Lute Riley Puts Lot of Now-Razed Penson House on Market for $5.95 Million

Penson House Demolition 2

The O’Neil Ford-designed Penson House was demolished this week at the behest of owner Lute Riley. The lot at 3756 Armstrong where the midcentury house once stood was just put on the market.

We reported that the O’Neil Ford-designed home of Dallas philanthropists Jack and Nancy Penson was slated to be razed after being purchased at auction by Lucien “Lute” Riley. The Highland Park home, built in 1954 and considered architecturally significant, was felled just this week. We have learned that the lot at 3756 Armstrong is now back on the market for $5.95 million.

At .845 of an acre — or 36,852 square feet — that’s more than $7 million per acre, or approximately $161 per square foot. FOR DIRT.

Like Candy said, from Hondas to Haciendas, except that Riley doesn’t appear to be bothering with the “hacienda” part. The home dirt is listed with Allie Beth Allman, Lute’s agent, and went into MLS today, December 16. This is going to be very interesting, to see if this property sells faster without a home on board. And it certainly could set some new price point highs for dirt in this neck of the woods.

 

7 Comment

  • Disgusting.

  • I think he was shocked that you “outed” him, per your earlier posting, and couldn’t take the heat. Shame all the way around.

  • What an incredible waste. I hope he loses money on this.

  • Wonder how much the dirt underneath his architecturally and historically insignificant car dealership is worth…

  • Was looking at their website just this weekend for a car, has some great deals, but if costs me a little more thats okay, As the saying goes, speaking with your wallet does more than words with these type people.

  • Just another Dallas businessman, doing business in the American way. He makes his money off selling japanese cars, then uses his profits to destroy a piece of American culture, without any regard for any values other than his wallet. His asking price for the lot alone is a million dollars more than the DCAD appraisal of both the land and the house, pre-demolition (as well as being close to his purchase price). Will this wake people up in Highland Park (or Dallas, or anywhere else) that they risk losing part of their core civic values when they allow this kind of predatory behavior to continue? Or does the dollar TRUMP all?