Mark Cuban Gobbling More Preston Hollow Dirt, Converting Latest Acquisition Into Luxe Rental?

8600 Douglas Exterior

If Preston Hollowers felt a disturbance in The Force in June, it was likely the transfer of the latest Preston Hollow estate near Northwest Highway and Preston Road to Mark Cuban.  The billionaire continues his crusade to own the entire northwest quadrant of that intersection.

The property at 8600 Douglas Avenue is the former home of Dallas personal injury attorney Andrew Sommerman.  It was last listed for sale at $4.25 million by Dave Perry-Miller’s Gianna Cerullo.  The home was sold on June 3 for $4.15 million. Ever accurate, DCAD values the home at just $2.813 million after a 5.5 percent rise in 2016, its first since construction. The buyer’s agent was a non-MLS member, likely an attorney.

The 7,169-square-foot David Stocker-designed home (and quarters … and tennis court) was built in 2013 by Tatum Brown and contains four bedrooms and four full baths plus two half baths.  It sits on a 1.76 acre lot.

Shortly after the deed transfer, the home was relisted by Cerullo as a rental for the princely sum of $22,000 per month.  Truthfully, I was going to automatically write that this was the most expensive rental in Dallas because … it just had to be, right? Nope. Checking the MLS, I see it’s only the second most expensive rental in town, falling $500 per month behind 5138 Deloache’s $22,500 per month … one of three rentals currently in the $20K-plus-per-month club.

You may be curious how I attach the home to Cuban since he’s not personally listed as the owner.

Simple. I got a tip.  Then I used my Little Orphan Annie Secret-Decoder Ring to ferret out the facts (nod to A Christmas Story).

Sweaty-palmed Preston Hollowers know that 8600 Douglas is on the northeast corner of Douglas and Averill Way. Its location may be especially troubling as it’s Cuban’s first purchase north of Averill Way.  That could partially be because there’s precious little between Douglas and Preston Road on the south side of Averill Way that he doesn’t own already.

If 8600 Douglas offers some solace to locals, however temporarily, it’s that he’s placed it up for rent and not simply torn it down as he has with his  neighboring holdings.

I’ve been asked if I’m somehow privy to Cuban’s plans.  “Yes. He explained every detail of his decision-making. And then we brushed each other’s hair and gabbed about American Idol.” (Thanks to The Devil Wears Prada.)

In the meantime, if you’re in the market for a va-va-va-voom rental, here are a few snaps of what $22,000 a month buys you…

8600 Douglas Living

A transitional living room with old elements in a modern wrapper overlooking the grounds.

8600 Douglas Kitchen

A kitchen every chef in town would kill for (although I notice the cabinetry doesn’t use inset doors and drawers, so maybe it’s a tear-down after all… 🙂 )

8600 Douglas Master Bath

A master bathroom with enough storage for Mary Kay and all her friends.

8600 Douglas Desk

Finally, you get the perfect office to feel as though you’re lord of all you survey. (Although I’d move the piano, it gets in the way of the lording.)

 

Remember:  High-rises, HOAs and renovation are my beat. But I also appreciate modern and historical architecture balanced against the YIMBY movement.  If you’re interested in hosting a Candysdirt.com Staff Meeting event, I’m your guy. In 2016, my writing was recognized with Bronze and Silver awards from the National Association of Real Estate Editors.  Have a story to tell or a marriage proposal to make?  Shoot me an email sharewithjon@candysdirt.com.