Dee and Charles Wyly’s Preston Hollow Estate Hits Market for $8.25M

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The $24 million estate of Lisa Baron and her late husband, Fred Baron, has sold. But not to worry: another signature estate has come to market just this week!. Though the acreage is less than the Baron estate and the home much older — circa 1939 — this one was owned by the late Charles Wyly and his wife, Dee, and was also a huge gathering spot for Dallas movers and shakers in the social world, just maybe on the Republican side. 

The estate, at 5906 DeLoache, sits on more than 2.536 acres acres and holds an elegant, stately 11,394 square foot home, a guesthouse, and a five car garage. Asking price is $8.25 million. The home was listed with Allie Beth Allman & Associates’s Mark Storer on August 24.

The house has four bedrooms, all en suite, two master suites, five full baths, three half baths and five living spaces. There are three fireplaces, which strikes me as odd, only three. But there is a commercial-scale kitchen, a solarium, a huge glass-enclosed garden conservatory where Dee hosted her many parties (if those walls could talk!) outdoor pool and indoor lap pool in the pool house (see below) and a tennis court. There is also a lovely guest house. 

And I think I spy Gracie wallpaper in the dining room.

The house is owned by Dee Wyly, Charles’s widow. Charles Wyly died in a tragic car accident in Aspen in 2011.

And yes, it’s “those Wyly’s”: among the most philanthropic families in town.The same Wyly’s whose names are on the Dee and Charles Wyly Theatre in downtown Dallas’ Arts District — the building is named after the family. They donated $20 million to seed the project.

After Charles Wyly’s death, his brother Sam, with whom he started the businesses that made them a small fortune, and Charles’s estate were each hit with an almost $300 million judgment resulting from a grueling U.S. Securities and Exchange Commission lawsuit for fraud. Sam Wyly lived in Highland Park in a home at 3905 Beverly Drive that sold last year, listed for $12.5 million, final selling price was $9.4 million. Sam Wyly had apparently agreed to sell the home along with other assets, as part of his “deal” with the feds.

Last year, federal tax liens were filed against 5908 Deloache Drive.

Also former Secretary of State Rex Tillerson bought Charles Wyly’s equestrian ranch in Argyle.

There are many in Dallas who believe the Wyly’s got a raw deal from the federal government, and say Charles and Frank were relying too heavily on third party tax advice that turned out to be terrrible!

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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, 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, and, 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).

Reader Interactions


  1. Bill says

    With regard to your comment “There are many in Dallas who believe the Wyly’s got a raw deal from the federal government, and say Charles and Frank were relying too heavily on third party tax advice that turned out to be terrrible!”, I would imagine the only people who believe that to be true are the Wyly’s and their immediate family. I would imagine both Charles and Sam were WAY too smart to rely only on third party tax advise. And who in their right mind doesn’t know income taxes are due on ALL income?!?!?! It’s a shame that people with SO much money still feel the need to cheat. They most likely got what they deserved.

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