Big Is Back, II: If You Can’t Find A Big Enough Lot, Buy Three — Family Compound on Walnut Hill Lane

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5404 Main house, the Stephensons

More proof of what I was writing earlier: big is back when it comes to the uber rich building homes in Dallas real estate. And if you cannot find a lot big enough for your dream mansion, you just buy several and tear down whatever the hec is on them. Voila, dream compound Readers have been emailing me, asking me who is building what appears to be a compound of homes on Walnut Hill Lane, Old Preston Hollow, south side between Hollow Way and Meadowbrook.

“Is it a bunch of Arabs?” wrote one reader.

“Has Mitt Romney inspired polygamy already?” wrote another

5322: Daughter's home

At times, I’m told 50 to 60 trucks have been jamming Walnut Hill on construction.

5414 The guest house

Here’s the dirt: It’s Randall Stephenson, Chairman of the Board and Chief Executive Officer of AT&T, Inc. He bought the home in the middle, a spec home built by Mehrdad Moayedi’s Cresent Estates — Mehrdad is the guy who bought the Stoneleigh Residences, recall. Stephenson bought 5404 Walnut Hill, a 12,000 square foot residence from Crescent in 2009, and has been fixing it up a bit. Then he bought 5322, next door, in November of 2010, and built a 5,000 square foot home for his daughter and her young family, then bought 5414 last April and is building a small guest house there with two bedrooms and an exercise pavilion. Both end lots are a little under one acre, and Mr. Stephenson is a shrewd businessman: they all get a tax break for being on Walnut Hill Lane. But he’s constructing that beautiful stone wall to fence the whole compound in and muffle the noise from Walnut Hill, make it safe for kids and dogs to play.

The Compound

Best of all: the cell phone reception is damn good right there on Walnut Hill!

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Candy Evans

A real estate muckraker, Candy Evans is one of the nation’s leading real estate reporters. She is also the North Texas real estate editor for Forbes.com, CultureMap Dallas, Modern Luxury Dallas, & the Katy Trail Weekly. Candy has written for Joel Kotkin’s The New Geography, Inman Real Estate News, plus a host of national sites. Constantly breaking celebrity real estate news, she scooped former president George W. Bush's Dallas home in 2008. She is the founder and publisher of her signature CandysDirt.com, and SecondShelters.com, devoted to the vacation home market. Her verticals have won many awards, including Best Blog by the venerable National Association of Real Estate Editors, one of the nation’s oldest and most prestigious journalism associations. Candy holds an active Texas real estate license but does not sell. She is on the Board of Directors of Braemar Hotels & Resorts (BHR).

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Comments

  1. disgusted says

    Stephenson’s “Über Wealth” has come on the backs of the rank and file at AT&T. The executive compensation of the AT&T leaders is part of the good ol boys process. CEO’s sit on boards and drive each others comp plans up to un-ethical levels. they even protect each other when big mistakes are made “i.e. failed T-mobile bid that cost the rest of AT&T $6B.

Trackbacks

  1. […] I know when you think Preston Hollow, you think about all the estates lining Park Lane, about Randall Stephenson’s family fortress over on Walnut Hill Lane, and those 7800 square foot McMansions crammed onto the lots east of Preston. But this is the REAL […]

  2. […] I know when you think Preston Hollow, you think about all the estates lining Park Lane, about Randall Stephenson’s family fortress over on Walnut Hill Lane, and those 7800 square foot McMansions crammed onto the lots east of Preston. But this is the REAL […]

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