A Foreclosure Sale in Preston Hollow? 9410 Alva Court

Huge kudos to Teresa Gubbins over at CultureMap, who spied a real anomaly in our Texas market: a foreclosure. Even when there are supposed to be fewer foreclosures in Dallas! And not just any foreclosure, but a foreclosure in the honeypot of Preston Hollow, on the same street where T. Boone Pickens recently sold his flawless $5 million estate after his last marriage ended.

The home at foreclosure auction is 9410 Alva Court

at the corner of Deloache Ave., in one of Dallas’ most celebrity-studded neighborhoods. Once owned by restaurant mogul Norm Brinker, it was purchased by colorful oncologist Dennis Birenbaum in 2002, who deserves props for recommending that people avoid eating junk food. In February, the property went into foreclosure, and is owned by Bank of America.

The home was actually built by a Dallas physician, anesthesiologist Dr. Terry James. His daughter is Jamie O’Banion, the skincare guru. And yes, Nancy Brinker slept here — a lot. The Brinkers bought the home from the James because one of the downstairs bathrooms was outfitted to easily accommodate the handicapped.  This is where Nancy Brinker lived when she was in Dallas and married to Norman. The home was then purchased by oncologist/hemotologist Dr. Dennis Birenbaum in 2002, as Teresa reported. It went into foreclosure, and the bank took it back in late February of this year. As you can see from the photos, this house needs some love…

At one time, the home was one of the finest in Old Preston Hollow and a luxury trendsetter. Classic architectural style, it has a one plus corner acre of gated grounds. At over 11,000 square feet, there are four bedrooms and a whopping seven baths, great traffic flow, and large room sizes. The formal beauty begins right at the front door and foyer, with a grand double stairway, formal living and dining spaces and oversized great room facing the gorgeous pool and grounds. The first floor master has an attached salon/library with built-ins, his and her bathrooms and walk-in closets, and a sitting area within the bedroom area. It appears that the handicap bathroom that was here no longer exists. There is also a safe room.

The kitchen has/had –everything circa 2002: built-in refrigerator and freezer, double ovens, gas cooktop, wine cooler, warmer drawer, granite counters. There is a Morning Room — this home had a Morning Room before there were mornings. The study with full bath has gorgeous wood paneling, and Nancy Brinker exercised here in the large exercise room.There is a fun game/media room upstairs, and a 5 car garage.

The home was listed for $6.3 million in 2009, when Birnbaum owned it. In October 2009, Allie Beth Allman’s Polly Kinzie listed it for $5,995,000. In 2011, Ginger Nobles and Susan Baldwin got the listing and lowered the price to $5,595,000, but the house still did not sell. Price was lowered to $4.9. Then, in 2017, Patton International Properties got involved, the precious Myla Patton listing it for $4,750,000.

The home is now listed with Kelly Boulton, Better Homes & Gardens, Winans, for $3.6 million. It is owned by Bank of America. This is a home that has been on the market for nine years. The auction is on line and takes place September 22 through 24. There is a starting bid of $1,530,000. Will Alva Court sell at auction finally?

“I’m pretty confident that we will get some new owners and sell it in this turnaround,” said Kelly Boulton. 

And is there any wiggle room on the base price?

“All I can tell you is they arrived at a list price gathered from an independent appraiser, and then gave it to me,” said Boulton.

Repairs are likely needed, adds Kelly, to bring the home up to the standards of the neighborhood. How much? Anyone’s guess: a full remodel throughout, but that is totally subjective, adds Kelly. Certainly paint, carpet, pool and yard attention, at the least. 

DCAD has the home appraised for $5,365,480. Listed at $3.6, or just $305 per square foot, that’s going to be a substantial tax hit that BofA surely wants to clear off their books: $121,545.53 annually in taxes.