Monday Morning Millionaire: The Most Talked-About Big House in North Dallas Drops $700,000

If you have lived in Preston Hollow or the Hockaday Royal/Inwood area for any length of time, you know this house. It is at the southeast corner of Royal Lane and Inwood Road. Kind of looks like Downton Abbey. Built in 1991 by a physician (Ophthalmologist) and his attorney wife, the home is known for having been completed in stages because the owners said, at the time, (in a Dallas Morning News article I cannot locate) they incurred no debt in buying or building this house. Which is pretty amazing considering that most folks in 1991 wanted it all RIGHT NOW.

Dr. Lewis Frazee and his wife, Paulette, spent six years building 10770 Inwood Road in a “pay as you go” mode that raised some eyebrows. Of course, this was pre-Lehman Brothers and credit default swaps. Lewis and Paulette simply paid for the home with cash, when they had it, which meant they couldn’t have everything done immediately. In fact, I recall driving by when there was a huge piece of wood for a front door. The landscaping took forever, it seemed, probably because the family didn’t go into debt to landscape. People used to say, really, they did, “when are they going to get some trees in front of that house?” They got trees when they had the cash to do so — eureka! The Frazees built a home the old-fashioned way, as they could afford it, when they could afford it. This way, they had exactly what they wanted but no debt over their heads — just a stunning slate roof when they had the cash.

You should see the yard now — so lush, the backyard looks like you are in Tahoe!

Oh yes, the couple has children, who hosted a myriad of parties at this home — ask anyone who went to Ursuline in the late 1990’s to early 2000’s. The Frazee family lived in the massive home for three years while the construction was ongoing. THREE YEARS! Again, people who don’t mind delaying gratification to achieve the home of their dreams and have it be perfect in every possible way will totally appreciate this house.

This grand home sits on 1.74 acres and also features a huge saltwater pool. There are three balconies overlooking the backyard, a veritable oasis with HUGE trees. All three balconies hold a pair of hand-carved gargoyles that double as gutter spouts, to drain off rainwater that falls on the balconies. The water runs through the gargoyles’ mouths — how clever!

The home is a staggering 10,532-square-feet, with a six-car garage, six mahogany garage doors, six fireplaces each with hand-carved marble mantels, a great room that doubles as a media room, a wine cellar, double La Corneu stove in the amazing, enormous kitchen, a library with a center table for studying, and a sprawling first floor gymnasium with steam shower that could easily be converted into a first floor master, just in case you don’t like the one upstairs. There are seven huge bedroom suites on the second floor.  And the electronics! Dr. Frazee took a surgeon’s compulsivity to the task of not only building the house but outfitting it with a sophisticated hardwire, state of the art computer and sound system. You can contact everyone no matter where they wander — a perfect house for a multi-generational family.

Oh and see that red brick turret in the back? That’s her closet — ginormous.

The house was originally listed at $7,700,000 with darling Charme Gallini at Dave Perry-Miller & Associates — I just love Charme’s name, think it’s the best Realtor name ever. But just last week she whomped the price down. So seven million even Stephen. The home is not in MLS, and there’s no sign, but now you know what’s behind those massive oak doors at the intersection of Inwood and Royal. The Frazees are downsizing since their kiddos are now grown. Where do you downsize after 10,000 square feet? In 5,000?

“The land alone is worth $2.5 million” says Charme. “Over 10,000 square feet, with just a little freshening of the interiors, I think this home could rival the best of the Hamptons and become a ten million dollar estate!”

I’ll buy that!