Quite possibly the most well-known piece of residential real estate in DFW is officially off the market, according to a new report that came through last night. The former Hicks estate located over on Walnut Hill Lane has been purchased by a local developer, Mehrdad Moayedi, CEO of Centurion American Development Group.
The property was up for auction on Wednesday and Mr. Moayedi reportedly offered the winning bid of $36.2 million, which is quite the bargain considering the property had once been listed on the market for over $100 million.
Along with the historic mansion, which includes 28,000 square feet, 10 bedrooms, and 5 bathrooms, the former Hicks estate also includes about 25 acres as well. According to the Dallas Morning News, about eight other bidders were involved in the auction, which was held by Concierge Auctions.
Development plans for the Hicks estate include preserving the original house, which dates all the way back to the 1930s, and also leaving 10 acres that surround the immediate area. But as for the rest of the property, five super luxury homes will be built on the Walnut Hill side of the estate, and talks with six or seven builders are already in the works.