We know that our Maple Avenue-based Heritage Auctions is the undisputed leader in the online luxury auction business — the best place to buy art, jewelry, furnishings, handbags, books, manuscripts, wine … just about anything. They now have offices all over the world, and I do believe they have even surpassed Sotheby’s. Heritage Auctions is the largest collectibles auctioneer, the third largest auction house in the world, and the largest auction house founded in the US. 

And it all started right here in Dallas in 1976.

We know, too, that Heritage is in the real estate auction business and, in fact, successfully sold off the O’Neil Ford-designed Penson estate on Armstrong Parkway last year for $4.950M. Honda honcho Lute Riley bought the house and then tore it all downThey sold former Dallas Mayor Tom Leppert’s Park City ski house for $4.2M, among many others.

Now comes a new division within Heritage Real Estate Auctions: The Executive Platform. The EP program will focus on moving middle priced properties, from $500,000 up to $2 million, with speed, transparency, and vetting.

“Our objective is, frankly, to disrupt the market in this active price range,” says Nate Schar, Heritage’s category director “Real Estate agents will be fully engaged and compensated. I think they are going to love the bandwidth we are able to provide for these properties given our vast database.”

Here’s the brilliant part: (more…)

Penson House Demolition 1

On September 27, when the Penson house at 3756 Armstrong Parkway sold at auction, a handsome gentleman with white hair was the buyer. He walked out of the house that day smiling broadly with his agent, Allie Beth Allman.

He was Lute Riley of the Honda car dealership fame. As we told you, he paid $4.95 million, including the buyer’s 10% premium, for a home that had almost a Camelot presence in Dallas. Built for Jack and Nancy Penson in 1954, it is one of architect O’Neil Ford’s largest residential projects, and was designed in one of his favorite styles, Texas Regionalism. The exterior and interior of the 9,800-square-foot home remains very close to the original design with the exception of a second story addition, a massive, indulgent master bath expansion, and enclosure of a rear porch.

The home remains an architectural icon that has been named by Preservation Dallas as one of the major Dallas buildings in danger of destruction.

Sadly, a permit has been pulled to demolish the home.