Preston Hollow Newly Built Home Sold With a $1.4M Price Cut

A Preston Hollow spec mansion, one of the most expensive new listings in Dallas last winter, sold after a $1.4 million price cut.

Dallas physicians Hooman and Tannaz Sedighi listed their home on Lennox Lane in February for $13.7 million, making it the second-most expensive new listing in Texas for that month, according to the Houston Association of Realtors. It sold this summer to Rohan Thambrahalli and Melonie Carnegie, the husband-and-wife founders of fintech app Growvana, public records show.

The final sale price isn’t available, but the asking price had dropped to $12.3 million at the time of sale, or about $1,000 per square foot. The buyers secured an $8.5 million mortgage to buy the property, according to public records.

Built this year by Atrium Fine Homes on an acre lot, the six-bedroom, eight-bathroom mansion spans 11,800 square feet. The home’s materials include oak and teak wood imported from Brazil, marble from Italy and stone from Argentina, Brazil, Israel, Italy, Portugal and Spain, according to the listing. Evoking Klyde Warren Park, a turfed upper deck runs over a ground-floor lanai linking the main house to the guest space.

The listing was upstaged in February by a $32.5 million listing six miles away at 4000 Euclid Avenue, which likely became the state’s most expensive residential sale of the year when it traded hands last week.

Price cuts have become relatively common among Texas ultra-luxury listings. Similar sales include entertainment agent Gary Osier’s 10,300-square-foot contemporary mansion in Old Preston Hollow, which took a 5 percent price cut before selling with an $11.7 million asking price; entrepreneur Mark Haidar’s White Rock Lake estate, which gradually cut its asking price by $5 million before selling at $10.9 million; and Mehrdad Moayedi’s spec project at 10006 Hollow Way Road, which sold at its original $15.9 million listing price.