Sam Wyly Estate on Beverly Drive Sells for $9.4

Steve Brown breaks news that the residence of Sam Wyly at 3905 Beverly Drive has sold, listing agent — oh, I’ll give you three guesses. Starts with an A- then B then A: Allie Beth Allman. The home has only been listed since June 28th of this year, and had been owned by the Wyly’s since Sam bought it in 1965 for $160,000.

The home was appraised by the Dallas County Appraisal District at $9,027,500, but was listed for $12.5 million and never reduced in price.

It sold November 3 for $9,400,000. Steve says the buyer is a trust represented by Dallas mergers and acquisitions attorney Brian Lidji. And apparently someone will live in the home: it will not be torn down, or at least that is what they told Steve.

3905 Beverly was originally built in 1924 for Dallas business man Fred Schoellkopf, whose family was one of Dallas’ original founding business barons. 

In 1869 the Schoellkopf family made a fortune selling saddles, and they were, for a long time, the only saddler in the whole state. Generations later brother Buddy Schoellkopf was once married to Caroline Rose Hunt.

In 1920, Fred paid $17,000 for a 1.03 acre lot on Beverly Drive with 200 feet of frontage facing the Dallas Country Club. As only Alan Peppard can tell it:

He hired architect C.D. Hill as the architect. As the mansion was finished in late 1923, local jaws dropped when this newspaper revealed that Schoellkopf spent $130,000 to build it. Two other Tudor homes nearby were built at the same time for $25,000 and $30,000.

C.D. Hill also designed Dallas’ First Presbyterian Church, and Dallas’ old City Hall building. Many of his Swiss Avenue homes remain, he collaborated on both the Adolphus and Melrose Hotels, and designed the Davis Building and First Presbyterian Church downtown.

Hill also designed and the five acre estate at 4800 Preston Road that once belonged to former Texas governor William Clements. That home was torn down to create the $48 million Muse estate.

 

 

The Wyly estate remains the most opulent Tudor mansion in Highland Park, and we hope it remains standing. Perched in a near-perfect location on one of the best streets in Highland Park, the mansion was built in 1924 but updated consistently, sports five bedrooms, four and a half bathrooms, library, solarium, sunroom office, and spacious third floor game room. In addition there are three fireplaces (which, at the time, seemed outlandish), a full basement, three-car garage and garage apartment/quarters. There is also a port cochere and some of the most beautiful moldings and architectural woodwork details in town.

Best of all, it overlooks the Dallas Country Club golf course.

Sam Wyly had to sell the house and other assets as part of an agreement to pay an almost $200 million judgment settlement resulting from a U.S. Securities and Exchange Commission fraud suit.

Sam Wyly, and his late brother Charles Wyly’s widow, Caroline “Dee” had filed for bankruptcy protection in 2014 after the SEC and the IRS accused the Wylys of establishing offshore trusts on the Isle of Man to hide income from being taxed in the U.S. The brothers made billions founding and selling Irving-based Michaels Stores and Bonanza steakhouses.

Charles Wyly died in a car crash in Aspen in 2011.

“Texas Got It Right” by Sam Wyly

Sam Wyly, who is 83, says he is still working hard to make a come-back. Earlier this year his son moved him to a retirement community, called Edgemere, with also a spa, a performing arts theater, and a golf course.

“I have to be an entrepreneur again, he said. “Hell, this is what entrepreneurs do — we work hard.”

photo courtesy Business Insider, Corbis Images

Alan Peppard says “Hill also designed the lavish Preston Road estate that later became the home of developer Trammell Crow and his wife, Margaret. Billionaire Andy Beal recently bought it and knocked it down“: the two homes do look similar, no?