Meet the Dallas developer amassing discounted estates through auctions

Mehrdad Moayedi won Sam Wyly’s Aspen home in an auction at 75 percent its asking price

Sep.September 30, 2018 09:00 AM

(Credit: Max Pixel, Centurion American)

Mehrdad Moayedi seems to be making a habit out of buying vast properties at auctions.

The Dallas-based developer just landed former billionaire Sam Wyly’s 244-acre ranch just outside Aspen for a mere $14 million and change–a 75 percent reduction from its original asking price of $60 million, according to Mansion Global.

Moayedi got the six-house compound after Wyly resorted to an auction because it “got the job done,” as one of his listing agents put it. Wyly is accused of tax fraud for using offshore accounts and has been ordered to pay more than $1 billion in taxes and penalties.

For Moayedi, the estate is one more to add to his collection. Last year, he bought one of the biggest mansions in Dallas, which was formerly owned by banking mogul Andy Beal, for $36.2 million–a drastic reduction from its initial $100 million price tag.

He’s since subdivided the property into nine different homes, the largest of which is already back on the market seeking $38.5 million.

Both auctions were run by the same house, Concierge Auctions. Auctions are increasingly becoming a strategy to move properties that aren’t selling. [Mansion Global]–Erin Hudson

Related Articles

(Illustration by Dave Murray)

The squeeze on resi brokerages is forcing consolidation, cooperation

From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

Redfin's Glenn Kelman (Credit: iStock)

“It’s on like Donkey Kong”: Redfin scrambling to keep up with iBuyer demand