The Real Deal New York

Going once, going twice: Dallas mansion once listed for $135M sells for $36M

Eight people bid on the 25-acre property
December 23, 2017 11:00AM

25-acre mansion in Preston Hollow neighborhood of Dallas (credit: Concierge Auction)

A Dallas mansion once listed for $135 million just sold at auction for less than half that price tag.

Mehrdad Moayedi, CEO of Centurion American Development Group, placed the winning bid on a 25-acre estate in the Preston Hollow neighborhood of Dallas, the Wall Street Journal reported. He paid $36.2 million for the 10-bedroom home, which spans 27,000 square feet and features a 19-seat theater and helipad.

Moayedi bought the home from Andy Beal, founder and chairman of Beal Bank and Beal Bank USA, who purchased the property through a trust last year. The previous owner, Tim Hicks, an investor and former owner of the Dallas Stars, listed the home for $135 million in 2015, but he dropped the price to $100 million before Beal bought the property.

Moayedi plans to use part of the estate to build luxury housing but has indicated that 10 acres will be set aside for the main house. [WSJ]Kathryn Brenzel