A mystery trust bought one of the most expensive homes in Texas this week — just months after buying another multimillion dollar property nearby.
The Lost River Trust bought the mansion at 4815 Saint Johns Drive in Highland Park from Dallas entrepreneurs Melbourne and Jamie O’Banion on May 5, according to county records. The final sale price is undisclosed, but the sellers had the home listed for $24.9 million at the time.
The six-bedroom, eight-bathroom home spans 11,433 square feet on a 0.6-acre lot, according to the listing. It was built by Mark Molthan and designed by Tom Weber. They listed the home on March 23 for about $2,200 per square foot.
Allie Beth Allman, founder of the eponymous brokerage, represented the sellers. Damon Williamson with The Agency represented the buyer, according to Redfin.
Just two Dallas homes last year sold with listing prices higher than $25 million, though both sold for well below what they asked. The trust of the late Fortress Investment Group CEO Josh Pack sold his former home at 6601 Hunters Glen Road for $30.5 million after asking $35 million, and manufacturer Guinn Crousen sold his home at 4000 Euclid Avenue for $25.5 million after asking $33 million.
Only six homes in Texas are asking a higher price, according to Zillow. Two effectively tie with the home on Saint Johns Drive: a spec mansion on Strait Lane that’s asking $25 million, and another new construction at 4 Lana Lane in Houston that’s asking $25.5 million.
The Lost River Trust bought another luxury home just six months ago. On Nov. 14, the trust purchased the home at 3709 Euclid Avenue, a four-bedroom, six-bathroom, 5,845-square-foot house that was asking $14 million when it withdrew from the market in September. It’s about half a mile south of the home on Saint Johns Drive.
Melbourne O’Banion is the CEO of Dallas-based tech startup Bestow, which produces software for life insurance companies. His wife Jamie O’Banion is the founder of Dallas-based cosmetics company BeautyBio.
The Crespi Estate at 5619 Walnut Hill Lane, listed by the Cox Family for $64 million, remains the most expensive home on the market in Texas.
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