Crespi Estates Development Sells Asking $15 Million in Dallas

Mehrdad Moayedi offloaded one of his spec mansions in the Crespi Estates.

Listed for $15.9 million in January, 10006 Hollow Way Road in Dallas was one of the most expensive listings in Texas, asking $1,394 per square foot.

The seven-bedroom, 11-bathroom property, built in 2023, spans 11,400 square feet on almost 2 acres. The walled and gated property includes a regulation tennis court, a private courtyard and a 42-foot-long pool.

It’s one of several homes in the Crespi Estates, a subdivision that the Centurion American magnate is developing on land that formerly belonged to the Crespi Estate, a manor at 5619 Walnut Hill Lane designed for Italian Count Pio Crespi.

Moayedi bought the Crespi Estate at auction for $36.2 million in 2017 and replatted about 12 acres to develop spec mansions that quickly joined the historic property as some of Texas’ priciest homes.

The home was taken off the market in February and relisted in April for $14.9 million, the price it was asking when it sold. The final sales price wasn’t disclosed.

The buyer is Hector Martinez Martinez, and the purchase took place in September, according to county records. Since no financing instrument is recorded on the property, Martinez may have paid cash. Moayedi was offering owner financing at 6.5 percent interest with a 25 percent down payment.

Dave Perry-Miller agents represented both parties, with Charles Gregory listing the home and Ryan Streiff representing the buyer.

Other Crespi Estates properties include 5531 Walnut Hill Lane, which was Texas’ most-expensive new listing when it was under construction in July 2023 with a $16 million price. The completed home is asking $16.5 million, down from $17.6 million in May.

Asking $64 million, the original Crespi Estate, now owned by the Cox Charlee Lochridge Dynasty Trust, is one of the most expensive listings in Texas.