the $50 to $60 million range, which could have included furnishings and antiques.

Indeed, the sales price is LOWER than DCAD value, which has two properties (one a 20 acre plot, the other a 5 -ish acre plot) valued at a total of $61,278 ($4,152,000 plus $57,126,000).

So this could be the biggest bargain in town.

“He doesn’t seem to have a problem with the price,” Allie Beth Allman told Steve Brown. “He has other plans.

“I don’t ask any questions — just do what he says.”

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4947 N Hall A

The real estate world is be buzzing with news about the sale of Walnut Place (aka the Crespi Estate) for somewhere in the ballpark of $100 million this week.

But in the It’s My Mansion occasional feature on CandysDirt, we look at newsworthy properties that have fewer zeros on the end of the list price.

Take, for example, the newly listed condo at 4947 N. Hall St. It’s located near Lemmon Avenue and the Dallas North Tollway, just a hop, skip, and jump from Oak Lawn. With 1,072 square feet, two bedrooms, one full bathroom, and a powder room, it offers a lot of space for well under $200K.

The Westbury Park Condominiums were constructed in 1954, and reflect their era with quaint courtyards, lots of mature trees, landscaping, a community swimming pool, and a serene environment.

Monthly HOA fees are $308 and the condo was listed Jan. 9 by Kristi Reinertsen with RE/MAX DFW Associates for $170,000.

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We’ve been blogging about it for weeks now, and I have to give credit where credit is due: Steve Brown at The Dallas Morning News was first to publish that Andy Beal was interested in buying Walnut Place, the former Crespi Estate on Walnut Hill Lane that was listed by Allie Beth Allman and David Nichols for $100 million. I had heard Beal was going back and forth between Walnut Place and the beautiful Crow mansion at 4500 Preston Road. We know the Hicks are getting close to finding a new home in Dallas, and Allie Beth Allman tells me the 35,275-square-foot (67,689 including terraces) estate closed officially this morning when papers were signed. And Beal paid for the home in cash. She will not disclose the sales price, nor comment on my incessant questions about the Crow estate or sales price, but she did tell me that Andy Beal bought all of the estate, all 25.25 acres, and he plans to keep it intact.

“He doesn’t plan to split it,” she told me.

Bravo Andy Beal!

Allie Beth Allman is an amazing agent, and I had to ask her, how does she feel after pulling off the largest sale in Texas history — actually, in Texas and Oklahoma and probably in the whole southwest U.S. history?

“I don’t feel any different,” she said. “I went to back to work immediately. I had an agent calling me during the closing about another property.”

And while she could not divulge what the final selling price was, she did say that both parties were thrilled.

“The Hicks are thrilled, the buyers are thrilled,” said Allie Beth. “And you know I’m not happy if it’s not that way at every single closing, regardless of the sales price. We are talking about someone’s home and they should not just be happy but be thrilled with the entire process.”

If they are not, she says, then I haven’t done my job. And Allie Beth Allman ALWAYS does her job.

As for the Crow estate, she has a listing agreement and it is on the market and available for $46 million.  It was off the market for the holidays, she told me.

I have to laugh at those who said, and some who actually wrote, that this estate would never sell. It took David and Allie Beth only 9 months to sell a $100 million property.

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Until the Waggoner Ranch closes, this is the largest real estate sale in Texas history, and certainly will be the largest in Dallas history for years to come. The last largest sale in Dallas history was 5323 Park Lane, when Kelcy Warren bought the nine plus acre estate of Joyce and Larry Lacerte, designed and built by Cole Smith, decorated by Sherry Hayslip, and listed with Ralph Randall at Ebby Halliday. 5323 Park Lane was originally listed in 2008 for $45 million, then lowered to just under $40 million as the nation’s real estate bubble went bust. According to my sources, it sold for about $29 million-ish, and sharp Kelsey even asked for an outside appraisal. His buyer’s agent was Rosie Waters of Allie Beth Allman and Associates, who is married to football legend Charlie Waters, who works (or worked at the time) for Mr. Warren.

Dallas real estate — I LOVE IT! Jump for the story on Walnut Place, complete with photos, that we ran back in March of this year.Hicks Main House- Foyer and Grand Stairway (more…)

4500 Preston Rd extIt is such a tough decision, I do feel his pain. Word is that Andy first wanted the beautiful estate of Margaret Crow at 4500 Preston Road. It was listed for $46 million and remains an expired listing listed with Allie Beth Allman.

It’s one of the largest & most historic sites in Highland Park. The rare 6+ acre estate is in the heart of Highland Park, one of only 5 multi-acre sites that were created on Preston Rd overlooking Turtle Creek when Highland Park was created in 1906.  The Tudor structure with Craftsman touches was designed in 1912, and has had only 3 owners. The grounds including a century-old tree.4500 Preston Road fountain

But he changed his mind and bought Tom and Cinda Hicks’ Walnut Place, the former Crespi Estate, on Walnut Hill Lane, the most expensive piece of real estate in Dallas or even North Texas… aside from the $725 million Waggoner Ranch, which is also under contract to a consortium of buyers. (Word is they close today.) Walnut Place is one of the most expensive properties in the world. It’s current status in MLS is cancelled.

And it is also one of the most beautiful. Breathtaking! But then, so is the home of the late Margaret Crow. Which one would you buy?

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Hicks Main House-Rear Garden on North Side

Steve Brown alerted us to word that Andy Beal was making a play for the two most expensive homes in Dallas, Tom and Cinda Cree Hicks’ glorious $100 MILLION Walnut Place, formerly known as the Crespi Estate.

Steve said that Beal is considering both the Crespi Estate (move in with your solid gold tooth-brush ready) and the $46 million Crow estate on Preston Road, which was taken off the market in early November, as I told you. It was reduced from $59.356 million to $46m, not sure Steve got that message. The $46 million Crow estate would likely be a tear down and a huge building project for a Mark Molthan, John Sebastian or one of our guys. Enormous.

But it would be someone’s total personal dream.

So I did some digging. I think Steve is onto something. Sure enough, the Hicks home status is cancelled — off the market. Went off MLS on November 24.

Well, why would they do that if they wanted to sell it, you ask?

Simple: keep the price and transaction quiet. Brilliant strategy.

Allie Beth and David Nichols are being quite mum, of course, but I hear that the Hicks have recently been looking at both Museum Tower and The Ritz Residences (Tower II) for an interim home while they decide how and where to downsize in Dallas. Word is they have to be out of Walnut Place by March. It’s really amazing because Allie Beth and David just got the listing in March!

This is all conjecture and chatter, but comes from people in the know, so I’m going to throw it out there.

After all, Steve started it. And I cannot think of a better way to end 2015, a killer year in Dallas real estate, than with the sale of a $100 million Dallas home! (more…)

Hicks Walnut Place

UPDATE 10:35 am: I heard from Thomas, who explains he was picked by Marketwatch as one of 21 representatives for 21 cities across the U.S. to write about their city’s real estate market. He is the Dallas representative and just got a crash course in SEO:

“My last article had about 6,400 views total and I started to think, what do people want to read about? Ultra-expensive, celebrity type homes of course! This article has 67,000 views in 18 hours.

 The ground rules are simply that they want us to write about the city’s real estate market: whether that be an interesting property or a change in prices, etc. I am on a warpath to become a top Dallas realtor, so this was a perfect opportunity! “

That would be Dave Perry-Miller agent Thomas Randall, who wrote a piece for the online Dow Jones’ product MarketWatch: (more…)

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In a shocking turn of events, the $100 million Crespi-Hicks estate has been sold to an anonymous shopping center developer. In a closed-door meeting with the City of Dallas, the plan was approved for a nearly 1 million-square-foot retail development to be anchored by Costco. The home had been on the market for several years and first carried a price of $135-million.

Costco Logo

Sources report that the Costco deal hinged on being granted a full liquor license covering wine, beer, and hard liquor. One anonymous “Mayflower Madam” was thrilled, “Between the galas and institutionalized alcoholism, we WASPs can pack it away.” In a concession to neighbors, Costco will reportedly offer its first liquor delivery service. Devastated representatives from Spec’s and Siegel’s were unable to speak through their sobs.

After the price reduction, the developer thought the purchase was a no-brainer, but the City of Dallas took some convincing. “Where else can you get 25 acres in the most prestigious area of Dallas AND bordering the tollway?” To satisfy the city and neighbors, the deal includes constructing tollway access ramps for a new Crespi-Hicks exit. “We read about the continuing hullaballoo trying to redevelop Preston Center and wanted to nip any traffic concerns in the bud.”

Since this story broke last night, the developer says he’s been inundated with calls from retailers wanting in. “Sam’s Club have been so keen to get onto the site opposite Costco that in an unprecedented move they’ve guaranteed to match Costco workers’ salaries.”

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