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. 

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Tudor estate

You’ve probably driven by this Tudor estate every Christmas, slowed down, and gawked just like thousands of others. There have always been the most astonishing holiday displays in the front yard. If you’ve lived in Dallas very long, you’ll know it belongs to philanthropist and entrepreneur Sam Wyly. Although Wyly’s resume takes up an entire page in Wikipedia, most of us know him as the owner of the arts-and-crafts chain Michaels Stores.

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Sam Wyly 3905 Beverly Google Street View

Sam Wyly owns 3905 Beverly Drive, which is valued at more than $9 million by DCAD. (Photo: Google Street View)

It took the IRS and U.S. Bankruptcy Judge Barbara J. Houser a month to figure out just how much Sam Wyly and sister-in-law Dee Wyly, widow of Charles Wyly and namesake of the Rem Koolhaas and Joshua Prince-Ramus designed theater in the Dallas Arts District, owed in taxes after being found guilty of tax evasion in 2014 and declaring bankruptcy after the ruling.

The grand total between the Wylys? $1.1 billion.

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WylyFrom Staff Reports

It took about 30 minutes or less for Sam Wyly’s 244-acre Colorado ranch to sell at auction, and when the dust settled (although one might argue three bidders can’t kick up that much dust), a familiar name in Dallas development emerged. (more…)

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.

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Update: I’ve received a note from Mr. Wyly’s cousin (in comments) clarifying that the Michaels Arts & Crafts stores that were founded by Charles and Sam Wyly were sold while quite profitable. The business downturn apparently with subsequent owners.  

I am sad to report that Dallas philanthropist and billionaire Charles Wyly, whose name is on the Dee and Charles Wyly Theater in the AT&T Performing Arts Center, died this morning in Aspen, in an apparent auto accident. The Wylys have a second home in Aspen and Charles was out running errands in his blue Porsche Targa. Here is the release from the Colorado State Patrol:

 

On August 7, 2011 at approximately 10:50 a.m. a blue Porsche Targa was northbound on Airport Rd. attempting to make a left turn onto Colorado Highway 82. A gray Ford Freestyle was traveling in the right lane eastbound on Colorado Highway 82. The Ford struck the Porsche on the driver’s side.

The driver of the Porsche, Mr. Charles Wyly, age 77, from Woody Creek, CO was transported to Aspen Valley Hospital where he died of his injuries just after noon. The driver of the Ford, Ms. Genezi Lacerda, age 40, of Snowmass Village, CO sustained moderate injuries and was also transported to Aspen Valley Hospital. Both drivers were wearing seatbelts at the time of the crash. Alcohol/drugs are not suspected to have contributed to this crash. This crash remains under investigation.

Charles and Sam Wyly are self-made Dallas entrepreneurs and businessmen, and the billionaire co- founders of Sterling Software. They grew up on a Louisiana cotton farm. They also dabbled with ownership in Bonanza Steakhouse, Michaels Stores (arts and crafts, I believe they went bankrupt or closed) and Maverick Capital, a hedge fund, among others.  In 2010, the SEC charged brothers Samuel E. Wyly and Charles J. Wyly, Jr. with violating federal securities laws governing ownership and trading of securities by corporate insiders. The Wyly brothers, the SEC said, reaped more than $550 million in undisclosed gains while sitting on corporate boards by trading stock in those public companies through hidden entities located in foreign jurisdictions  — i.e. offshore tax havens — to conceal their ownership and avoid Mr. Tax Man. The Wylys have also been major league donors to Republican and conservative causes over the years. According to The New York Times,

“The Center for Responsive Politics found that the brothers and their families donated nearly $2.5 million to roughly 200 federal-level candidates and committees in the last 20 years. But after it was reported in 2006 that the Wylys were the subject of federal tax investigations, some Republicans distanced themselves from the pair. That year, Senator John McCain, Republican of Arizona, who was planning a presidential bid, and Senator Bill Frist, Republican of Tennessee, then the Senate majority leader, returned $20,000 and $5,000 in donations, respectively, from the Wyly brothers and their relatives.”

The brothers dismissed the investigation as a waste of tax dollars and seemed confident they would beat the charges.

“They’re gonna lose,” Sam Wyly told The Dallas Morning News in 2010, “That means we’re gonna win.”

But in March, a federal judge refused to dismiss the case. Two weeks ago the brothers were ordered to turn over several documents they had sought to withhold under attorney-client privilege.

Charles lived with Dee in an amazing 11,000 square foot home in the honeypot of Preston Hollow with a gorgeous conservatory, overlooking fountains. The home has hosted many charitable events and countless parties. The Wylys also employed Chef Darrin McGrady, who once was the chef of princess Diana.

Sam has been very involved in environmental businesses the last few years, including buying the landmark Explore bookstore in Aspen in 2007, which was founded by  Katherine Thalberg. Explore staff members reported seeing Sam Wyly sitting on the floor at the store often, reading books, and cherished having an independent bookstore in the community. Went it was up for sale, he bought it. Sam Wyly is also reported to be a vegetarian and founder of Green Mountain Energy. The Wyly brothers also developed nine homes on  245-acre Woody Creek ranch near Aspen in 2001. 

The Dallas Observer reports that the driver of the Ford didn’t have a stop sign, and that no charges have been filed.

Our very deepest condolences to the entire Wyly family at this difficult time.

Hall

On Monday, we gave you a hip-pocket sneak peek at the Turtle Creek corridor home of Dallas billionaire businessman and developer Craig Hall, and his extraordinary wife, Kathryn.

Now we are going to tell you where they are moving: Hall Arts Residences, of course!

Hall Arts Residences is the newest, sleekest, most art-loving and luxury-exuding condo project ever built in Dallas to date. I might even invoke the word exclusive because there will be only 48 units. And while each new successive luxury high rise sends shivering shockwaves of taking one giant leap further in terms of amenities, luxury, and design, Hall Arts Residences absolutely rises to the top. (more…)

Dallas design doyenne Emily Summers, the master behind this gorgeous room, will be featured in the first Dallas Architecture Forum spring  panel discussion on Jan. 17. (Photo: Eric Piasecki)

Staff Reports

Learn from Dallas’ leading architects, designers, and landscape architects about what inspires their design at the first Dallas Architecture Forum spring 2019 panel discussion. The Dallas Architecture Forum, a non-profit organization dedicated to providing public education about architecture, design, and the urban environment, begins its series on Thursday, Jan. 17, with “Design Inspirations Part One,” moderated by Eurico Francisco, Design Principal at HDR Architecture.

“Dallas and North Texas are known for award-winning projects – residences and public buildings, interiors and landscapes. With this panel the Forum will continue its exploration of what motivates and inspires some of our area’s outstanding design professionals to create their highly regarded projects,” stated Forum executive director Nate Eudaly. “These design leaders will highlight some of their amazing projects, and there will be time for those attending to ask our esteemed panelists more about their work.” 

Panels are free for both Forum members and the general public. The first discussion, which will be located at the Dallas Black Dance Theater at 2700 Ann Williams Way in the Dallas Arts District, begins at 6:30 p.m., with complimentary beverages available beginning at 6:15 p.m. No reservations are needed to attend, and one CEU AIA credit is available. 

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